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moving in together

what you need to know about moving in together

Love is in the air. You and your significant other spend winter evenings bundled up on the couch, your friends all get along and every day is a new adventure. You’re together so often that you might as well take the next step, check out apartment rentals, and move in with one another, but wait just one minute. Have you considered all the implications of cohabitation?

Living together can take a relationship to the next level, though there are important things to take into consideration before making that leap, as follows:

financial implications
Now that you’re splitting your domestic costs, both of you can enjoy extra savings. Nevertheless, you should set certain ground rules beforehand, as money can become divisive. For instance, will you equally pay for the rent? Who will handle the bills or paying for groceries? While it may not sound romantic, deciding on who is covering what ahead of time will save misunderstandings down the road.

who owns what?
You’re madly in love; your relationship is unlike any other; and it’s on entirely unshakeable ground. It makes total sense that your books, records, and other possessions should come together as one, forever and always. However, in the very unlikely event that the two of you should one day part ways, separating your possessions can be exceedingly challenging and painful. Give some thought to recording what’s yours at the outset, just in case.

protect yourself
Romance comes in many forms. It’s in the little things, like inside jokes, spontaneous outings, and surprise presents, as well as in the big things, like moving in together. And when you do the latter, you can take it one step further and update your insurance policy.

“If you add someone to your [home] insurance policy, removing him or her can be very difficult. In fact, you may need to resort to halting payments to have the policy cancelled so you can remove them,” says James Hall, an insurance expert with Western Financial Group. “Instead, either add the person as what’s called an ‘additional insured’ or have them get their own tenant package.”

The same should be applied to updating your car insurance if you plan to share a vehicle. Whatever you decide, start by talking to your broker.

Now that you’ve given all of the above some thought, you can move in together with a bit more peace of mind. More answers to questions about the nuances of insurance when it comes to cohabitation can be found online at

— News Canada

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