To live alone in single-parent families, there are several types of households than ever before.
One of the fastest growing segments is multigenerational households. Of the 76 million family households in the United States, approximately 4.3 million (5.6 percent) were multigenerational households. This represented an increase of 10.5 percent compared to only 06.
I do not know what a multigenerational household? Basically it is a house that has at least two generations of adults or two non-sequential generations. (For example, grandparents and grandchildren of any age.)
Why the increase in multigenerational households?
The recession and the subsequent recovery thereof is a factor adult unemployment are much more likely to live in multigenerational households that employed adults.
Pew Research Center found the long-term increase in multigenerational living is also a reflection of the changing racial and ethnic composition of the country. Asian Americans were the most likely of the major racial and ethnic groups to live in multigenerational arrangements (27 percent). Meanwhile, one in four Hispanics and African-Americans lived in multigenerational households. In comparison, only 14 percent of non-Hispanic white lived with several generations of the family.
Other reasons for the rise of multigenerational households include the fact that more Americans than ever are struggling with health problems and disability and need easy access to caregivers; people are marrying later than ever and choosing to live at home longer; and baby boomers want more for their aging parents moving them to.
Insurance for multigenerational households
The owners and the automatic cover is designed to protect the person named in the policy and other relatives living in the household. So multigenerational households is usually covered by most insurance policies. However, families may have more personal property to secure for more people live under the same roof. This may require higher insurance limits.
In addition, more people usually means more households to the activity so may need to consider higher liability limits to cover something like a guest injury or a foreign trip over a toy in the courtyard. One option to consider is a personal catastrophe liability policy (also known as an umbrella policy) which adds an extra layer of protection on your homeowners and auto policies.
you live in a multigenerational household or a household Think, anyway? Then talk to an insurance professional as an agent Erie Insurance. An agent can talk about coverage options affordable for your household and you get a free quote.
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