Moving in Together! Do I Need More Insurance?


The time has finally come! You are so excited because your significant other is moving in with you. Wait! What changes do I need regarding insurance?

Do I need to add my boyfriend/girlfriend to my personal homeowner’s insurance?

First, let’s understand what this type of insurance entails. Each homeowner’s insurance is different depending on the coverage plan you have. Most homeowner plans protect you from disasters like fire, theft, and accidents. Your policy is designed to pay for repairs or damage to the structure of your home and your personal belongings. The amount of coverage you need depends on the value of your items such as clothes and furniture.
Generally, between 50 to 70 percent of the insurance you have on the structure of the house is sufficient to cover personal items. You should always check with your insurance company to make sure you are fully covered in case of an incident. But what about my significant others stuff?

Moving in together does not automatically cover your boyfriend/girlfriend under your existing policy. Adding your significant other as a co-owner or co-tenant to your insurance policy is not highly recommended by us unless you are married or living as common-law. Why? If an insurance claim is made, you and your special someone would receive equal payout amounts. This situation is far from ideal if you are the sole owner of the home, taking on the brunt of mortgage payments.

So, what are my insurance options when living with my significant other?

Tenant Insurance

Tenant insurance covers you financially against any damage or loss to your personal belongings in the home you are residing in. It also helps cover living expenses like moving costs or a hotel room if repairs need to be made after an insured loss. The process of getting tenant insurance should be quite uncomplicated and affordable. It is good to keep in mind that rates are related to your age, the area you live in, how well your landlord maintains the building and its security measures. With Alpine Insurance, we will source the best rates for you.

Additional Name Insured

Adding your boyfriend/girlfriend to your existing insurance policy as an “additional name insured” provides good coverage for their personal belongings. Adding this person to your policy would cover their things and open the road for them to make necessary claims. You will continue with your own insurance but any claims your partner makes will reflect on your insurance policy.

Do you live in Calgary, Edmonton, Red Deer, Lethbridge, Canmore or Faust? Alpine Insurance & Financial has offices in all these locations and we are ready to help you find the best policy for your situation.
We will help make living together a smooth transition.

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