When the last kid moves out, your Colorado lifestyle shifts. Whether you’re in Highlands Ranch or Grand Junction, this phase often comes with new opportunities—downsizing, traveling, or investing in your home—but also new risks that your insurance should still cover.
Auto Insurance Adjustments If your child takes a car to college, let your insurer know. Rates may change based on the vehicle’s new location. If the car stays home while they’re away, you might qualify for a distant student discount.
If they’re no longer driving your cars, consider removing them from your policy. Just make sure they’re properly covered elsewhere, especially if they’ve started their own policy or moved out permanently.
Homeowners and Personal Property Your home may feel emptier, but if your kids left behind high-value items—instruments, electronics, furniture—you still need to be sure they’re properly insured. Review your personal property limits and make adjustments.
If your child is renting an apartment, they should have their own renters insurance. Many parents mistakenly believe their homeowners insurance will cover their adult child’s belongings—it won’t if they’re no longer dependents.
Downsizing? Don’t Downsize Your Coverage Too Soon If you sell the family home and buy a smaller place or condo, great. Just make sure you tailor your new homeowners policy to the new structure, location, and personal property. Colorado condos often involve HOA master policies—know what they cover and what you need to add.
Keep That Umbrella Policy By now, you should already have umbrella insurance in place—and you should absolutely keep it. As you age and grow your assets, you become a bigger target for lawsuits. Umbrella policies provide an extra layer of liability protection, usually in million-dollar increments, and are essential if you host guests, drive frequently, or have any secondary properties.
Check in on Life Insurance Hopefully, your life insurance is already established. But this is a good time to review it. If you purchased it primarily to cover your children’s upbringing, consider whether you want to reduce the coverage or maintain it for legacy or estate purposes.
