We study how location and household characteristics determine homeowners insurance pricing. Using 70 million policies linked to mortgages and property-level disaster risk, we show that credit scores impact premiums as much as disaster risk. Leveraging a temporary ban on credit-based pricing in Washington State, we find that the direct use of credit information explains most of this pricing variation. Insurance premiums act as a “second credit channel” and are as important as mortgage rates in driving housing cost variation across credit scores. We discuss mechanisms behind the role of credit information and their implications for housing affordability and exposure to disasters.