Most insurance policies are designed to cover the following:
If you share an apartment or rent a home and each of you retains separate ownership of your property, each of you should carry your own tenant's policy. If you own the home jointly, but maintain separate ownership of your personal property, you might consider the following strategy:
If each person has his or her own vehicle, the insurance question couldn't be simpler. Each vehicle should be insured by the individual owner and the other added as a possible driver. However, if two unrelated people share ownership of a vehicle, the policy covering the car should have a joint coverage endorsement added to it. A joint coverage endorsement (which may have various names) should result in giving the co-owners the same coverage as if they were related. (This endorsement is not available in all states.) The same strategy may be used when only one person owns the household's vehicle. The other person (who does not have his/her own car) may be added via a joint coverage endorsement. However, other options may exist such as (depending upon the insurer): the non-owner resident may be added to the owner's policy as a part-time driver or the other person might purchase a "non-owned" auto policy to get automobile coverage.
The insurance industry is making halting steps to acknowledge a broader range of ownership arrangements, including policy forms that allow policies to reflect domestic partnerships. How can you be sure about whether your interests are properly covered? Easy…speak to one of our insurance agents; discuss your situation in detail and then determine the best way to structure your policies.