Moving in together or getting married? A wonderful milestone in your life! And, understandably, you have furniture to choose or a party to organise, so administration is not your first concern. Unfortunately, we often find that people overlook crucial insurance policies. Not you, after reading this
Every major life change alters your risk profile. As your personal insurance agent, we like to look beyond your policies at such times. Talk to us in good time and you'll avoid being double insured or not covered for some real risks.
One home, one fire insurance policy
When you move in with someone else, you no longer need separate home insurance policies (or fire insurance). Whether you rent or buy, one joint contract is sufficient. This allows you to save money.
But be careful: don't forget that the value of your household contents will increase. Two households merging means more furniture, appliances and all kinds of personal belongings. So make sure you adjust the insured value in your contract. If you don't, you will be underinsured, which could cost you dearly.
A fellow insurer recently told me about a couple who called on his help. One partner had moved in with the other a year ago, but they hadn't thought to update their home insurance policy. What happened? When water damage occurred due to a leak in the roof, the belongings of the partner who had moved in later were not covered, because the policy was only in the name of the first occupant and only mentioned the original value of the contents.
Family insurance: from 'I' to 'we'
Family insurance (or family policy) protects you against damage you accidentally cause to third parties. As soon as you and your partner are registered at the same address, we can include both of you in a single family policy. This also covers any children or pets you may have.
For example, suppose your partner's dog squeezes through the hedge into your neighbours' garden and damages their garden furniture. Those costs are entirely at your partner's expense, unless they have family insurance at your address. No wonder 80% of Belgians have it.
So let us know as soon as possible about your actual change from 'single' to 'family'. This applies whether you are getting married or cohabiting (legally or otherwise), or sharing a home with someone who is not your partner.
Sharing a car with your partner? Adjust your car insurance!
Will you be driving each other's cars from now on? Have your partner registered as an 'occasional driver' in the car insurance . This will prevent any unpleasant surprises with the excess or payout after an accident. If you move to another municipality, this may mean that your insurance premium changes. Sometimes it can even be cheaper!
Insured for life
You may not necessarily take out a policy when you move in with your partner or get married. But this is the ideal time to check who is the beneficiary of your life insurance or pension savings account.
It cannot be the intention that, for example, your mother – or worse, your ex – receives your inheritance, while your permanent partner is left out in the cold. Especially when you buy a house together and therefore have to pay off a loan, you can avoid a lot of financial worries by including the right person as the beneficiary in the right policies.
If you do go your separate ways
Of course, we wish you a long and happy life together. But even if that fairy tale doesn't come true, we are here to advise you. Upon simple request, we will split up the insurance policies that you had as a married or cohabiting couple. This is very important, because each ex-partner is only covered by the insurance at the address stated in the policy.
In short: what to do with your insurance policies when you move in together or get married?
This will prevent you from being underinsured and save you from paying double premiums:
Add your partner to your family insurance (family policy).
Check the insured value in your fire insurance (contents).
Register your partner as an occasional driver on your car insurance.
Change the beneficiary of your life insurance.
So if anything changes in your personal situation, give us a call or drop by our office. A short conversation with you will provide us with crucial information to ensure you are correctly insured at all times.
Tip!
You can find more information about insurance for 'life as it is' in our comprehensive dossier on insurance for private individuals.
