The good news? LGBT couples have become more widely accepted. But even with the great strides in acceptance, you still may encounter discrimination and other injustices. When you move into a home together, purchasing home insurance for gay couples becomes a necessity. While there is no specific insurance category set aside for those who identify as LGBT, you can look for a company in the insurance industry that is LGBT friendly.
Home Ownership Benefits
Owning a home has its advantages. You don’t have to worry about neighbors in close proximity and you gain a number of financial advantages. As an LGBT couple, it can be challenging to make the most of these financial benefits. Even if you are married, in some states, such as Texas, you may not qualify for the same tax credits as straight married couples. It is extremely important to consult your tax consultant. Therefore, you need to determine if it is best to split the home interest credit or allow just one of you to claim it. This isn’t the only concern you will have when you choose to own a home together.
Ownership Options
If you aren’t married, or if you are in a state that refuses to recognize your marriage, it is important to understand your different ownership choices before you buy a home. Joint tenancy with survivorship has traditionally been one of the most popular options because it signifies both individuals as owners. If one passes away, the other will automatically gain sole ownership. Tenants in common gives both individuals a share in ownership of the home but allows each individual to will their shares to someone else in the event of their death. Finally, sole ownership grants the house to one person in the couple. This can be the riskiest option because sole ownership only allows insurance for same sex couples under one name.
Discrimination
Unfortunately, individuals in the LGBT community still experience discrimination. While the Fair Housing Act prevents discrimination for a variety of reasons, including race, religion, and sex, it does not offer protection for sexual orientation. It is up to individual states to pass legislation to cover this aspect of discrimination. Unfortunately, Texas does not currently offer protection against discrimination based on sexual orientation. This means individuals who identify as LGBT may have difficulty purchasing a home and the home insurance gay couples need to cover their property. Insurance doesn’t discriminate and allows all individuals to purchase what they need to cover their homes, cars and more. If you are buying a home with your partner, you need to look into home insurance for gay couples to ensure you have the coverage you need. Before you buy insurance, it is necessary to determine what type of ownership is best for you and your partner, as well as the other financial benefits of owning a home. Once you take this first step, you will want to find an insurance company that specializes in insurance for LGBT couples to ensure you are treated fairly. The landscape for LGBT couples is changing on a daily basis so it is important to stay up-to-date on your current insurance options. If you are buying a home with your spouse or partner and need a gay-friendly insurance agent, contact us at Steven Graves Insurance. We can help you make the right decisions for all of your insurance needs.