Domestic partners who share ownership of cars, homes, boats, etc. have the same access to a combined insurance portfolio as married partners. And in many insurance-contract provisions there is no difference between the kind of coverage afforded non-married partners as married partners.
But there is that occassional coverage gap that needs to be addressed and unfortunately, it can have a big financial impact if not handled properly. Fortunately, I don't need to bore you with insurance-speak to tell you how you can fix that gap in coverage for non-married partners, and instead you have to do only one thing and it'll cost you nothing.
Here it is:
If you are in a committed, non-married relationship where you share ownership, financial interest, and responsibility for real and tangible assets, be sure that both of you are specifically named on the policy as a Named Insured. That's it!
You can tell if you are both Named Insureds by looking at how your insurance company addresses your policies. Are both of your names listed on the Declarations Page? Are both of your names listed on envelopes and bills? Better yet, just ask your agent.
Something as simple as making sure you are both listed as Named Insureds is an absolutely critical yet amazingly simple thing to do in order to have confidence in the quality of your insurance program.
Free bonus tip: married couples should both be listed as Named Insured, too!
