My partner and I just bought a home together. How do we insure it so we are both properly insured?
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UPDATED: Sep 15, 2020
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Domestic partners are handled differently state-to-state and insurance company to insurance company. However, if you title the home in both names then you are both covered as owners of the property as well as the personal belongings in the home. In addition, the liability portion of the homeowners policy will cover both of you. Although you are separate individuals (unless recognized otherwise by the state), the limit of liability is singular. If you are each sued for negligence due to one incident, the limits cannot be stacked. The amount applies in total to the both of you. If you each are sued for $100,000, and your policy provides $100,000 in liability protection, that is the total the insurance company will be responsible to pay.
In the event of a loss to the home or property, the claim payment will be made out to the names shown on the policy. The company will not issue a check to just one individual, even if that person claims to be the sole owner of property. Speak with an attorney to be sure you title the home properly and then be sure your insurance company understands, and agrees, to the arrangement of ownership.