PFS Insurance Brokers Blog
It's better to know your rights to your home if you and your partner are cohabiting or dreaming of moving together. When you combine two households, it's a safe time to explore the consequences of your insurance plans and the legal position with your significant other.
Coverage and Limitations of Home Insurance
Policyholders appear to buy the policy that mirrors the deed of the house. So if you're both on the deed, you're presumably both called and both insured by insurers. Here are things you need to know about the coverage and limitations of home insurance:
Many traditional home insurance plans limit liability to the "named insured"-the policy-named individual(s) and their resident partner. The same standard policies also expand their "resident relatives" coverage, including:
However, if any of those persons are residents of the household of the designated insured. This means that a home insurance provider has no duty to pay the liabilities of a non-insured person or to protect the party in a suspected liability case.
2. Limitation or Restriction
An individual cannot have property coverage or personal liability coverage unless both are listed on the deed, or they buy an endorsement for Other Members. An insurance provider has no duty to cover the liabilities of a non-insured person or to protect that person in an alleged liability case.
3. Cohabitation Agreement
In the case that you and your partner break up, a cohabitation arrangement sets out what you have agreed to do with your residence, property, debts, and bills. It will also provide access to one another's state pension and succeeding rights if there is a medical emergency.
These arrangements are not limited to couples that are cohabiting. For instance, if you have moved in with a friend or relative, you might also choose to get one.
Cohabiting without getting married makes it hard to receive insurance, but as more couples move in together, insurance companies change the way they do business. If one person owns the property in a household, the second will need to buy an extension policy to cover their belongings.
At Pro Financials & Insurance Services, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (708) 233-8870. Get your free quote today by CLICKING HERE.