However, being “unwed” while living together can cost you money or protection from an insurance perspective. If you add her, you will likely be eligible for multi-vehicle discounts as well as the renter's insurance discount. November 7, 2012. Generally, that costs a few dollars, but it’s a clear way to provide coverage to both of you. if (year < 1900) Renters insurance for unmarried couples is definitely an option (even though it may not seem clear at first). Renters insurance offers you and your significant other many benefits, including: Peace of mind: As an article in Real Simple details, renters insurance can soften the financial blow for many unfortunate events. If your home requires serious repairs, you may have to move. Read on to see how you may be able to make a renters insurance policy work for you if you aren’t married, but cohabitating with your partner. var year = today.getYear() Savings: Getting one renters insurance policy should cost you less than getting two separate ones. Is one person treated differently from the other? And renters are feeling pretty optimistic about avoiding future disaster – only 41% of renters have renters insurance compared to 95% of homeowners with homeowner insurance. As the Insurance Information Institute describes, there are three types of renters insurance. If you are the named insured, your boyfriend or girlfriend would not fit into either the spouse or relative category. Make sure you reside in a state that allows unmarried couples to get renters insurance. Being at this type of risk could be financially overwhelming for unmarried couples. There is no coverage for anyone other than the named insured (you! Like homeowners insurance, renters' insurance is easy for an unmarried couple to obtain together. Renters Insurance, What you need to know and easy online renters insurance quote. In this guide, you'll learn why unmarried couples should get tenants insurance, and how you should go about getting covered. You’ve Found the Place Where Innovation & Insurance Collide! Unless she has her own renters insurance policy or has been added as a named insured on the home insurance policy (which most insurance companies won’t do if she isn’t a relative), she has no coverage. While that may not seem like an issue, consider that 95% of homeowners have a homeowners insurance policy. For filing claims, payouts are distributed to both and signatures of both policyholders are required. Unless the mother/girlfriend has her own separate insurance policy (such as a renters insurance policy) or has been added as a named insured on the home insurance policy ... Insurance Answers for Unmarried Couples . Some insurance companies may try to charge you more, or require that you get two separate policies. This way, when disaster strikes, you won't find yourself in financial ruin. I used USAA for renters insurance for four years. This will make managing bills easier. Clearly, it can make sense both financially and personally to ensure you and your partner have renters insurance. Not on one combined policy for both cars and drivers. Insurance companies insure the property, not the owners of the property. That’s going to cost a lot more per month or year than if you just bought your own renters insurance policy with $10,000 of personal property coverage. Additional living expenses. The renters insurance experts at Effective Coverage will make sure you have the coverage you need for both you and your partner. The number of unmarried couples living together continues to increase, which CAN save individuals money on the forefront, but what you may not know is that these same people could be faced with lawsuits or auto insurance claims where coverage is denied. Once again, it pays to shop around, says Worters, because some insurance companies provide a discount to unmarried couples in a long-term relationship and some don’t. As the Insurance Information Institute describes, there are three types of renters insurance. A lot of times in this world, bigger breaks seem to be given to married couples, or people with children, but not everyone fits into these parameters. Renters insurance will not automatically cover unrelated roommates. In addition to the discounts, less risk may translate to lower auto insurance rates for you. Read the following additional resources for married couples. Homeowners’ insurance covers your home in the … Many insurance companies will allow you to add your unmarried partner to your renters insurance as an additional named insured. The first two, I also had auto insurance, but then I sold my car and just kept the renter's insurance. We also use third-party cookies that help us analyze and understand how you use this website. Also known as standard renters insurance, this protects your personal belongings against damage caused by everything from fire and smoke to vandalism and theft. So, shop around to get the most reasonable deal. If one of the partners owns the property is the sole person listed on the title, you’ll need to check with your insurance agent to see how they want to handle the second person. This is not to be confused with an additional interest, which means no protection at all would be provided to the person who was listed as the additional interest. 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