You’ve probably heard the buzz about Millennials’ “failure to launch”. In fact, stats show 60% of Canadians aged 20-24 are still living at their parents’ house.†
So what makes staying at home longer cool? Well, there are two (very smart) reasons. First, Millennials want to focus on advancing their education or careers. Second, they want to save money faster to buy their own homes.
Here are two more smart decisions you should consider while you’re still living at home with your parents:
- If you’re over 18, and not in school, you’re not covered by your parents’ home insurance. Your parents can add you as an “additional insured” to their policy. Or you can get your own tenant’s insurance just for your stuff (it’s not just for renters!).
- It could be that you’re still borrowing your parents’ car. That’s cool – just make sure they have you listed as a driver on their policy.
Bonus: Living at your parents and saving for your own home (or car) means someday you’ll need your own insurance. If you follow the tips above, ‘future you’ will benefit from an insurance history that can help lower your premiums. Just remember to thank mom and dad!
Living at home and still need coverage?