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Multigenerational Households are on the Rise

From living alone to single-parent households, there are more kinds of households than ever before.

One of the fastest-growing segments is multigenerational households. Out of the 76 million family households in the United States, approximately 4.3 million (or 5.6 percent) were multigenerational house­holds. That represented a 10.5 percent increase from just 2006.

Not sure what a multigenerational household is? Basically, it's a home that includes at least two adult generations or two nonsequential generations. (For example, grandparents and grandchildren of any age.)

Why the rise in multigenerational households?

The recession and the subsequent recovery from it is one factor—unemployed adults are much more likely to live in multigenerational households than adults with jobs. 

Pew Research Center found the long-term increase in multigenerational living is also a reflection of the country’s changing racial and ethnic composition. Asian-Americans were the most likely of the major racial and ethnic groups to live in multigenerational arrangements (27 percent). Meanwhile, one-in-four Hispanics and African-Americans lived in a multigenerational household. By comparison, only 14 percent of non-Hispanic whites lived with multiple generations of family.

Other reasons for the rise in multigenerational households include the fact that more Americans than ever are struggling with health and disability issues and need easy access to caregivers; people are getting married later than ever and choosing to live at home longer; and Baby Boomers increasingly want to provide for their aging parents by moving them in.

Insurance for multigenerational households

Homeowners and auto coverage is designed to protect the person named in the policy and other relatives living in the household. So a multigenerational household is generally covered under most insurance policies. However, families may have more personal property to insure since more people live under the same roof. This could require higher insurance limits.

Also, more people usually means more activity—so households may need to consider higher liability limits to cover something like a guest getting hurt or a stranger tripping over a toy in the yard. One option to consider is a personal catastrophe liability policy (also known as an umbrella policy) that adds an extra layer of protection over your homeowners and auto policies.

Do you live in a multigenerational household—or any household, for that matter? Then talk to an insurance professional like an Erie Insurance agent. An agent can tell you about affordable coverage options for your household and get you a free quote.

Find out why this living arrangement is more popular than ever—and which special insurance coverages are worth considering if you live in a multigenerational household. /blog/multigenerational-households Erie Insurance

ERIE® insurance products and services are provided by one or more of the following insurers: Erie Insurance Exchange, Erie Insurance Company, Erie Insurance Property & Casualty Company, Flagship City Insurance Company and Erie Family Life Insurance Company (home offices: Erie, Pennsylvania) or Erie Insurance Company of New York (home office: Rochester, New York).  The companies within the Erie Insurance Group are not licensed to operate in all states. Refer to the company licensure and states of operation information.

The insurance products and rates, if applicable, described in this blog are in effect as of January 2016 and may be changed at any time. 

Insurance products are subject to terms, conditions and exclusions not described in this blog. The policy contains the specific details of the coverages, terms, conditions and exclusions. 

The insurance products and services described in this blog are not offered in all states.  ERIE life insurance and annuity products are not available in New York.  ERIE Medicare supplement products are not available in the District of Columbia, New York and Wisconsin.  ERIE long term care products are not available in the District of Columbia and New York. 

Eligibility will be determined at the time of application based upon applicable underwriting guidelines and rules in effect at that time.

Your ERIE agent can offer you practical guidance and answer questions you may have before you buy.