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Does A Home Or Tenant Insurance Policy Cover My Partner?

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Are you concerned whether your partner will be covered by your home or tenant insurance policy? If so, read on to learn more.

Home or tenant insurance

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Why Having a Home Insurance Policy is Important? 

Home insurance can help you with damages, loss of belongings, or theft at your home or property. It can assist you in covering the costs of maintaining your house/property even if you are living in your home for a period. It can help you cover the additional living costs, such as staying in a hotel or renting a house.  

What can you get covered in home insurance? 

  • Cover the Loss or damage at your home.  
  • Loss due to theft.  
  • Any theft of private property from your vehicle.  
  • Injury or damage caused to your visitors.  
  • An accident caused by you to other’s property. 

Why Having a Tenant’s Insurance Policy is Important? 

You may buy a tenant’s insurance if you rent an apartment. Insurance companies often refer it to as renter’s insurance. 

Following are the things Tenant’s insurance might pay for: 

  • When you rent or lease your apartment or home from someone else, damages or losses of your belongings.  
  • Theft of private belongings from your vehicle.  
  • If you cause any damages to the apartment/property/house or in parts of the building, you have rented.  
  • If you cause any injury or damage to the guests inadvertently.  
  • If you suddenly cannot live in your apartment because of a loss covered by your contract, the insurer will reimburse you for extra living expenses up to a certain amount. 
     

If a fire breaks out in your apartment and causes damage to adjacent properties, the tenant insurance will cover the costs of the damage of other tenants’ property including your apartment, or the building. 

When you and your partner move in together, check to see if your current homeowner’s or tenant insurance policy covers them as well. The laws of coverage differ depending on the venue and the insurer. 

Will my Current Housing or Tenant Insurance Cover my Partner as Well? 

When you marry and move in, most house and tenant insurance plans will automatically protect your spouse. If you are unmarried and live with a boyfriend or girlfriend, the rules are a little different and the policy may or may not include your partner. 

Where you live and how your insurer defines the term “spouse” determines the Unmarried Spouse’s insurance coverage. A partner according to the Canadian government is anyone to whom you marry legally. The definition of spouse varies between various Canadian provinces.  

For example, in Ontario, a spouse could be a partner you have not legally married for 3 years. It could also be someone you have lived with, like a marriage-like arrangement, an arrangement termed as a common-law relationship.  

If your partner satisfies the spouse criteria of Ontario, your insurance will cover you, but all insurers may not abide by the same rules. 

Tenant Insurance
Source: Pexels

Should My Partner Get Tenant Insurance or Buy Their Own Home? 

If your current policy does not protect your partner, we can encourage you to buy your own home or tenant insurance policy. Any partner who moves in with you and pays rent will need to buy his/her tenant insurance policy. 

You may try to add him/her as additional named insurance if your insurer has the provision in your ongoing policy until your partner buys his/her own insurance policy. An additional named insured gets in an insurance policy and gets the coverage in line with the policy terms. Throughout the entire process, you will remain the primary named insured. 

An additional named insured in a policy enjoys the same privileges and obligations as the primary named insured. He/she gets relief from paying the premium. It is important to note that the term partner, the meaning of an additional named insured, varies depending on the insurance terms. 

Renter's insurance
Source: Freepik

Before you move in with your partner, it is essential to find out about the terms and conditions of your Home or Tenant Insurance policy. Make an informed decision to ensure a smooth transition to your new life. Many people find it a little complex to figure out all the details by themselves so taking help from your insurance agent is always an option. To learn more about what questions one should ask their insurance agent, refer to this article given below.  

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