FACTA Credit-based Insurance Score Study – Homeowners Insurance #535987-00001

Submission Number:
Karen Miller
Initiative Name:
FACTA Credit-based Insurance Score Study – Homeowners Insurance
In this day and age of so much financial hardship, families without adequate health insurance, and all manner of unforseen and often uncontrolable misfortune befalling so many people, unfair and undue additional hardship is being placed on these same people by charging them higher rates and premiums or denying coverage based on misfortune that often is out of their control. Whether due to job or other loss, medical emergency or other misfortune, these people, already dealing with whatever their problems are, have their hardship compounded by additional penalties and fees at every turn. Those who can least afford to pay more, are required to and/or denied the coverage that they need. This is completely unfair and contrary to the betterment of our society. Risk for things such as car insurance should be evaluated on one's performance as a driver.......period. One's credit history has no bearing on that whatsoever. If for example, I've demonstraded for years that I am a good and safe driver, I should receive the same insurance at the same rate as anyone else with my driving record. If I lost my job and lost my home in foreclosure as a result, that should have no bearing on my car insurance rate. We must stop penalizing the segment of our society that is suffering the most in these difficult times, and in fact, should implement programs that will allow people to continue to maintain as much of their good standing as possible in their business dealings to the greatest degree possible to help minimize the negative impact of our failing economy and help prevent even more suffering and loss. Charging extra fees and premiums to people who have lost their jobs or are struggling financially is equal to kicking someone literally, when they are down. Greed is what drives the credit card companies and insurance companies to prey on the disadvantaged, and it must not be tolerated. The use of credit reports as a weapon against people who are vicitms of nationwide financial devastation is completely unjustified and has gotten completely out of hand. I strongly encourage abandonment of such practice, and to underwrite all types of insurance, etc. on matters that directly affect the insurance itself, not someone's unfortuante life circumstances. It's time for the rich to stop getting all the benefits of everything, on the backs of the least among us and most burdened.