Congratulations! You have decided to take the next step in your relationship and have asked your boyfriend, girlfriend, or fiancée to move into your home. Now, the next step is deciding where the other individual’s belongings will fit into your living space. Where are you going to put all of their stuff? But more importantly, have you wondered whether or not their belongings will be covered under your homeowner’s policy? The answer is NO. Your policy only covers an “insured”.
An Insured is defined in your home owners policy as: You (the person named on the policy), Your Spouse (must be a resident of the same dwelling), a Resident Relative, or any other person under 21 who is under custody of a named insured.
Your boyfriend/girlfriend/fiancée is not included in this definition, therefore, their contents will not be covered under your policy. This is the same for condominiums, co-ops, and renters policies.
Your significant other is now settled in at your home. They decide to host a housewarming party, and one of their friends falls downstairs and is injured. The woman sues both of you for her injuries because you own the house and your significant other because it was their party. You will be covered under your policy, but your s/o will not. This is again, because they are not included in the definition of an Insured. Definitely not the way you want to start this new chapter of your lives…
There are a few ways to make sure everyone in your home has liability and contents coverage:
- Name the person as a Named Insured on the policy.
- Add the person via endorsement, as “Other persons in the household”
- Or your significant other can obtain their own Renters Policy
With today’s changes in domestic lifestyles, we strongly encourage you to review your policy with your agent to make sure that everyone living with you is covered under your policy or has coverage of their own. Better safe than sorry!
Attn: Newly engaged couples! Looking into getting extra coverage for your engagement ring? This is possible by “scheduling” the ring on your renters/homeowner’s policy. How much will this cost you?
Rates usually depend on where you live. But for most people, insuring your jewelry will cost 1-2% of its value.
For example, a $5,000 ring may cost as little as $50 per year to protect!
Contact us @ Putnam Record Insurance Agency for more info: 716-366-2744