The Co-operators is the latest Canadian insurer to add credit scores to the factors used in determining homeowner premiums.

Premiums reflecting credit score history will take effect in June for new and existing policyholders, the company informed its customers recently. Credit history will be used in determining property insurance premiums for most of Canada, and for both home and auto premiums in Quebec. Adopting the new underwriting factor isn’t a cost-saving move, Leonard Sharman, The Co-operator’s spokesperson, told CI. “It’s just a measure to set more appropriate rates. Some [policyholders] will see increases, some will see decreases.”

The Guelph, Ontario-based company sent letters explaining the shift to policyholders over the past few weeks, and a credit history primer on its website notes that other insurers have factored credit histories into their rates, and “failure to do so will restrict our ability to offer our most competitive rates.” The notice also advises policyholders that they can opt out—and tell the company not to use their credit score, but notes that “we may not be able to offer our most competitive rate.”

The country’s independent brokers have opposed the use of credit scores as an underwriting tool.

Sharman said the company wouldn’t know the full impact of the credit histories on premiums until they start to go through renewals.