Consumer Alert - Modern Households
to cohabitate with a significant other, insurance concerns might not be the
first thing that comes to mind. No matter the makeup of your household, it’s
important to revisit your insurance coverage when moving in together or getting
married to avoid potentially costly misunderstandings of what is covered.
couples and domestic partners have lots of things to consider before tying the
knot. In a recent survey conducted by the National Association of Insurance
Commissioners (NAIC), one third of participants identified health insurance as
the “single greatest financial consideration” when getting married. Under the
law, all insurance companies must offer the same individual or group health
plans to legally-married gay and lesbian couples as those offered to married
health insurance benefits, some employers or insurance providers may require
formal documentation for domestic partners and any dependent children. This may
include a copy of a lease, domestic partnership affidavit, birth certificates,
homeowners’ insurance policy, etc. In the event that your marriage or domestic
partnership ends while you receive benefits through your partner’s
employer-sponsored health plan, you may be eligible to continue your coverage
for up to eighteen months through the Consolidated Omnibus Budget
Reconciliation Act (COBRA).
If you and your
partner are buying a home together, make sure that both names are listed on all
applicable documentation, including but not limited to the deed, mortgage, and
homeowners’ insurance policy. If a couple is living in a home owned by one
partner, it may be less expensive to have the homeowners’ insurance policy
endorse the other partner’s belongings rather than purchase a separate renters’
life insurance, it’s also important to make sure that your partner is listed as
a beneficiary on all individual and company-sponsored life insurance policies.
If you are not married, failing to do so could cause delays in the absence of a
insurance, most married driver rates are typically less than single driver
rates. Be aware that your partner’s driving history can affect your premium
when combining policies.
information on insurance coverage is available on our website.