Always know what impact any living arrangements will have on your insurance needs. For example, says Loretta Wortens of the Insurance Information Institute
, if your children are older and are bringing expensive possessions with them—perhaps a flat-screen TV, jewelry, or furniture—you should let your home owners' insurance provider know. You may need more coverage, and your premiums may go up. If you are doing extensive work to your home such as adding an accessory apartment, you will also have to modify your homeowners' insurance and ensure all contractors working for you have proper insurance. Finally if your son moves in with children of his own, you may want to raise your liability insurance because of additional risk. For example, if you have a pool, a toddler poses a greater risk of drowning than an adult.Learn more about insurance:
Your Insurance: Is It Enough?
Beef Up Your Insurance
Fire Insurance: Are You Protected?