As a parent, you’re responsible for prioritising your finances and meeting your children’s needs. When they’re little, this might mean budgeting for essentials like clothes and nappies. As they grow, those needs can expand to include bigger-ticket items like laptops, mobile phones, and bicycles. It’s important to ensure these possessions are well-protected – and that’s where contents insurance comes in.
But what happens if your children split their time between different households?
Is Insurance Keeping Up with Modern Families?
Today, family structures are diverse. Research from The Next Generation Study shows only a quarter of 15-year-olds live with both biological parents, with many navigating multiple household arrangements.
Yet, traditional insurance models haven’t fully adapted to these realities. If you’re co-parenting or your child’s belongings move between homes, it’s worth taking extra steps to ensure their valuables are properly covered.
How to Protect Your Kids’ Belongings – Wherever They Live
1. Account for What Lives Where
Start by listing your children’s belongings and considering where they’re usually kept. Even if your kids don’t live with you full-time, you likely provide items like clothes, furniture, or toys at your home. Be sure to include these in the total value of your contents when arranging your policy.
2. Understand Items in Transit
If your children regularly move between households – for instance, splitting time with another parent or staying with grandparents – check your contents insurance covers their belongings outside your home. Some policies only protect items while they’re physically in your house, so it’s crucial to read the fine print.
3. Communicate About Big-Ticket Items
Laptops, phones, and other high-value items your kids take with them can complicate insurance claims. Discuss cover arrangements with your co-parent or other guardians before making expensive purchases. Agree on whose policy will cover these items if something happens and consult your insurer or broker if you’re unsure.
4. Keep Records Handy
When it comes to making a claim, receipts, serial numbers, and photos are your best friends. Even if it’s the other parent making a claim, having these details ready can save time and reduce your child’s stress from being without their beloved possession for too long.
5. List High-Value Items Separately
Most insurance policies set specific coverage limits for valuables like computers, jewellery, or sporting equipment. If your kids’ items exceed these limits – for example, a pricey musical instrument – make sure they’re individually listed on your policy to avoid gaps in coverage.
What to Do if Problems Arise
If disputes or uncertainties crop up, don’t hesitate to contact your insurer. For example, if your child damages a laptop while staying with you but the other parent’s policy technically covers it, an open conversation with your insurance company can clarify whether you’re able to claim.
And remember: while it might be tempting to claim the same loss on both parents’ policies, doing so is considered insurance fraud. Avoid this at all costs – it’s simply not worth the risk.
Peace of Mind for Your Family
By understanding how contents insurance works in shared custody situations and taking proactive steps to cover your children’s belongings, you can safeguard their valuables no matter where they are. A little planning and communication go a long way toward ensuring everyone is protected.
If you’re feeling unsure about your current contents insurance or want to make sure your children’s belongings are properly covered, why not chat with an expert at Over Fifty Insurance? They understand the unique needs of modern families and can help tailor a policy that works for you. Whether it’s covering items in transit, ensuring everything is covered, or listing high-value items, they make the process simple and stress-free.
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