Sending your grown kids off to live on their own for the first time is probably one of the most stressful yet exciting moments in a parent's life. Seeing that you've raised an independent human that is ready to move out and begin a life of his or her own shows that you've done your job right. Now, you have one last job – to make sure that your kid understands all of the responsibilities associated with living on his or her own. Here, you'll find a short list of things your adult child may not have thought of yet:
Renter's Insurance
So many people who rent their homes make the mistake of not getting renter's insurance. Renter's insurance is a policy that will cover the contents of a rented structure. If the apartment complex was to go up in flames, the contents of your kid's apartment will be covered under the policy.
One thing to make sure that he or she does is to add a rider to the insurance policy to provide extra protection on the more valuable things in the apartment. For example, if your son has a computer that he's spent thousands of dollars upgrading, a rider can be added to the insurance policy to cover the cost of replacing the computer as it is. Without the insurance, everything that goes up in smoke is gone for good, and there will be no way to recoup the loss unless there's a legal reason behind it – like a landlord's neglect of the building. You can contact companies like Woodmansee Insurance Inc for more information.
Maintenance and Repair Responsibilities
Usually, when a home is rented, the responsibility of maintaining and repairing the building fall on the landlord, but your kid needs to fully understand the limitations of what the landlord will do. In the lease, there should be a statement that includes the responsibilities of the tenant when it comes to repairs. Read through this section, along with the rest of the lease, to ensure that everyone can understand the language – it can be tricky sometimes understanding the wording of the contracts. If you don't understand something, contact the property management company and inquire.
These two tips will help your kid get a good start on his or her new life in a home of their own. Hopefully, knowing that they've got insurance and know what's expected of them, you'll have some peace of mind in knowing that you've raised a responsible person that can handle this big change.
Share9 October 2019
I still remember the first time I had to chose an insurance policy; I was 17 years old and had just saved up enough money to afford my very first car. I was so excited to begin driving, but overwhelmed with all of the different auto insurance options. My father helped me chose a full-coverage policy that would cover the cost of my car if it were to become damaged in an accident. When I inevitably caused a small fender-bender as a new driver, my insurance company paid for my car repairs, so it sure was the best policy for me! Now that I am older and have learned a lot about home insurance and other types of insurance, I thought I would make a blog to help others who need insurance advice, like what my dad gave me. I hope I can help you make wise insurance decisions!