Brooks, Todd & McNeil Agency Blog

Significant Other Homeowners Insurance

Recently engaged and living together? This is a very exciting time for couples, but also a time of much planning and preparation for your life together. While your ‘to do’ list is likely long, make sure evaluating your insurance needs are high on that list. Reviewing a homeowners policy will be especially important if you or your partner already owns a home.

If you or your partner currently owns a home and the other plans to move in before you are legally married, some changes to your insurance will be necessary. The owner of the home has a homeowners insurance policy that reflects the deed and protects the owner of the home. Since the person not on the policy is unrelated to the policyholder, their possessions will not be protected by the existing homeowners policy. In order to be added to the policy, the new resident would need to be added to the deed, which is not always the preferred course of action before saying “I do.”

Since times are changing and it is not uncommon for couples to live together before tying the knot, some insurance companies are adapting to the times with ‘Significant Other Coverage’. This coverage extends protection to the partner not on the deed but residing full time in their partner’s home.

This coverage will help ensure that in the event of a loss, the personal property of each individual will be covered. In addition, this type of insurance may ensure that both parties are protected in the event of loss outside of the home where traditional homeowners insurance generally provides protection.

But what if we are renting a home together?

If you are unmarried and renting together, the same theory applies. You will need two separate renters insurance polices to ensure that you are both protected in the event of a loss. Property isn’t the only concern when it comes to renters insurance. A renters insurance policy also protects the policyholder in the event of liability claims made by others.

Ask your agent if you are unsure whether your insurance company provides Significant Other Insurance. An independent agent can help you find an insurer that meets your needs and makes sure both you and your partner are fully protected.

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