a couple moving into their new home

Marriage or Cohabitation: Should You Update Your Home Insurance?

Published in Home Insurance

When you tie the knot or move in with your partner, there’s plenty to consider—merging finances, sharing responsibilities, and maybe even redecorating. Even here in Nova Scotia, one often-overlooked aspect of this life change is your home insurance. Whether you’re newly married or cohabitating, updating your home insurance policy is crucial to ensure your shared life is adequately protected.

Why Updating Your Home Insurance is Essential

1. Combined Assets

Moving in together often means doubling up on valuable belongings—furniture, electronics, or even heirlooms. Standard home insurance policies have coverage limits for personal property. Combining two households’ worth of items might exceed your existing policy’s limit, leaving your belongings underinsured in the event of a loss.

Updating your policy ensures your new joint possessions are accounted for. Take inventory of high-value items, such as engagement rings, artwork, or tech gadgets, and discuss with your insurer whether you need additional coverage. As the holiday season is fast approaching, check out our blog Essential Insurance Tips for Protecting Your Holiday Gifts. It includes some helpful tips for taking stock of your personal belongings.

2. Liability Coverage

Liability protection is a crucial part of home insurance, which covers you if someone gets injured on your property or if you accidentally cause damage to someone else’s property. When you move in with your partner, your liability exposure may change—especially if you host larger gatherings. Reviewing your policy can help ensure you’re adequately covered for these increased risks.

Special Insurance Considerations for Married Couples vs. Cohabiting Partners

For Married Couples

Marriage typically simplifies the process of updating your insurance. You’ll want to contact your insurer to add your spouse as a co-policy holder, ensuring you are both equally protected. Additionally, many insurers offer discounts for married couples, which can help reduce premiums. Our blog, Top 5 Insurance Tips for Newlyweds, is a perfect resource for newly married couples.

For Cohabitating Partners

If you’re not married but living together, updating your policy is just as important—but slightly more complex. Not all insurance policies automatically extend coverage to non-married partners. You may need to list your partner as an additional insured to ensure their belongings and liability are covered. It’s also wise to clarify ownership of assets and how insurance payouts would be distributed in case of a claim.

Benefits of Updating Your Home Insurance with Your Partner

Updating your insurance policy provides many other advantages besides setting yourself up on the legal right foot. Let’s take a look at a few:

Peace of Mind. Life is unpredictable. Updating your home insurance ensures that you and your partner are financially protected in the event of a disaster.

Avoiding Coverage Gaps. Please update your policy to avoid gaps in coverage. For example, if your partner’s high-value items aren’t declared, they may not be covered in the event of theft or damage. Regularly reviewing and updating your policy prevents such oversights.

Potential Discounts. Insurers often reward policyholders for combining insurance needs, like bundling home and auto insurance. You might be eligible for additional discounts as a couple, so it’s worth asking your insurer about these opportunities.

Tips for Updating Your Home Insurance Policy

How do you start the process now that you understand why you must update your policy? Be sure to check out our blog for Helpful Home Insurance Renewal Tips, but here are a few tips to get you started:

  1. Take a Full Inventory: List all valuable items brought into the shared household, including their estimated values.
  2. Review Liability Coverage: Ensure it reflects your new living situation, especially if you host events or renovate your home.
  3. Consult Your Insurer: Discuss changes in your household, ask about potential savings, and ensure you’re both adequately protected.
  4. Bundle Policies: If you and your partner have separate policies, consider merging them for simplicity and possible cost savings.

Starting a life together is an exciting milestone, so you must be adequately covered to enjoy this new journey with peace of mind. Whether you’re married or cohabiting, updating your policy provides financial security so you can focus on building your future together. Contact one of our Bauld Insurance advisors today for personalized advice on updating your policy. We’re here to help you navigate life’s changes with confidence.

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