Not only are kids moving back into their parents’ homes, now they are bringing their significant other and many times, other unrelated minor children with them.

Today’s home can have several individuals living together who are not related by blood, marriage or adoption. We understand the convenience and monetary reasons for this occurring more often in our society, but we also know that it becomes a consideration for gaps in coverage on both auto and home insurance policies and the liability those policies provide.

This blog will discuss the issue with home and renters insurance. If you are moving back into your parent’s home, into a girlfriend or boyfriend’s place, or with grandparents, or even just a friend, purchasing a renters insurance policy should be on your list to do along with changing the address on your drivers license, bank account, and payroll department records as well as any other legal documents that track by mailing address.

Statistics in the U.S. Census tells us that less than 38% of people renting a home purchase renters insurance, and people who simply move into a home but don’t sign a lease, aren’t even included in that statistic.

A Renters Insurance policy will protect your belongings as well as provide a defense and liability protection if you are sued by someone coming to see you at that residence. For a minimum amount of $25,000 in coverage, the average annual premium is less than $210 per year; that’s under $18 per month.

We also recommend when children go off to college, that the parents consider purchasing a renters insurance policy for the child. Not only is the cost minimal, but any claim on that policy will NOT affect the premiums and cancel provisions of the parent’s home insurance policy. It’s a small price to pay to make sure their belongings are covered and more importantly, their liability in case someone is injured at a dorm party or even after leaving and sues them and their child if both names are on the lease.