As more Baby Boomers retire and look toward alternative housing situations, assisted living facilities might make sense. Changes in lifestyle often require changes in insurance coverages. Will you have the insurance you need should you make the choice to move into an assisted living facility?
Are your personal belongings covered in an assisted living facility?
Assisted living facilities will always have insurance to cover them and their property from lawsuits and damage. If you live in a space that is pre-furnished, those items belong to the facility and, therefore, are covered under their policies. If you furnish your own space, or if you bring other valuables with you—family heirlooms, antiques, or jewelry—they may not be covered by the facility’s insurance.
Are you protected against personal injury lawsuits while in an assisted living facility?
The facility has coverage for common areas, but not necessarily for your personal space, like an apartment or room. If someone visiting you in your space is injured—by a fall or a dog bite—the responsibility lies with you to have liability coverage. With personal liability coverage, you will be better able to pay for damages or medical expenses should something happen.
What about getting renter’s insurance?
Usually, insurance carriers have a minimum personal property coverage requirement that is around $20,000. Assisted living residents are often unable to retain enough personal property to make such an investment in insurance worthwhile. Additionally, some insurance carriers feel the risk is too high given the greater exposure to possibly theft.
What kind of insurance should someone in assisted living get?
Brunswick Companies has partnered with insurance carriers who offer the Assisted Living Care Endorsement. The responsible family member is able to add this endorsement onto their homeowners policy. In this way, they extend coverage for their loved one residing in an assisted living facility in lieu of a whole tenants insurance policy.
What does an Assisted Living Care Endorsement cover?
In addition to covering the usual personal property like furniture or clothing, the endorsement may also provide limited coverage for hearing aids, false teeth, contact lenses, eyeglasses, medical alert devices, walkers or canes, and wheelchairs. You can also include personal liability coverage for residents and visitors with a choice of limits. This coverage can also help with some additional living expenses in the event of a natural disaster or other circumstances that make the facility uninhabitable.