Finally, you’re taking the next step… You’re moving in together with your significant other. Now, don’t omit the next step… Ensure that both of you are named insureds…
Moving in Together & Being Named Insureds
There are (2) typical scenarios when a couple is moving in together:
- Scenario #1: (1) “not insured” moves in with (1) “named insured” who already rents or owns said property.
- Scenario #2: (2) “not insureds” move in together to a new property that neither individual has lived in or is insured.
Needed: (2) “named insureds.”
Simply moving in with another person does not provide personal property coverage. Without marriage, both people need to be listed underneath one insurance policy. Or, another option is for each person to have their own insurance company.
Either option equals (2) named insureds & both people having their personal property protected if/when the sudden & accidental occurs
Named Insured vs Not Insured: Defined
The terms “named insured” and “not insured” are often used in insurance policies to define the parties involved in the coverage.
Here’s a brief explanation of each type of insured:
- Named Insured:
- The named insured is the primary person or entity that is specifically identified & named in the insurance policy.
- This individual or entity is the one who purchases the insurance & is typically the one who will receive the benefits or coverage.
- The named insured has certain rights & responsibilities outlined in the policy.
- Not Insured:
- “Not insured” generally refers to individuals or entities who are not specifically identified as the named insured in the policy.
- These parties may not have the same coverage or benefits as the named insured.
- In some cases, certain individuals or properties may be excluded from coverage altogether.
Long story short, the named insured is the primary party covered by the insurance policy, while “not insured” refers to parties that may have limited or no coverage under the policy. Specifics can vary based on the type of insurance and the terms outlined in the policy document.
Protecting Your Stuff, Planned & On Purpose
Being a named insured primarily protects one’s personal property. Being a named insured on a renters or homeowners policy can also provide liability coverage if someone gets hurt where the named insured’s personal property is being protected. Another coverage often provided as part of a renters or homeowners policy is additional living expenses if/when something sudden & accidental occurs.
In cases where 2 people living together who are not married are both not named insureds either on their respective policies or just one of the “roommates” is a named insured & something sudden & accidental occurs, the not-insured individual always loses.
Those who are not a named insured who suffer a fire loss, water damage, or something else sudden & accidental will not have coverage for their personal property. This means impromptu out-of-pocket expenses to replace affected personal items. Instead of having an agreed insurance deductible tucked away in the event of an insurance claim, all of the damages are out-of-pocket.
Moving in together should be an exciting time. It’s important to make sure that both people are protected for if/when the sudden & accidental happens.
To receive insurance agent referrals based on your location & to ensure you & your new roommate are both named insureds, please email us at info@wasitsuddenandaccidental.com.
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Comments
9 responses to “Moving In Together? Check Off Being a Named Insured”
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Thank you for stopping by. Here’s a bit more info from Erie Insurance… https://www.erieinsurance.com/blog/moving-in-together Let us know how else we can help.
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