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By James B. Sarvey, LUTCF
From single-parent households to adult children living with their parents, there are more kinds of households than ever before. The U.S. Census Bureau defines a multigenerational household as more than two generations living under the same roof.
The number of Americans living in multigenerational family households continues to rise. In 2016, a record 64 million people, or 20 percent of the U.S. population, lived with multiple generations under one roof, according to a Pew Research Center analysis of census data.
When multiple generations live under one roof, there are additional insurance considerations.
“Homeowners coverage is designed to protect the person named in the policy and other relatives living in the household. So, a multigenerational household is generally covered under most insurance policies,” said James B. Sarvey, president of Sarvey Insurance. “However, there are some things multigenerational families should bring up when talking to their agent.”
“Multigenerational households may have more personal property to insure and could require higher insurance limits,” said Sarvey. “Additionally, more people living in one space usually means more activity—so homeowners may need to consider higher liability limits to cover something like a guest getting hurt or a stranger tripping over a toy in the yard. One option to consider is a personal catastrophe liability policy, also known as an umbrella policy, which adds an extra layer of protection to your homeowner’s policy.”
Sarvey says another simple step is to ask your insurance agent if Guaranteed Replacement Cost Coverage is included with your policy, and if it isn’t, consider buying it. This coverage allows homeowners to repair covered losses in their home in today’s dollars. Not all companies offer it, but some, like Erie Insurance, do.
“Many of our customers have busy family lives and don’t have a lot of extra time in their day to think about insurance, and we get that. That’s why we’re here to help when, where and how they need us,” said Sarvey.
“We get to know our customers so we can help them choose the coverages they need—not what they don’t,” said Sarvey.