Options for grown children forced to move back home
Insurance implications should be carefully considered.As a tight job market forces more young adults and recent grads to move in with Mom and Dad, now might be the time to talk insurance.
A November study by the Pew Research Center showed that 13 percent of parents with grown children have had a daughter or son move home during the past year. The National Association of Insurance Commissioners recommended that parents and their children seize this opportunity to review auto, home and health insurance policies.
"A grown child moving back home can create insurance implications that must be considered carefully and understood to ensure everyone stays protected," said Jane L. Cline, NAIC president and West Virginia insurance commissioner.
Parents may want to add their children to a family auto insurance plan, or look for discounts on multiple vehicles or plans. Dependents without employment or financial ability can sometimes be insured by parents' health plans. If individuals have expensive items that are not covered by their parents' homeowners insurance, they may require additional coverage.
Other options for adults not covered by their parents' plans include alumni and industry associations. State-mandated insurance pools, which also insure against risks not covered in the voluntary market, may also be available to young adults.
Posted: February 17, 2010
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