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New Jersey Department
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For Immediate Release: |
For Further Information: |
Insurance Needs Can Change as Economy Forces More Young Adults to Move Back in with Parents |
In today’s difficult economy, many new college graduates are moving back in with their parents. When an adult child is forced to make that move because of a layoff, a lack of job opportunities, a divorce or any other reason, the family should review their health, homeowner’s and auto insurance policies immediately to make sure everyone has the proper coverage, New Jersey Department of Banking and Insurance Acting Commissioner Tom Considine said today. “A grown child moving back home can change a family’s insurance situation and inadvertently leave someone uncovered or under covered,” said Considine. “When this occurs, when a so-called boomerang child comes back home, families should take a close look at their insurance.” A Pew Research Center study in November 2009 found that in the past year, nearly 13 percent of parents with grown children have had at least one of their adult sons or daughters return home to live for financial reasons. Saddled with college loans and unexpected job loss, these young adults are forced to live at home until they can find a job and get their finances back on track. Commissioner Considine recommends that families who find themselves in this situation consider the following: Review Your Insurance Policies Families might find they can save money by combining existing insurance policies. For example, young adults renting before moving back home no longer need renter's insurance; instead, they could potentially be added to the homeowner’s policy. However, they need to be sure that their parents’ homeowner’s policy has a broad enough scope to include them as “insured.” Additionally, young adults might need additional coverage if the move back home forced them to rent a storage locker for their belongings or if they have big-ticket items, like jewelry, expensive electronic equipment or other valuables that may require coverage beyond what their parents’ homeowners’ policy currently provides. Auto Insurance Parents should discuss the situation with their insurance agent or carrier to determine what level of coverage their family needs. To learn more, young adults can visit the National Association of Insurance Commissioners' section for young singles on Insure U: www.insureuonline.org/course_singles.htm Health Insurance For more information about auto, home, life and health insurance options, as well as tips for choosing the coverage that is right for you, visit www.InsureUonline.org, www.njdobi.org or call 1-800-446-SHOP (7467). |
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State of New Jersey New Jersey Department of Banking and Insurance |