Moving in with a significant other may have major implications for consumers' home insurance costs. The National Association of Insurance Commissioners offered advice.
Couples should start by considering the location, size and construction type of their home, according to the report. Larger buildings in risk-prone areas can lead to higher premiums, while homes that have been insured for a long time may demand lower premiums. Certain circumstances can require special coverage.
"If you or your partner has valuable artwork, collectables, or jewelry - you may need a personal property rider on your policy to provide adequate protection against theft, accident or natural disaster," the report said.
Couples may want to consider combining their coverage - or applying for a new plan altogether, according to the report. By making an inventory of their belongings, consumers can determine how much coverage they will need. Swimming pools and swing sets can add liability risks, which homeowners can cover with umbrella policies.
Homeowners and renters can reduce their home insurance costs by raising their deductibles, according to the Insurance Information Institute. Doing this increases their out-of-pocket costs in the event of a disaster, reducing the total costs to insurers.