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Encompass® Agency Insights

Moving in Together — Things to Know

A couple laying on the floor among moving boxes.

Are you and your significant other thinking of moving in together? According to the Pew Research Center, a growing number of people are choosing to live together without actually tying the knot. In fact, in 2016, approximately 18 million U.S. adults were in cohabiting relationships. That's an increase of 29 percent compared to 2007.

Moving in together is a big step and one that you need to prepare for properly. The following checklist can help you navigate some of the most important hurdles.

  • Agree what your living arrangement will be. Decide whether you want to move into your partner's place or yours. Alternatively, you could look for a brand-new home together, in which case discuss whether you want to buy or rent first.
  • Discuss your finances. Living together means you'll share a certain amount of financial responsibilities. Be open and honest about your financial situation, including your income, credit score and any outstanding debts, such as student loans and car loans. Since you'll likely both contribute to rent or a mortgage, household costs and other living expenses, you should agree on how much each partner can provide based on his or her financial situation. Remember, it doesn't have to be equal; it should just be fair.
  • Set ground rules. Determine how you will manage finances and bills. Who will be responsible for certain chores such as cleaning a bathroom or doing laundry?
  • Be smart about combining your possessions. Depending on your individual living situations, each of you might have a number of possessions — including doubles of appliances, furniture and household goods. If you want to downsize, now is a good opportunity. Go through everything and make a list of what you want to keep. Before throwing away any unwanted items, consider offering something to friends or family members or donate to a local charitable organization.
  • Have the right protection. Don't forget about renters or homeowners insurance to help protect you from unexpected or unplanned situations. Begin with making a home inventory, so you know what you have then contact your local independent insurance agent.

Moving in together is the start of an exciting phase of your life. Ensure you have your bases covered.

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