Moving in with a significant other is a big step in a relationship. Going from a one-person household to cohabitating requires some planning, particularly when it comes to your insurance. Making sure that your loved ones are protected is just one way to show that you care. Here are some considerations when merging your insurance together.
Auto Insurance
Another decision to make is whether you will switch to the same auto insurance carrier. There may be an opportunity to save money by having both partners on the same auto insurance carrier. While it’s not necessary, it’s an easy way to save! You should also keep in mind that when moving in together, tell your auto insurance who you are loving with. You will need to list each other and anyone else in the household.
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Home Insurance
If you own a home and your partner is moving in, consider adding them to your home insurance policy. Doing so can help protect their belongings if some incident were to occur. Alternatively, if you do not want to add your significant other to your insurance policy right away, you can shop around to see if there is an insurance carrier that will add your SO as a named insured. Another option is for your partner to purchase a renter’s insurance policy to help cover their things.
If you are jointly purchasing a home, then your insurance provider will likely add both of you to the same joint insurance policy. This will help protect both you and your significant other as owners of the new home.
Bundling Your Home and Auto
When thinking about how to cohabitate, talk over what your home and auto insurance can be. One consideration is bundling your home and auto insurance policies. Doing so can often save couples money through a bundling discount. Insurance companies typically have discounts for having multiple insurance policies from them. Your home and your car are two of the most important assets, so it’s important to protect them!
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Renters Insurance
If both you and your partner are renting your living space, then you may want to look into getting renters insurance coverage. This type of insurance will help protect your belongings in case something happens. If both you and your significant other are listed as renters on the lease, it is easy to get a policy that insures both your belongings.
However, if only one party is on the lease, then only their things would be covered. To get around this, the renter can list their significant other’s stuff on the policy. Doing so is not always recommend since it can get complicated if something happens and one person moves out.
Because every situation is different, the best thing you and your significant other can do is talk to an insurance agent. At Encharter, we are here to help you find the right insurance for your life, and are always happy to address any questions or concerns you may have about the insurance implications of moving in with a loved one!
