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Gates-Cole Insurance

Gates-Cole Insurance is an independent insurance agency with 10 locations in NY representing over 45 regional and national insurance companies. Our team of professionals has in-depth knowledge and experience in Auto Insurance NY, Home Insurance NY, Business Insurance NY, Boat Insurance NY, Motocycle Insurance NY and all other areas of insurance. We have a genuine interest in finding the right solutions for you. We would like to become part of your insurance program, and participate in the planned growth of your future.

Insurance When Families Squeeze In

Shawna Kreis Shawna Kreis , 6/24/2016
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Home and Auto insurance were relatively straightforward for yesterday's 'typical American household" - Mom, Dad, and the kids. Today, economic pressures are leading more and more adults to move back in with their parents, double up with other families, or make room for elderly relatives. These multigenerational households and other nontraditional living arrangements can raise serious insurance issues.

In most states, when family members move in with relatives who have Homeowners (HO) insurance, their belongings will be covered under the relative's policy. However, if the individuals who move in are not related to their policyholder, their belongings probably won't be insured. With a rented apartment or house has Renters insurance, the coverage rules are different. In these cases, the policy won't cover the property of a person who moves in with the renter, regardless of whether the two are related. In a multigenerational household, or when multiple families live under one roof, whether or not you're the homeowner, it makes sense to supplement standard Liability coverage under a your HO policy with a relatively inexpensive Personal Umbrella policy. If you're in a multiple-living situation, let your Auto insurance company know even if the other drivers have their own coverage and won't be driving the cars your policy covers. Some car owners who house other drivers with checkered histories behind the wheel might wind up paying higher premiums, On the other hand, a roommate with a clean driving record could lead to multiple car discounts or other benefits. Whether it's Auto, HO, or Renters insurance, please let our agency know before you find yourself in an expanded or multigenerational household.