There is a growing number of young adults and graduates who are returning to their parent’s home following increasing unemployment levels.
As a result of the economic downturn, job vacancies for students graduating this summer have been reduced by nearly a fifth forcing young people to return to the nest. According to high street insurance provider, Swinton, parents are now taking in their children and their possessions valued at an average £3,500.
Swinton is advising parents to ensure that the valuables, which include laptops, games consoles, TVs and Ipods, are covered within their home insurance policy. The insurer’s contents insurance policy covers children’s possessions away from home while at university up to the value of £5,000.
Steve Chelton, Insurer Development manager at Swinton said, “Many parents may not realise items such as Ipods are not covered within standard contents insurance policies and extra personal possessions cover is required for such items.”