Do seniors need renter’s insurance?
If you have a grandparent that lives in a rented house or apartment, pay them a visit and ensure they have insurance protection. Not only will it be a wonderful gesture for a dear one, but you’ll also be at peace knowing they are safe.
Many seniors are retired and live on fixed incomes. If an accident or incident were to happen, it could be extremely difficult for them to get back on their feet. Even though they might say they don’t have much, it is known that older adults have valuable jewelry and family heirlooms they’ve collected throughout the years. It doesn’t matter that these items have a greater sentimental value than a financial one, it is still worth it to protect them with a basic policy.
If your parent or grandparent decided to sell or rent their home and move to an assisted living center, make them aware that they’re losing an important insurance protection – the personal liability insurance (the policy that protects the holders from financial losses when someone is hurt on their property or has personal property damaged). Most people have personal liability insurance through their renter’s or homeowner’s insurance policies, but it disappears when someone moves into an assisted living center.
The assisted living center has or should have its own liability insurance, it usually only cover the common areas. This means that if a visitor falls and gets injured in a resident’s room or apartment the resident could be forced to pay for medical expenses.
Let’s not forget about the pet bites protection that falls under personal liability coverage as well. Many assisted living centers allow and in fact encourage residents to keep small pets. Without liability insurance, they can be responsible for any medical expenses if a dog bites a visitor or if a cat scratches an employee.