Perhaps you purchased your California homeowners insurance policy to protect your home against potential damage many years ago, and have consistently paid your premiums without giving it much thought since. As life progresses, circumstances change and your child may now be attending university and living in a dorm with other students. For other families, an elderly parent may have moved into the spare room. Have you considered how these changes may affect your homeowner’s insurance?

A typical standard homeowner’s insurance policy provides coverage for your child’s possessions if he or she resides in a school dormitory. Stereos and computer equipment are usually excluded, so enquire about additional coverage for these items. When your child moves off the university campus into a rental apartment, then renters’ insurance should be purchased to provide coverage for his or her possessions.

When an elderly parent moves into your home, they are considered a family member and his or her possessions are usually covered by your homeowner’s insurance. However, if you rent out your now empty basement, then your tenant needs to take out renters’ insurance to provide coverage for his or her possessions.

While your standard California homeowners insurance typically provides coverage for your child and your elderly parent, it may be a smart idea to reassess your coverage as it may need to be increased. The terms and conditions of insurance policies may differ between companies so it’s also a smart idea to confirm that your homeowners’ policy does actually provide coverage for your changed individual circumstances.

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