It might surprise you to know, but until 2016, it was illegal in Florida to cohabitate with your long-term partner without being married. Even though you don't have to worry about that problem anymore, you still should do your homework when moving in together. You might need to make some important changes to the coverage offered by your homeowners insurance. Here's what to think about when you and your sweetheart move in together.
Understanding Ownership When Moving In Together
Homeowners in Orange Park and Clay County tend to pay between $160 - $2,500 per year for homeowners insurance. The average rate in the area falls between $900 - $1,400 per year. However, when the occupancy of the home changes, so too might your insurance needs.
You and your partner might be married in all but name. Therefore, when you move in together, you might not think of it as much of a change. You'll share assets and belongings — not to mention the roof over your heads.
Still, just because you might be combining your homes doesn't necessarily mean you'll combine assets. In most cases, the fact remains that you both are still independent of one another, at least legally and in the eyes of many home insurers. Therefore, you and your partner will likely have to make a few adjustments to both of your insurance portfolios.
Figure Out Who Owns The Home
Two people living together might jointly own the home. Or, one person might own the home, while the other partner is, for many intents and purposes, a guest.
Ownership is important to remember when you go to adjust your homeowners insurance. Depending on the situation, the steps you take to insure both partners might vary:
- If both partners jointly own the home, then they can both receive coverage under the same homeowners insurance policy. Therefore, each party's possessions and liabilities will have coverage in addition to the structure of the home.
- When only one partner owns the home, the other partner likely won't be able to get coverage for their possessions or liabilities in the home without taking a few extra steps. Many home insurers also allow the property owner to add the partner as an additional insured party on their own homeowners insurance. If you decide to take this step, then you can extend your own homeowners policy limits to your partner.
- Another step for a non-owning partner is to get a renters insurance policy. It can extend liability and possessions insurance to the partner that will apply to their own asset.
If you have further questions on this subject, your Insurance Place of Orange Park agent is here to answer them. Get in touch with us today!