Moving in with your partner is exciting. Just make sure to add “insurance” to your list of to-dos’ along with choosing paint colors and furniture to share.
Whether you’re purchasing a home together or even renting a single apartment, it’s important to consider coverage right away so when move-in day comes, you and your belongings are covered for theft and damage. Even if your partner already has insurance coverage for the place, it won’t cover you and your belongings unless you intentionally add yourself to the existing coverage.
Homeowners insurance typically covers the homeowner along with the home for reconstruction costs, limited coverage of jewelry, art and other home-stored valuables, living expenses should you temporarily be displaced from your home and finally limited liability coverage in the event that you’re sued should someone get injured on your property.
Joint ownership of the home
The owner of the home will hold the homeowner’s coverage in their name. That said, if you are joint owners, you’ll want to work with your insurance broker or lawyer to determine exactly how to share the cost of the single policy as well as the cost of the property taxes, mortgage, etc.
Sole ownership of the home
If the home is in your name or your partner’s name only, the other party will need to either purchase a separate renter’s insurance policy (see more below) or work with your broker to find an insurance company that will add the other party as an insured to the policy. If not, the other person’s belongings won’t be covered under the homeowner’s policy should there be a claim.
Like homeowner’s insurance, renter’s coverage protects your belongings should they be stolen or damaged. Unlike homeowner’s insurance, renter’s insurance covers the property and its contents only, not the renters.
Joint rental of the property
Because renter’s insurance only covers the property and its contents only, this makes it easier for partners or roommates to secure a joint renter’s insurance policy. It’s equally as easy to secure two independent policies which may be less costly and will allow each of you to discontinue the coverage without the other having to cancel their policy.
Sole renter of the property
Similarly, if the rental is in only one partner’s name, it’s easier for the renter to pay for the coverage and list their partner’s name and belongings on the renter’s policy.
Umbrella insurance can provide an additional layer of liability coverage for homeowners. With umbrella insurance, homeowners can obtain additional limits for any type of homeowner’s claim. It’s especially helpful for homeowners who face a costly liability claim, like a slip, trip or fall on their property or even a fire or flood that spreads to other properties.
Ready to explore your insurance options? We have made it easy to get a real-time quote for your home, condo or renter’s insurance needs in our Personal Insurance Marketplace.
Or contact a HUB personal insurance broker to learn more on how to secure the right coverage.