{"id":1324,"date":"2018-12-11T12:54:25","date_gmt":"2018-12-11T18:54:25","guid":{"rendered":"https:\/\/flagshipinsuranceservices.com\/?p=1324"},"modified":"2020-04-27T07:56:30","modified_gmt":"2020-04-27T12:56:30","slug":"insuring-your-adult-children-when-do-insurance-coverage-gaps-arise","status":"publish","type":"post","link":"https:\/\/flagshipinsuranceservices.com\/index.php\/2018\/12\/11\/insuring-your-adult-children-when-do-insurance-coverage-gaps-arise\/","title":{"rendered":"Insuring your adult children: When do insurance coverage gaps arise?"},"content":{"rendered":"

In today\u2019s society of long-term college careers and high-debt range after graduation, there\u2019s been a drastic increase in the age to which a child attends college or is being financially helped or supported by the parents. Unfortunately, this can create insurance coverage gaps for the adult child that parents may not realize and can jeopardize the child\u2019s financial wellbeing.
\nWhen it comes to the personnel contents and the larger personal liability exposures on the homeowners\u2019 policy, the age of the child, the full- or part-time student status, and where the child lives are all very critical for obtaining accurate insurance coverage.
\nThe definition of who has coverage under a homeowners policy as an \u201cinsured\u201d is limited to \u201cresidents of your household who are your relative\u201d and further extends away from the home for \u201ca student enrolled in school full time, as defined by the school, and is under the age of ___\u201d (varies by carrier from 24 to 29 years old).
\nMany children now attend college beyond the ages of 24-29 years. Sometimes it\u2019s because the child is working toward additional degrees. Maybe the child is working while going to school so it may take longer to graduate. Regardless of the reason, if a child is beyond that age, doesn\u2019t have FULL-TIME student status, or is living away from home, it can instantly create a gap in their coverage for all their contents and personal liability insurance.
\nIn more and more cases, parents are renting an apartment or purchasing a condominium or home for their child to live in. Although the parents purchase that dwelling, it\u2019s not THEIR residence and they don\u2019t live there. In many cases, the coverage that had been extended to the child on their parent\u2019s policy is no longer available because the child now lives at this rented\/purchased location and no longer resides with the parents.
\nAs for the auto exposure, who the car is titled to, who\u2019s listed on the policy as a Named Insured or Additional Insured, and where the child is living are all very critical in determining if the child has appropriate insurance coverage.
\nUnder a personal auto policy, the definition of who has coverage includes “family members.” Family members are limited to \u201ca person related to you by blood, marriage or adoption who is a resident of your household.\u201d
\nSo a vehicle titled and insured by the parents, but in possession of a child who isn\u2019t a resident of the parents\u2019 household, creates a gap in coverage for a child who rents or borrows a vehicle, as well one who\u2019s injured while a pedestrian or while a passenger in another vehicle that has no or not enough insurance coverage. If a vehicle is co-titled or titled solely to the child, but the child isn\u2019t properly listed as an Additional Insured or Named Insured, that can create a gap in coverage.
\nHere are some examples where adult children would NOT have coverage because the definitions, as stated above, don\u2019t apply:
\n<\/strong>
\n\u2022 Your child borrows a friend’s truck to pick up furniture they purchased and causes injuries to someone crossing the street. Your child didn\u2019t know the friend had no insurance on the truck. Now your child has no liability coverage for the injuries they caused.
\n\u2022 Your child rents a vehicle while on vacation and doesn’t buy the insurance offered by the rental car company. Again, there\u2019s no coverage for property damage to the rented vehicle or bodily injury to others if there\u2019s an accident.
\n\u2022 Your child is hit by an uninsured motorist while walking across the street. There are no medical payments or uninsured motorist’s coverage for his or her own injuries.
\n\u2022 Your child is at a concert and accidentally bumps someone off the edge of the stadium bleachers causing severe injuries. There\u2019s no coverage for the injuries caused to that person.
\nSo always be sure to contact your insurance agent with current information about your child\u2019s age, student status, and address to determine if they have the coverage they need. This will ensure, at the necessary time, that your child will avoid these insurance gaps and have the proper coverage in his or her own name. Without the proper insurance protection for injuries and damages, they risk personal financial devastation for many years to come.<\/p>\n","protected":false},"excerpt":{"rendered":"

In today\u2019s society of long-term college careers and high-debt range after graduation, there\u2019s been a drastic increase in the age to which a child attends college or is being financially helped or supported by the parents. Unfortunately, this can create insurance coverage gaps for the adult child that parents may not realize and can jeopardize […]<\/p>\n","protected":false},"author":3,"featured_media":3075,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[12],"tags":[],"class_list":["post-1324","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"_links":{"self":[{"href":"https:\/\/flagshipinsuranceservices.com\/index.php\/wp-json\/wp\/v2\/posts\/1324","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/flagshipinsuranceservices.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/flagshipinsuranceservices.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/flagshipinsuranceservices.com\/index.php\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/flagshipinsuranceservices.com\/index.php\/wp-json\/wp\/v2\/comments?post=1324"}],"version-history":[{"count":0,"href":"https:\/\/flagshipinsuranceservices.com\/index.php\/wp-json\/wp\/v2\/posts\/1324\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/flagshipinsuranceservices.com\/index.php\/wp-json\/wp\/v2\/media\/3075"}],"wp:attachment":[{"href":"https:\/\/flagshipinsuranceservices.com\/index.php\/wp-json\/wp\/v2\/media?parent=1324"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/flagshipinsuranceservices.com\/index.php\/wp-json\/wp\/v2\/categories?post=1324"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/flagshipinsuranceservices.com\/index.php\/wp-json\/wp\/v2\/tags?post=1324"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}