When you move in with a new roommate, spouse or significant other, insurance is going to be the last thing on your mind. You should be aware that your new life will start to impact your insurance policies. Consider the following examples, and if you have any questions contact Brazelton Insurance Group.
Renters / Homeowners Insurance 

  • When renting a home with your partner as an unmarried couple, you should start to be aware that neither the insurance industry or the law considers your personal belongings to be jointly owned. Which therefore you need separate renters’ policies for the both of you. For example, you added together the value of each person’s property and purchased a policy covering that amount in one persons name, only the policyholder would receive the compensation for a personal property claim. Nothing said that the policyholder has to require to share that half, and no legal recourse if he/she doesn’t.
  • Nick is a homeowner and Jane moves in. She’s not listed on the property deed, and therefore isn’t able to be covered under Nick’s homeowners insurance policy. Insurance terms, Jane is considered the tenant, she is going to have to get renters insurance coverage for her belongings.

Auto Insurance

  • Domestic partners need to have separate policies. You won’t be able to list both vehicles on one policy. Depending on the state and insure, each person must be listed on the other’s policy as on following : excluded driver, driver, or nondriver. Talk with your agent about the different state and insurer requirements for this policy and also about the impact of change on the other policies.

For more information about insurance policies, contact your local Brazelton Insurance Group.