Daily Q&A: Will a parent's insurance cover adult children if they move back home?

With the tough economy, my adult children have returned home. Would my homeowner, car and health insurance policies cover them?

Sean M. Shaw, the state insurance consumer advocate, says various insurance policies nowadays will cover adult children under many circumstances.

Obviously, the additional coverage will likely increase rates, "so consumers should look for discounts such as those given for multiple vehicles and good driving records," Shaw says.

Here are additional considerations Shaw says consumers should take into account:

• Young adults moving back home may be eligible to be added to the homeowners' policy. However, parents should be sure that their homeowners' policy is broad enough to include adult children as insured.

• As of March 23, 2010, uninsured dependents under the age of 26 can now be covered by their parent's health insurance policy, given that they are unable to obtain a policy of their own.

• Auto insurance coverage usually allows for a member of the family to be on the insurance policy, as long as the person lives in the same house.

•Consumers should contact their insurance agent for help determining what level of coverage will be sufficient based on the new living situation.

For these and other suggestions by Shaw, visit: http://www.myfloridacfo.com/PressOffice/Newsletter/