The transition to senior living can save money, improve your quality of life, and eliminate the stress of homeownership. No more leaky roofs, overgrown grass, or rodent infestations for you. Exceptional senior living communities take care of most of your daily needs, allowing you to map out and pursue your ideal retirement. A sudden accident or natural disaster, however, can undermine your quality of life, even in a great senior community. Investing in renters insurance is one of the best financial decisions you can make, even if you haven’t hung onto much stuff. Here’s what you need to know.
Do I Really Need Renters Insurance?
Many seniors think that if they no longer drive or own a home, then they have nothing of value. Instead, ask yourself this: If everything I own disappeared tomorrow, how much would it cost to replace it? Think about your clothes, books, shoes, plants, all the things — small and large — that help you function and improve your life. These are the things that renters insurance covers. For most people, it would cost tens of thousands of dollars to replace all these little items. That’s more money than most seniors can spare.
Everyone who owns anything needs renters insurance. And although your senior community may cover many of your daily needs, most senior living communities do not insure small possessions against loss because of natural disasters and similar circumstances. By purchasing your own insurance, you ensure that you are protected.
How Much Will It Cost?
Renters insurance is very affordable — especially when compared to the costs you incur if any uninsured possessions were to disappear tomorrow. For most people, renters insurance costs anywhere from $13-$25 per month. Several factors can affect the costs of insurance, including:
- The amount of coverage you need. People with more valuable possessions typically pay more.
- Where you live, and whether it is a high-crime area or is prone to natural disasters.
- The safety and security of the home, such as whether it has deadbolts.
- Your credit score. People with better credit often pay less.
What Is Covered?
In addition to protecting your possessions, renters insurance can also protect you from certain forms of liability, such as if someone is injured in your home. Your senior living community likely has liability insurance for if you are injured in the community. But if someone is injured in your home, that might not be covered under the community’s policy. Buying renters insurance adds an extra layer of protection for you and your guests, and protects you from liability for another person’s injuries.
Before you invest in a policy, shop around to get the best price. Don’t forget to read the fine print so that you understand exactly what is covered. Sometimes a slightly more expensive policy is actually a better bargain because it offers better coverage.
The Importance of Quality Senior Living
The best senior living communities are safe, supportive places that do all they can to prevent accidents and protect you and your belongings. You deserve this unparalleled commitment to your health and safety. You also deserve to know that your possessions can be replaced. Renters insurance expands the peace of mind great senior living communities offer and means you don’t have to spend your retirement worrying about replacing clothes or small appliances.