New Jersey Home Insurance and Occupant Changes

With so many adult children moving back in with their parents while they save money or search for better employment opportunities, it might be a good idea to look at how this may affect current New Jersey home insurance policies. Add to this the fact that rising costs in the nursing home industry has also caused many elderly people to move in with their children, simply because it is the only affordable solution.

 

Pew Research Center reports that in 2012, nearly 23 percent of adults’ ages 85 and older lived in a multigenerational household, and overall, 57 million US citizens (nearly a fifth of the country) lived this way as well. These “multigenerational households” may find that this arrangement affects their current homeowners policy and really need to consider the implications of this sort of living arrangement.

 

Speak to an agent to see what ramifications this may cause

 

Any changes to the number of people inhabiting a dwelling should be discussed with an insurer to make sure the needed financial protection is in place. When one or more relatives moves in, the first call to make would be to the agent who can help determine if a change in coverage is required.

Changes in personal property coverage can be an issue

 

Having more people living beneath one roof often means more contents to insure. In case of a fire, or other claim, make sure there is enough coverage for the additional items now located in the house. What often happens is that, after a claim is filed, it is discovered that among the items claimed are many that belonged to someone that has moved back into the home, and the additional contents in the home were more than what an average policy supports.

 

What many homeowners fail to realize is that there is a cap on the contents coverage on any standard insurance policy. Many insurers require an appraisal for items such as art work or jewelry that are considered high-valued items, as well as any collection of antiques or heirloom jewelry that grandparents may own and bring with them when they move in. Keep in mind that these items may be subject to an even lower policy cap, even if the total coverage is higher. Speak to an agent about New Jersey home insurance concerns whenever changes in the household occur.

 

photo credit: johnb/Derbys/UK. cc
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