We asked Professional Insurance Services about the unique insurance needs you or your loved one might have when transitioning to senior care. Here is the unique insight they have on the subject, including the costs and coverage.
What insurance do you need when transitioning into senior living?
The transition to senior care living can save you money, eliminate the stress of owning a home, and improve your quality of life. But while there are many benefits, you also want to make sure your personal belongings are protected from the unexpected.
Exceptional senior living communities take care of most of your daily needs, but a sudden accident or natural disaster can undermine your quality of life even in a senior community. Having renter’s insurance is one of the best financial decisions you can make, even if you have downsized since moving.
Do I need renter’s insurance?
If you are questioning if you need renter’s insurance because you no longer drive or own a home - think again. Even though you might not have big-ticket items, if everything were to disappear of yours tomorrow - how much would it cost to replace it all? Think about your clothes, laptops, books, shoes, furniture, and all the assets that help you function throughout the day. These are all things that the renter’s insurance will cover. For most, it would cost thousands of dollars to replace all the items.
Although your senior community covers many of your daily needs, most communities do not insure all the small possessions that could be lost in a natural disaster. Purchasing your own renters’ insurance will ensure that you are fully protected and give you peace of mind.
How much will it cost?
Renters insurance is very affordable. For most people, renter’s insurance costs anywhere between $10-$25 per month. There are several factors that the insurance companies take into account to determine your rate:
The more valuable your possessions are, the higher your rate will be.
Depending on the senior community's location - whether there is high crime and/or risk of natural disasters.
The safety of your community, such as security systems, alarms, deadbolts, etc.
A credit score is considered; if you have a low credit score, rates could be higher and vice versa.
Coverage level will directly affect the price of your premium. The more coverage you have, the more it will cost.
What will be covered?
Renters insurance covers many different things that people are unaware of, including damages to your personal belongings from theft, fire, windstorm, hail, lightning, and vandalism. If someone were to get hurt in your home, it covers your liability. If someone falls and injuries themselves or even gets hurt by your pet, renter’s insurance will protect you. If you are unable to live in your home because of a storm, renters’ insurance will help pay for alternative living arrangements for the time being.
The Professional Insurance Strategies team will help you understand what is covered in your policy, so there are no surprises. Sometimes it is worth purchasing a slightly more expensive policy because it offers better coverage for unexpected mishaps.
Frequently asked questions
Does my senior living community insurance cover my possessions and liability if something happens?
The answer is usually no. If your community furnishes your home, their insurance will cover what they own, but you will want to ensure all your possessions are insured.
My senior living community has insurance. Do I still need renter’s insurance?
Your living community probably only protects itself, so you will want renter’s insurance to cover your personal property and your liability.
Are my valuable possessions covered when I take them out of my home with me?
Yes. All renter’s insurance policies cover your belongings even outside of your home.
Can my renter’s insurance protect high-value items such as artwork and jewelry?
Insurance companies will include a maximum to replace valuable items. If you have items valued higher than a certain amount, we will suggest you purchase additional insurance for individual items. This insurance is called a ‘floater.’
Professional Insurance Strategies is here to answer any questions you might have as you transition into a senior living community. We understand that insurance can be confusing. That is why our team will make sure you are adequately insured and understand what you are paying for. Check out Professional Insurance Services for more information.
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