Empty Nest: Tips for Parents
Having your child move out of home for the first time can be an emotional experience. It’s natural to be worried for them, but with the right advice and information, young adults can be in a much better position to step out on their own. Financial knowledge is important, so be sure to point them in the right direction. Introducing them to Pennsylvania home insurance is a great first step.
Your son or daughter may be used to being looked after financially. Now he or she will need to learn how to protect finances and belongings. In the event that your child is moving into college accommodation, your home policy may still cover his or her possessions, but this generally ceases when they move into their own home. As a young adult they may already have some valuable items: a phone, computer, digital camera, TV and audio equipment. Those renting will require renters’ insurance as landlords’ insurance will only protect the actual dwelling. There is often a limit of around $2000 per item, so if they have anything worth over that amount, they will need to purchase additional coverage or arrange an endorsement on the policy. Make sure they know every insurance policy is different and the cheapest is not always going to be the best. It’s essential to read any policy thoroughly and be aware of what it does and doesn’t cover.
Pennsylvania home insurance has looked after your family for a long time. Ensure it keeps up the good work now. Remind your children that if in doubt, it’s always worth seeking professional advice.