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 making furniture decisions.
Whether you’re purchasing or renting a home or apartment together – or planning to move in with your partner – 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.
Homeowner’s insurance typically covers the cost of home repairs or reconstruction; limited coverage of jewelry, art, and other home-stored valuables; living expenses if you are temporarily displaced from your home; and limited liability coverage in the event that you’re sued if someone gets injured on your property.
Joint Ownership of the Home
The owner of the home will hold the homeowner’s coverage in their name. 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, and more.
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 if there is a claim.
Like homeowner’s insurance, renter’s coverage protects your belongings if they are stolen or damaged. Unlike a home in both partner’s names, renter’s insurance covers only the policy holder’s belongings.
Joint Rental of the Property
Because renter’s insurance only covers its contents, it is easy 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 easy 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.
If you have questions about your current coverage or are considering changing policies, connect with the AVMA Trust. As a valued AVMA member, we have dedicated resources available to make your decision making easier.