Moving in together? Don’t forget about insurance.

Moving in with a significant other marks a new chapter in a relationship. It can be an exciting time, with the promise of new experiences and even further relationship advancement ahead. However, how can you ensure that both you and your partner’s belongings are protected?

If your partner is moving in with you, you likely will already have a homeowner or tenant’s insurance policy in place. It’s important to know your partner’s possessions will not be automatically covered under your policy. There is some action required from both of you and a few insurance options you will have to consider.

Should your partner be added as a co-owner to your policy? We don’t recommend this and suggest you do the following:

• Have your partner purchase his or her own tenant insurance. This means all of their possessions will be covered under their own individual tenant insurance and any claims they make will not reflect in your policy. Tenant insurance is quite affordable and generally includes both liability and contents coverage. Learn more about tenant insurance.

• Another option is for you to add your partner to your existing insurance policy as an “Additional Named Insured”. This would cover their belongings and allow them to make any necessary claims. There will be no additional charge and you will continue to own the policy independently. However, any claims made by your partner will reflect in your insurance policy.

We generally only recommend your partner be added as a co-owner to your home or tenant insurance policy if the two of you have entered into a long-term relationship such as marriage or common-law. Your partner would need to be added as a co-owner of your home or on your lease agreement.

If an insurance claim were to be made involving a pay out from your insurance company, both you and your partner would receive equal amounts. For example, if a fire completely destroyed your home, any insurance compensation would be split between the two of you.

Contact a BrokerLink broker to discuss which options fit you and your partner best. Don’t forget to also regularly review and update your insurance policies to ensure there’s adequate coverage for all your possessions, including any possible rings in the future.