Cohabitation is on the rise
Living together can be a logical next step for many unmarried couples; the popularity of doing so has nearly tripled in the U.S. over the last two decades. Between 1996 and 2017, the number of unmarried couples living together grew from 6 million to 17 million1. The increase is likely impacted by many adults delaying marriage2 and reveals a rise in social acceptance.
With more couples waiting to tie the knot, today’s unwed couples may have greater financial stability and more to protect beyond their homes and vehicles than in the past. Insurance is an investment that protects what you have and helps you plan for the future.
Home ownership vs renting
Married or unmarried, many partners choose to rent rather than own their homes. When you pair the flexibility of renting with rising home prices and interest rates, renting can be a sound financial move.
Rental insurance is another smart investment, as it protects your possessions from damage or loss and includes liability coverage to safeguard you if someone were to get hurt inside your home. If the physical structure of your residence gets damaged and/or needs repairs, renters insurance can help pay for you to live somewhere else while your landlord renovates. Plus, it’s included as a requirement in many rental agreements.
Can you add someone to your insurance without being married?
Did you know couples don’t have to be married — or even engaged — to merge policies? If you live together, you may be eligible to combine your insurance policies.1 With a joint policy, you and your partner can each have your own car and enroll both vehicles in usage-based insurance, which provides a personalized rate based on your driving behavior. Merging policies also simplifies the management of your policies, provides consistent coverage, and saves you money.
As partners, you and your significant other share mutual interests you both want to protect. Did you know that approaching your finances as a team can actually improve your relationship? A 2023 study published in the Journal of Consumer Research found that couples who merge their finances enjoy improved financial harmony which shields them from the decline in relationship quality other couples experience3naturally over time.
Why bundle your auto insurance with a renters policy?
If you own a car, you already have auto insurance. Combining your renters and auto policies provides many benefits you may not have considered. Bundling your coverage can provide:
- Lower premiums through rental insurance discounts and auto coverage savings
- Improved convenience from having all your policies in one place
- Easier renewal with a single renewal date
- Flexible options should you need to make any changes
- Better customer service with one point of contact for both policies
- Consistent coverage to give you peace of mind
Talk to your agent to find out if you can further lower your rate by employing protective equipment such as smoke detectors, fire alarms, burglar alarms, or other qualifying devices. Policyholders may also save over time if they remain claim-free.
In addition to bundling your policies, you can qualify for a wide range of discounts on your car insurance. Earn savings by:
- Maintaining a safe driving record
- Opting for usage-based insurance
- Completing courses on auto safety and defensive driving
- Maintaining good grades of a B average or better (for drivers aged 16 to 24)
- Paying premiums through automatic withdrawal
- Talking to an agent to learn about other available discounts
Talk to your agent about bundling insurance policies
Your insurance agent will be able to answer any additional questions you may have. They are well-trained on the ins and outs of insurance and can help you find the best fit for you.
Insurance terms, definitions and explanations are intended for informational purposes only and do not in any way replace or modify the definitions and information contained in individual insurance contracts, policies or declaration pages, which control coverage determinations. Such terms may vary by state, and exclusions may apply.