It is very common these days to have many generations living under one roof. Elderly parents often need help as they age and may move into their adult child’s house with his/her family. That family could also have adult children of their own still living in their house. The market has been difficult for Millennials to get jobs, so many of them have moved back in with their parents after college or after losing a job. How does this affect home and auto insurance? Do you have the proper coverage?
Auto Insurance Changes:
If your parent and/or child is living under your roof and could possibly use your car (and does not have a policy of his/her own), you need to list them on your policy
If your parent and/or child has a policy of his/her own, make sure they are listed on your policy as deferred
You can add your parent and/or child to your policy and have them drop their current policy also. The tricky part with this is if they have a bad driving record. Your premium will increase.
Home Insurance Changes:
If you build an in-law apartment in your home, have your parents get a separate renters policy
With any additions it will increase the value of your house, make sure you are insured for the actual new value.
If your loved one is just staying in a room in your house make sure to account for any valuables they bring with them, antiques should be appraised and scheduled separately on your home policy
Also, if you do not already have an umbrella policy, you should get one. As we have said before, you don’t need to be a millionaire to get sued for a million dollars! Make sure you have the proper coverage, it will pay off in the long run. mancuso-nowak.com