Is a joint insurance policy a bigger step than saying ‘I love you?’ – Insurance News

According to a Nationwide survey, joint insurance policies are emerging as a key symbol of trust and commitment among couples. The study noted that 42% of respondents view sharing an insurance policy as the modern equivalent of tying the knot, offering both practical financial benefits and emotional significance.

Most renting couples currently share insurance policies, such as:

• Automobile/car insurance: 84%
• Renters’ insurance: 69%
• Health insurance: 58%
• Life insurance: 52%

And over half of them most often turn to their insurance company or agent for insurance advice. When asked how often they turn to the following sources for insurance advice, these are some of their responses:

• Insurance company/agent: 52%
• Family and friends: 42%
• Financial advisor or planner: 28%
• Bank or financial institution: 27%

Redefining commitment

The survey also pointed out that shared insurance policies are increasingly reshaping traditional markers of commitment, the survey said. Nearly one-third (29%) of renting couples place the sharing of an insurance policy on the same level as taking major steps like moving in together (35%), emphasizing its growing importance in modern relationships.

For example:

• 35% of respondents said that signing up for joint insurance is a bigger step than saying: “I love you” for the first time or moving in together.
• 4 in 10 respondents said that sharing a joint policy with their partner is most like sharing a streaming password or adopting a pet together.
• 26% of renting couples said that sharing a policy makes it harder for them to break up.

Key benefits of joint policies

Joint policies offer various benefits to couples. As Mike Moore, Nationwide’s VP, Personal Lines Business Optimization, pointed out, 62% of couples believe that shared policies are a meaningful way to help deepen their relationship and display trust and commitment.

“Customers choosing to place their insurance policies with a single carrier can experience numerous benefits and the carrier might have policy recommendations when they understand the customer’s holistic protection needs,” he said. Nationwide’s Personal Lines Business Optimization is responsible for delivering future protector offerings, enhancing end-to-end customer experiences, and driving customer-centric transformations.

These benefits include:

Savings: “If you’re sharing assets, it makes good financial sense to also share the cost of insuring them. By merging policies, couples can enjoy simplified management with fewer bills and renewal dates to track. Splitting the cost of a single insurance policy may allow each party to pay less, which is especially helpful in cases where a lease agreement requires residents to carry a certain amount of renters insurance,” Moore said.

Shared coverage: A single joint policy can ensure that both parties receive the same level of coverage, providing uniform protection for both individuals, with no difference in the level of coverage provided. In a situation where each person has their own insurance coverage, the protection each person receives can vary.

But while joint insurance policies are being used to deepen and redefine modern relationships, lack of knowledge about them is preventing some people from fully leveraging their benefits. For example:

• Nearly 30% of respondents admitted they don’t know enough about the benefits of sharing an insurance policy.
• Almost 20% of renting couples erroneously believe that you can only drive the car in your name under a joint auto policy.
• Common myths persist, like believing joint insurance requires a joint bank account (17%) or that you need to be married (16%).

Joint ownership benefits: Educating clients

The role of an agent in helping clients to understand the benefits of joint ownership can be vital, Moore said. The first step, he added, is to be a good advisor to that customer, and sharing ways in which a joint insurance policy will protect all the belongings in the unit and extend the liability coverage on the policy to both tenants.

Less than half of renting couples surveyed reported they were unaware that having a joint policy could provide lower premiums, increase coverage limits and provide a simpler claims process. This underscores the importance of education and awareness about the benefits of having a shared policy, Moore said. “Despite the benefits, many couples remain unaware and misinformed of the full value of joining their insurance to a single policy that would cover both (or multiple) vehicles and named drivers.”

Insurance companies and states might have different rules for when couples can share insurance policies, Moore pointed out. The best way to learn about what’s available is for clients to talk to their agent.

Implications for agents and advisors

So, what do these survey findings mean for insurance agents and advisors? According to Moore, it is a big milestone for couples who are looking to share insurance coverages, with 42% of survey respondents viewing sharing insurance as the modern equivalent of tying the knot. “Agents can help renting couples that are exploring joint insurance policy options, starting with understanding the number of belongings the couple owns to ensure they get adequate coverage,” he said.

This assessment should capture everything from clothing, furniture, jewelry, art, electronics, bedding, appliances, and home goods, Moore added. It’s also important for the agent to know where these items are stored. “Are they in the rental unit itself, or do they store some of them on assets like a watercraft or a motor vehicle?” he asked. “After the assessment, the agent can advise the couple if it would be appropriate to add optional coverage to the renter’s policy to ensure the best protection.”

The survey was conducted among 1,000 U.S. renting couples.

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