Insurance for Multi-Generational Houses

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?

multigenerational family


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.

Your Insurance Renewal

Every year you receive your home and auto renewals in the mail or via email. What do you do with it? Do you even look at it? Or just at the premium? There are some key things you should consider when reviewing your insurance renewals:

7-6-15-form-e1436203234283-225x300What has happened to you/your family in the past year? Marriage? Newly licensed driver? Get a company car? Good report cards from school? All of this information should be updated with your insurance agent.

Are the correct vehicles listed on your auto renewal – look at model, year, drivers? Has anyone moved into or out of your house that should (not) be listed in the household as drivers?

Check the limits for your vehicles. We recommend $100,000 per person/$300,000 per accident for coverage #5 Optional Bodily Injury.

Are the lean holder and/or mortgagee information correct on your auto/home policy?

Is the dwelling value accurate on your homeowners policy? Have you made any updates or remodels to your house to increase the value? Added a home security system, pool, heating system (stove, etc.)? Replaced your roof?

Did you buy a new recreational vehicle – boat, jet ski, motorcycle, snow mobile?

All of these points should be considered when looking at your home and auto renewals. Adding Umbrella Insurance is also an excellent idea. It gives you $1M worth of coverage over both your home and auto insurance for just a couple hundred dollars a year. Our famous saying: You don’t need to be a millionaire to be sued for a million dollars. Please call us if you have any questions about your insurance coverage:

Insurance Policy Discounts

Are you getting the best deal on your insurance? Make sure you are taking full advantage of the discounts offered. One of the more common credits with your home and auto policies would be alarm systems. Other than the actual system and its capabilities, it shows the insurance company that you are concerned about protecting your personal property. Also, most companies will offer a significant discount when you insure both your auto and home with them, a multi-policy discount. When you have more than one policy with the same company it shows them that you have faith in them and their products. Loyalty is a big factor.

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Some other common discounts include, but are not limited to:

  • Everyone is “going green”, so if you eliminate the printing of your policy and have it emailed to you instead, you will receive a discount.
  • Low mileage discount, if you are more of a local area driver, this is the discount for you.
  • Pay your premium upfront and receive a discount.
  • If you are part of AAA or AARP, you will receive a discount.
  • Are you or your children on the honor roll? Receive a good student discount.
  • Business (commercial) insurance will enjoy similar discounts as personal insurance, such as alarm systems and larger deductibles.

By selecting a larger deductible on any type of policy, commercial or personal, you receive a discount. Again you are showing the insuring company that you are invested in protecting your property. If you know that you will have to pay the first $1,000 of a loss you are more likely to use extreme caution while driving and/or caring for your home/business.

In life and health insurance policies the better you take care of yourself, the more of a discount you receive. The most prevalent would be smoking. Non-smoker rates are considerably less than smoker rates. Your nutrition and health habits will determine the rates that the company uses to determine premiums. Eat a healthy diet and exercise and your rates will be better. The younger that you start a life insurance policy the better your rate will be also. Thinking about death at a young age is a daunting task, but it will prepare you for the future and guarantee better rates. So set up your life insurance now!

Always ask about additional discounts to ensure the best premium. Call us for more information!

Secure a Safe Room at Home for Extra Protection

Although the East Coast doesn’t experience many tornadoes, it can still be a good idea to build a room that is secure for your family. No matter how big or small your property is, having a safe room for protection can be very beneficial to your well being. This way, accidents, injuries, and damages can be mitigated during hurricanes, thunderstorms, and other types of common natural disasters.

Installing a safe room can be expensive if you do not know what you are doing. Hiring a contractor that knows what this type of room requires can help you save money and remain efficient throughout the project. Here are some tips to follow when constructing such a space:

Strong winds from hurricanes can result in the loss of the floor framing, the collapse of basement walls, or serious injuries. This is why building a safe room in the basement is the best location.
Having a safe room can keep dangerous winds and falling debris away from your family. Listen to the weather on the radio s you know when it is safe to reenter your home.
If you live in a high-risk area for disaster, installing a safe room is a good idea.
Prepare an emergency plan and supply kit specifically for getting to and staying in the safe room.
If a disaster strikes, notify the local emergency first responders and out of town family members so important people know ou are safe.
At Mancuso-Nowak Insurance Agency, we hope these tips make it easier for you to feel comfortable in the place you call home. Although you cannot predict when the next storm will come, you can still remain cautious. With so much unpredictability in the weather, you shouldn’t have to wonder where your insurance is coming from. Ask one of our friendly agents for help so you can explore all of your personalized options. When you choose us for your coverage needs, you are choosing more than a comprehensive policy, you are choosing a partner!