As an insurance agent, one of the first items we look at when reviewing a customer's insurance policy is Who Is A Named Insured? It is extremely important to identify who the policy is designed to cover. This goes not only for homeowners insurance, but for auto, malpractice and any other commercial insurance policy. If you are living with a significant other or just roommates, whether owning or renting, contact us to make sure that your policies are set up to protect all parties involved.
Abstract: In 1950, over 80% of households were occupied by married couples. Today that number is less than 50%. Today, households are comprised of singles and, increasingly, couples living together. If one-half of the couple had a homeowners policy, is the other covered?
In 1950, eight in 10 households were occupied by married couples. According to the 2000 U.S. Census, that number declined to 51.7%; the balance being singles and couples living together who are not married. The former includes individuals who either live alone or with roommates; the latter encompasses both opposite and same-sex couples who consider themselves partners. It is the latter segment which now makes up approximately 10% of American households.
A benefit to marriage that is often overlooked (perhaps because of its dismal ranking on the romantic scale) is insurance. Married couples experience advantages that are not available to others living together. If you are not married and living with a significant other (SO), there are some important things you should understand about your home insurance.
Standard home insurance is designed to cover damage to personal property like furniture, electronics and clothing that is owned by residents of the home who are related to the person named on the actual home insurance policy (i.e., you). The term “related” is where your SO’s problems begin. Certainly the cost to replace that stolen television or incinerated clothing is essential. But home insurance has another important role: personal liability coverage. Personal liability is insurance that will cover expenses for which you are liable, like when a guest slips and falls on that lose step or your amateur attempt at controlled brush-burning sets your neighbor’s home ablaze.
Following are some important limitations found in a standard home insurance policy that you and your SO should know:
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