Insurance considerations before moving in together

Congratulations on your big move! Moving in with a partner is an exciting step for your relationship – just don’t forget the business side of it. Your insurance policies may need to be updated to reflect your change in living situation when moving in together.

Get renters insurance coverage or a homeowners insurance policy so that you and your belongings are covered for theft and damage from move-in day until move-out day. Already have an insurance policy for your current home? Reach out to your carrier, or the VIU by HUB Advisory Team, to get a policy for your new address or to add your partner to your policy. Both of you need to be listed on a policy otherwise your possessions won’t be covered – that's something you want to have figured out before you need to file a renter, homeowners or umbrella insurance claim.

So, what can you do and how much coverage do you need? Well, that need depends on where you’ll be living and whose name is attached to the home. Some options are included below.

Homeowners insurance

A homeowners insurance policy will typically provide coverage for the following:

• The homeowner(s) person
• Living expenses when temporarily displaced from the home
• Home reconstruction costs (replacement cost or cash value, depending on your policy)

It will also provide limited coverage for:

• Jewelry, art and other valuables in the house
• Liability coverage if someone is injured on the property

Joint ownership of the home

The homeowner will hold the homeowners coverage. Makes sense. But what if you and your partners are joint owners? In that case, both of you will need to be on the policy; it is standard practice to pay homeowners insurance through escrow of the home loan so all owners should automatically be listed as policy holders. Your mortgage lender can talk you through this.

Sole ownership of the home

This gets complicated and the best insurance scenario really depends on your specific circumstances. There are too many “if this then that” situations here to give any sort of general rule. Call the VIU by HUB Advisory Team and they can walk you through what’s best for you.

Renters insurance

Renters insurance coverage protects a non-owner’s belongings in a home or apartment in case of theft or damage. If you rent, it’s wise – and often required – to have renters insurance to protect your personal belongings.

Joint rental of the property

Partners have the most options here. Renters insurance is for the property and contents, so it’s easy to get a joint renters policy. It’s just as easy to get separate policies where each partner lists only their belongings. No one likes to think about the end of a relationship, but separate policies would allow one partner to discontinue a policy and obligation and leave the property without both partners’ insurance being impacted.

Sole renter of the property

Regardless of whose name is on the lease, both partners will need coverage. The type of partnership matters here, as does the state. It’s possible to have joint renters insurance coverage in some cases; in other cases, both partners will need their own policy. It’s best to talk to an advisor to learn your personalized options for renters insurance.

Umbrella Coverage

Homeowners might also consider adding or adjusting their umbrella coverage when a partner moves in. Umbrella coverage can increase the coverage limits for homeowners insurance claims. These are especially useful for things like a fall on the property or even fire or flooding that spreads to neighboring properties. Your VIU by HUB Advisor is ready to help you get umbrella coverage for your property, or to discuss your circumstances and which of the above options is right for your upcoming move. Take care of the business part now so you can relax and enjoy more time with your partner later.