VIDEO: Crime Can Affect Insurance Rates

COLUMBUS, Miss. (WCBI) – City leaders aren’t the only ones paying attention to the 2016 Columbus Police Department crime report numbers.

These statistics can affect you in ways you may not think about.

These numbers are also used by insurance companies to help determine rates for things like homeowners policies.

According to the report, 359 burglaries took place in the area. Even if you aren’t a victim, you could still be impacted by the thefts.

Over $700,000 dollars worth of property was stolen, and a little over $16,000 dollars worth of that was recovered.

“Carriers look at overall crime rates as a part of their rate make-up, so if they see crime being higher in one area as oppose to another, you would certainly assume that the rates would be higher in that particular area,” says Galloway-Chandler-McKinney Insurance Agent Brandt Galloway.

Those numbers can affect policy rates for homeowners and renters.

“It’s something I’ve never really thought about before, you know, I’ve looked at the prices before just casually and I hear it on TV, but hearing those numbers, it’s pretty astonishing that our town has had that much property stolen, and yeah, it kind of makes me want to go check right now,” says Columbus resident, Brad Bailey.

Galloway says if those numbers continue to rise, then those monthly insurance rates could go up.

“I think most carriers are probably going to look at a trend. So, if you see year over year an increase of crime, they probably feel like that area has gotten worse over time. If it’s a one year up or down, a big change in one year, I don’t think you’d see a big jump one way or the other.”

Galloway also says the amount of stolen property in 2016 shouldn’t be a reason for residents to worry about monthly rates spiking, but Columbus resident Bryan Williams sees it different.

“Right now, I’m in the process of getting renters insurance. I’m dealing with two different companies right now, waiting to get back some quotes. I’m afraid if I don’t get it now, that the rates will keep going up.”