Do I Need Renter's Insurance If I Live With My Parents?

Nearly half of all American college graduates return to live at home after graduation. With the rising costs of living expenses and limited job opportunities, it is becoming more common for adult children to live at home. When you move back home, you also bring back all your clothes, furniture, and other belongings with you. Belongings that you should consider protecting against damage and the cost of replacement in the event something should happen.

Coverage Under Homeowner’s Insurance or Renters Insurance?

If your parents are homeowners, it is likely that they have a homeowner’s insurance policy; or if they rent, they likely have their own renter’s insurance policy. To protect your belongings, you will need to see if you can piggyback on your parent’s policy or if you will be required to purchase your own policy.

Making this decision can depend on the answer to the following questions, and of course, what your parent’s insurance carrier will allow:

  • How long do you plan to be living at home? Will your parent’s home insurance carrier extend coverage to your belongings if you stay at home for 6 months or less?
  • Do you have to pay rent to qualify for renter’s insurance?
  • How much will your parent’s home insurance (or renter’s insurance) premium go up if they include your belongings on their policy?
  • Will your parent’s home insurance policy cover the belongings of a renter?

Typically, home insurance and renter’s insurance will cover the property of all permanent dwellers in the home—the coverage limits may need to be adjusted to include enough coverage for your belongings. If you will be living at home for an extended period, you can consider yourself to be a permanent dweller. Your parents may need to increase their coverage level to include your belongings if you are staying short term and cannot qualify for your own renter’s insurance coverage.

Moving back home doesn’t have to feel like a step back—especially when you choose to make adult decisions about insurance coverage.

Do I Need Renter's Insurance If I Live With My Parents

Still Have
Questions?

Contact Us
  • This field is for validation purposes and should be left unchanged.
insurance agency owner salaryMagruder insurance agency
envelope-oclosearrow-rightchevron-uptwitter-squarephoneellipsis-vfacebook-official linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram