I just purchased a home with my partner. How do we insure our new home?

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Asked May 16, 2012

1 Answer

The laws of the state where you and your partner live will be the first factor of determination in how home insurance should be approached. In states that have recognized domestic partnerships or same sex marriages, your insurance company will treat the two of you as a single entity, but it is also possible that they will recognize a domestic partner even if the law does not.

Check your policy or contact the customer service department of your insurance company and ask how the company deals with domestic partnerships. In general, if both names are on the mortgage, then the insurance policy will treat you both equally, if only one name is on the mortgage and your state does not recognize domestic partnerships, then another policy is needed to fully protect both parties.

Depending on how the relationship is set up to bypass domestic partnership restrictions, the person who is not included in the primary home policy has a choice of purchasing a renters insurance policy or a personal insurance policy. Keep in mind that personal property insurance does not include liability coverage, and unless the master home insurance covers liability for the person, such an omission could become important later. The function'>function of home insurance is to protect the home, other structures, personal property and liability obligations of the policy owners. A home insurance policy which requires you to purchase supplementary coverage for these functions is not delivering everything it should.

Another solution, rather than purchasing multiple insurance policies, is to simply shop around for a company that offers the coverage you need as a team. Shop online using free insurance quotes, but verify that the company is friendly towards domestic partnerships as one of the qualifications you need from your insurer, eliminating companies that are not offering policies you can get sufficient coverage from.

Answered May 16, 2012 by Anonymous

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