Do Both Spouses Need to Be on Homeowners Insurance?

You are probably aware that moving in with someone is a significant milestone in a relationship. Although you may be eager to immediately begin picking which pieces of furniture to keep, there are some additional logistical considerations.

While it is true that you must select how to split living expenditures and utilities, what about insurance coverage? It may seem trivial, but getting the proper insurance is critical to ensuring that you're protected against damage, loss, or theft if you're moving in with someone.

Is it necessary for both spouses to get homeowner's insurance?

Whichever spouse owns the residence you reside in must be named on the insurance policy. You will not be able to obtain a policy unless it is in the property owner's name. If both spouses jointly own the property, they should be named insureds on the policy.

On a homeowners policy, a named insured somebody covered by the policy. When the property owner obtains coverage, carriers often automatically include the policyholder and any family members living in the house, including spouses.

For example, certain homeowners insurance may include the following clause: "In this policy, the terms 'you' and 'your' relate to the "named insured" listed in the Declarations and to the spouse if a household member."

However, understand that if you are not legally married to someone you live with, your partner may not qualify for coverage under your policy. Let's take a look at a couple of different circumstances in which someone moving in impacts your coverage.

If One Spouse Owns The Property Into Which The Other Spouse Relocates

Typically, the owner of a home insurance policy is the person whose name appears on the property's title.

Therefore, if you own the property and your spouse moves in after you marry, you can contact your home insurance provider and request that they be added as a named insured on your policy. This may need you to furnish your spouse with some basic personal information. This may increase your rate, depending on your spouse's claim history.

If you do not add your spouse to your policy, he or she will be unable to make claims or modifications to the policy, even though they share a residence with you. This could be an issue if you require your spouse to submit a claim on your behalf.

For instance, you may be out of town on business when your spouse extinguishes an electrical fire or halts a sudden water heater leak. If you experience property damage, you should make a claim immediately. While you are away, your spouse may do so if your insurance covers them.

Additionally, if your spouse moves into your home, you may want to adjust your personal property coverage. He or she will very certainly bring some personal stuff. If they bring sufficient funds to boost the property's value in your home above the limit of your current personal property coverage, you will be underinsured.

For instance, you may increase your possessions from $100,000 to $200,000. If you originally had a $100,000 personal property coverage limit, you'd undoubtedly want to increase it. You don't want to be shortchanged when claiming payment for your belongings in the event of a covered loss.

A new home inventory list may assist you in keeping track of your possessions and the amount of coverage you require. You can then contact your insurer to adjust your coverage, resulting in a modest rise in your premium.

If Both Spouses Are Relocating to a Jointly Owned Home

If both spouses purchase a home together, both will be named on the homeowners' insurance coverage if their names appear on the property's title. You will require only one policy. Additionally, as previously stated, a spouse who resides in the insured home is typically automatically covered.

Insurance carriers can give single insurance to unmarried couples if both are property owners, but this is a more uncommon occurrence.