Can two people who are not married still buy a renters insurance policy together?
UPDATED: May 12, 2015
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Asked May 12, 2015
Renters insurance is a special type of home insurance designed for people who lease the premises rather than own it. Renters insurance protects the policy holders against many insurance perils, including theft, fire, and severe weather. Renters insurance also includes liability coverage for both property damage and bodily injury caused by the policyholders or their immediate dependents.
Unlike roommates, an unmarried couple is usually considered to be a single entity where home insurance is concerned. Even though they are not legally married, they share a common household and the responsibilities that go with it. An unmarried couple is expected share such property as furniture and electronic devices, while roommates typically duplicate such items independently. For insurance companies, the risk of insuring roommates is much higher than to insure the belongings of a single, unmarried family unit.
If a neighbor comes over to visit and trips on a loose throw rug, breaking a bone, both partners would be liable for any claims or litigation related to the fall. The neighbor could not sue the partners separately, but could file a suit against them both. Even though they are not married by law, the insurance company and the law will treat them as a single entity in this situation.
An unmarried couple can get separate renters insurance policies if they choose to do so. You will have to create separate home inventories, and the rates will be based on each person independently. This is the most effective way for an unmarried couple to protect their possessions because the couple could split up without creating a conflict in the insurance coverage.
Answered May 17, 2015 by Anonymous