Many newly married couples bring with them a lot of things, for better or worse. This often includes their credit histories. While your credit history may be spotless, your spouse may have a less than stellar track record when it comes to their credit. Your spouse’s unpaid debts, defaults and bankruptcies can have a tremendous impact on joint activities, including applying for bank accounts, mortgages and insurance policies.
When it comes to applying for a mortgage, a spouse with bad credit usually spells a more difficult time finding a mortgage with reasonable rates or in some cases, finding a mortgage at all. Fortunately, things are a bit different when it comes to your homeowners insurance.
In most cases, it’s not mandatory for your spouse be identified in your homeowners policy, although it’s usually a good idea to include them in order to get the maximum benefit from your policy. As long as your spouse resides in the home, he or she is covered under your policy’s personal property and liability insurance. Some insurance providers may not extend coverage to your spouse unless he or she is specifically named on the insurance policy. This practice may vary among providers, so it helps to read the fine print.
If you do decide to add your spouse to your homeowners policy, it’s important to know how your spouse is bad credit will affect your insurance premiums. By contacting us, your independent agency can help you figure out the total costs of your homeowners insurance and even offer valuable ways you can reduce your premiums.
If you’re shopping for a new homeowners policy for yourself and your spouse, it’s a good idea to compare quotes online in order to get the most out of your future policy. By running live comparative quotes on the website, you can review different plans from multiple carriers and find the best policy that fits your budget while meeting your specific needs.