More adult children are living with their parents today than ever before in recent decades.
It's estimated that 14% of U.S. family households have at least one adult child living at home. Reports also indicated that 65% of recent college graduates move back home with their parents. Whether you call this a trend or a phenomenon, it calls for a review of your home and auto coverage!
Why the concern?
Here are some typical questions that arise when we review this "boomerang kid" situation that may bring to light coverage limitations or even coverage exclusions on your policies:
- Is this a long term or short term situation?
- Are you charging a room and board fee?
- Did the child bring all of their belongings back home or are some in storage elsewhere?
- Are you furnishing your cars to your adult child on a regular basis?
Depending on your particular situation, we may recommend the adult child secure their own policy or perhaps an endorsement to the parents' policy is in order. So, whether you are the "open-nester" or the "boomerang kid", it would be prudent to review your coverage with your agent to review the broad spectrum of insurance issues that may exist.
Give us a call today to discuss!