Over the last three decades, the percentage of American couples living together before marriage has risen over 70%. Unfortunately, some cohabitating couples may find themselves in a dire financial situation if they do not have comprehensive insurance coverage that protects them and their property in the event of a disaster. The legal benefits and insurance coverage options available to married couples do not often apply to unmarried couples living together or sharing property. In today's blog post, we'll look at three key areas all cohabitating couples need to consider in regards to insurance coverage.
Renter's Insurance Needs
A majority of couples that live together do so in rental properties such as an apartment, townhome, or rental home. Although many cohabitating couples do not own their dwelling, it is still important to have Renter's Insurance to protect the value of possessions within the rental property. Unmarried couples may benefit by having separate Renter's Insurance policies to ensure the value of all possessions are properly covered and reduce future disputes over assets and insurance benefits if there are losses due to theft, fire or vandalism.
Homeowners Insurance Coverage
Some individuals already own their own home or property, and begin their cohabitation by inviting their significant other to move in with them. This can also create a gap in insurance coverage for the partner moving in, since an existing Homeowners Policy would not cover their possessions. Individuals moving into their partner's home can protect the value of their assets by securing a separate Renter's Insurance policy, or they may be able to amend the existing Homeowners Insurance policy to add them as an occupant, thus protecting the value of these additional assets.
Because unmarried couples do not have the same legal benefits and options as married couples, this can add an extra layer of complexity and financial burden when one half of the couple passes away. However, cohabitating couples can ensure that their partners are well protected financially in the event of their passing with comprehensive Life Insurance. Unmarried couples can name their partners as beneficiaries and have peace of mind that their loved one will have the financial resources necessary to meet their immediate and long-term needs.
Aegis is pleased to offer individuals, couples, and families quality, reliable, and affordable insurance solutions for all types of unique needs. Aegis provides a full range of exceptional insurance policies, including Homeowners, Renter's, Auto Insurance, Life Insurance, and even Business Insurance for cohabitating couples that own a business together. Contact Aegis today for more information, or go online to request a free quote!