“In ‘The Golden Girls’ TV show just one of the women owned that house, so she would have had homeowners insurance while the others had to buy
renters insurance to cover their personal belongings and their personal liability issues,” says Worters.
What this means for you is that, “If you’re the sole owner you can ask your insurance company to add another occupant to your policy to cover their belongings, but if the insurance company won’t do that, you need to make sure your partner or other residents have renters insurance,” explains Worters.
If you own a property jointly, some companies will write a homeowners insurance policy even if the owners are not married, adds Worters.
If you rent your home and are cohabiting, Worters recommends shopping around for renters insurance.
“You might be able to find a company that would cover both residents that will save you money,” says Worters, “but some insurance companies will make each person buy a separate policy if you’re not married.”
When selecting renters insurance, it’s very important to make sure that each person in the household has coverage for their personal belongings, as well as shared possessions, and that liability coverage and coverage for living expenses are included, just in case they have to move out temporarily.
Keep in mind that if you have a joint homeowners or renters insurance policy and one partner moves out or passes away, you’ll have to notify the company of the change, advises Worters. “Make sure the billing and contact information is kept up-to-date.”
Married couples will typically receive a discount if they insure more than one car under the same
car insurance policy. Unmarried partners don’t always have that advantage, although some insurance companies will write coverage for them.
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.
“If you each own a car, you can have separate insurance policies and that could be cheaper than combining your car insurance,” she says. “But sometimes you can get a discount if you insure two cars and two drivers with one policy. It depends on the insurance company and it depends on whether you are both good drivers. If one of you is a bad driver, that could send the rates higher for both of you.”
If you share a car or even if you each own your own car, you can often list someone who lives in your home as a second driver, even if they are not on the title to the car, Worters says.
“Another option is to transfer the title to shared ownership, but there has to be an understanding between the partners about what happens to the car if someone passes away,” says Worters. “Sometimes family members assume they will inherit a car from a relative, so that needs to be addressed.”
