Dear Sherri, My mom owns a two-family house. She lives on the first floor and I live on the second floor. If there were a fire or if there were a theft in my apartment, would my belongings be covered under my mom’s homeowner’s insurance policy?
This is such a great question because due to the economy, so many young people are going back to live either with their parents or in property that their parents own. If you are living in the same unit with your parents, the answer would be yes, your belongings are covered by your parents’ policy since the definition of an insured is as follows: “You (the person named on the policy), Your Spouse (must be a resident at the same household) Resident Relatives and any other person under the age of 21 who is under the custody of the person named on the policy.” But don’t get too excited. In your case, the answer is no, you will NOT be covered under your mom’s policy as you are not living in the same unit or household. Living in the same building does not qualify you for free insurance. Therefore, you need to purchase a Renter’s Policy whether you are paying rent or not (if you are not paying rent, I am going to be so jealous that I might have to slap you!). A Renter’s Policy will protect your personal contents in your apartment and your personal liability. Always check with your agent to be sure your policy is providing you with the coverage you need.