Are you considering moving in together in Evanston, IL? You’ve been together long enough, now it’s time to see if you really love each other – or maybe you both just want to save a few bucks. Either way, there are a few insurance considerations you should give some thought to before you move in together, because they could make a big difference!
Insurance and Moving In Together In Evanston, IL
Insurance isn’t normally something people talk about before moving in together, it’s more like something they talk about when they realize they’re both paying for similar coverage and living together, and wondering if this is the ideal situation. It takes all of about ten minutes to sit down with both policies and determine what the best way to proceed is, so it’s something you should talk about in advance.
Renters Insurance And Moving In Together In Evanston, IL
Evanston Renters Insurance is priced based on a wide variety of factors, but there are a few important ones. Many companies base pricing primarily on the first named insured on the policy, though that’s not always the case. For companies that do, you should consider making the first named insured the person with better credit. In Illinois, this can make a significant difference in premium, because credit-based insurance scores factor heavily into the cost.
If you both have policies, you should also look at who has the more solid company. If you’re comparing Travelers renters insurance against Progressive renters insurance, there’s little difference. Both are solid companies that have been around for a long time and are likely to be there when you need them. On the other hand, there are companies that have numerous complaints about their claim handling and other issues, and if one of you has a better company you should probably both stick with that one.
Sometimes, you’ll be able to list both people as named insureds. Do you want the policy to be as much theirs as it is yours? That’s what an additional named insured does. Claims checks would be made out to both of you, and you generally cannot remove an additional named insured from the policy. This is an important consideration, and worth giving some thought to. Renters insurance is quite affordable, and if you’re not 100% sure about where things are headed, it might be better to just jeep both policies.
Auto Insurance And Moving In Together In Evanston, IL
You can get auto insurance in Evanston from a wide variety of companies. Most are solid, but you should make sure to check the A.M. Best rating of the company. You want the company to be there to pay claims, because auto claims can be quite large and if the company isn’t stable you could be on the hook for that loss.
When you move in together, you need to have a serious conversation about auto coverage. In Illinois, it’s quite likely that if you maintain two policies, one or both policies will find the other driver in the household and want to add them to your policy because they could drive your car – even if they don’t.
The easiest way to head this off is to combine the policies. Quote with both companies what it would be to add the other person to the policy, and see what’s more affordable. Your best bet is probably going to be based on some combination of who has better credit, who has been continuously insured the longest, and who has had higher limits for a longer period of time. Limits matter because if you have higher limits now, it’s less expensive to buy higher limits on a new policy because you’re seen as a good risk who’s continuing to be responsible rather than someone who suddenly decided they needed five times the coverage.
There are other things to consider when you’re thinking about insurance and moving in together in Evanston. Effective Coverage, For Renters, offers both auto and renters insurance in Evanston, and can help you put together the package that works the best for both of you. Just call (800)892-4308 or click above for instant renters insurance quotes online and auto insurance quotes. We’ll find the best option for both of you.
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