Rising home insurance premiums disproportionately impact seniors and homeowners with low credit scores, according to a new study from insurtech platform Matic.
Matic’s mid-year survey reviewed trends from 45,000 policies and 3.2 million quotes. It found that home insurance premiums grew an average of 4% year over year. The survey found that increasing home insurance premiums disproportionately affects those with FICO scores below 580 – as homeowners with this factor saw the largest increase in premiums at an average of 6.4%.
