When is it Time for Your Adult Child to Start Their Own Policies?
For parent’s and their newly adult children, it’s sometimes hard to know when the right time may be for your adult children to start their own policies. Here are a few signs it may be time:
- They no longer live in your household. When your adult child is moving out of the household, they need to start their own policies. Their policies need to follow the location where they live.
- They are a titled owner. If they are a titled owner on property, like the car they drive, they need to start their own policy. Simply put, they are the owner of the property, so they need to be the owner of the policy.
- They have a accident. While there are other factors to consider, thinking about if you want their accidents impacting your policies is a good thing to consider too. Do you want their accidents or losses to impact your policies, or would you rather their accidents be associated with their own individual policies and vice versa?
Every situation is different and there are many factors to consider, so the best way to find out what is right for you and your newly adult child is to contact your agent and review your policies.