Tips for talking to your agent about combining insurance policies
Are you ready to take the next step in your relationship by getting married or moving in together? Or perhaps you’ve been together for a while, with or without kids, and you'd like to make life simpler. You’ll face important decisions about which things to share (coffee mugs: yes; toothbrushes: no) and which to keep separate. Don’t forget to include insurance coverage in these discussions.
Navigating the world of insurance can feel overwhelming, especially when merging policies becomes part of the equation. Consulting with an insurance agent can help you and your partner with your unique situation. Here’s a step-by-step guide to help you and your partner begin a conversation with your insurance agent as you navigate your specific situation.
Combining insurance: To merge or not to merge
If you and your partner are not married or engaged but are a couple who lives together in a mutually exclusive civil or domestic partnership — you can usually merge several types of insurance coverage, including auto, home and renters.1 Ask your agent these questions:
- What factors should we consider before deciding to merge policies?
- What types of coverage can be merged?
- Are there different considerations based on where we live?
- Am I required to add my partner to my policy?
- How do our credit scores factor in?
- Do our ages matter?
- What if we experience a change in our relationship status down the road?
Auto coverage
Whether you share one vehicle or drive each other’s cars, combining auto coverage can save you money and time. Here are some questions to consider before merging your policies:
- What type of joint auto policies are available to us?
- Because policies for unmarried couples are relatively new, requirements vary by both state and insurance company.2
- What if one party has a substantially better driving record?
- What if my partner’s car is more expensive than mine?
- Discuss not only the cost, but also how the age, mileage and safety rating of each vehicle may affect your rate.
- What if one person uses their vehicle for their business?
- What if one of us drives more (or less) than the other?
- How can we save with usage-based insurance?
Home coverage
The number of unmarried couples living together in the U.S. has tripled over the past 20 years.3 If you’re one of the 17 million Americans3 who live with someone other than a spouse, you may wish to ask your agent:
- Does our living situation qualify us to merge home insurance coverage?
- Generally, any domestic partners can also share insurance. Your agent can discuss specific requirements and your situation.
- Do both homeowners need to be listed on the policy?
- What if only one of us is listed on the mortgage?
- If we have home safety devices, could we qualify for a discount?
- Does our policy protect all our assets or only certain items?
- Specify any rare or unusual items you may have, such as expensive art pieces or possessions with high sentimental value.
- Would our policy protect us from liability if someone were to be injured in our home?
- What if one of us owns another residence but doesn’t reside there?
- How might we add smart home technology for another layer of security?
Renters insurance coverage
Combined policies aren’t just for homeowners. Couples who rent may also be able to merge coverage to protect their possessions and even their identities. Questions you can ask your agent include:
- What are the benefits for renters in merging coverage?
- Rental agreements often require renters to have their own coverage, so bring all relevant documents when you meet with your agent.
- If my partner or I work from our home, would the technology and equipment we use be covered? The answer may differ depending on whether you work for yourself versus a corporation. Your agent can help you understand the specifics and ensure you have the right coverage.
- Could our policy protect us if we need to leave our home for repairs?
Future insurance needs
It can be hard to predict what the future might hold for you and your partner, but an agent can help you plan by answering questions, including the following:
- How might our coverage need to change if we expand our family by having kids or adding pets?
- What if we add a vehicle, such as an RV, motorcycle, golf cart, or e-bike?
- What if one of us loses our job or changes careers?
Additional protection
There are extra levels of protection you can add that provide additional coverage, or endorsements, for things that may not be fully protected under standard policies. Consider asking your agent about these available add-ons from Nationwide®: Roadside Assistance, ID Theft Protection, Valuables Plus®, Protection Boost, and Brand New Belongings®. These can provide extra coverage for things that may not be fully protected under standard policies.
Ask your agent to explain the benefits and limitations of these endorsements, so you can determine which ones best meet your needs. Extra coverage may be more affordable than expected and bundling them with other coverage might offer discounts, so it’s important to understand all your options.
Financial planning for couples
Talking to an insurance agent can help you and your partner make mutually beneficial financial decisions. Research shows that couples who merge finances enjoy “a protective effect that safeguards against the decline in relationship quality over time.”4 An agent can help you determine how aligned you are on certain topics, such as:
- Risk appetite and prioritization
- Using insurance as an investment
- How much coverage is right for you
- Risk mitigation strategies to help you protect what matters most to you
Regardless of your relationship status, your agent has a wealth of resources and knowledge to help you make the most of your insurance coverage.