If I still live at home with my parents, do I need renters insurance?

I just graduated from college and am having trouble finding a job. For that reason I am still living with my parents until I can find work. Am I still covered under my parent's policy until I move out?

Technically, your personal property and liability would be covered under your parents' homeowners insurance policy while you live under their roof. So in that sense, you're not completely unprotected.

But if you have to file a claim, you're be doing it under your parents' policy. That could have real consequences for them. Almost any claim filed on a homeowners policy has the potential to cause a rate increase and even, in some cases, cause the insurer to reconsider covering them altogether. That's a lot of risk to put on your parents, especially if the claim is for something like your laptop or your bike getting stolen.

Getting your own separate renters insurance policy is a good move even while you're still at home, since it really doesn't cost very much and could eliminate potential headaches. Most renters policies run somewhere between $10 and $20 a month, which makes it one of the more affordable types of insurance you can carry. You'd have your own coverage for your belongings, your own liability protection, and your parents' policy stays untouched. Even if you don't have a ton of stuff, the cost to replace a laptop, a phone, some clothes, and a few other essentials adds up faster than you'd expect.

Once you do move out, updating the address on your policy is simple and something your insurer can walk you through quickly. If you decide you're ready to get a renters quote, our agency can help you out with that. I hope this helps!