Let's face it; almost everything changes, as we get older.
There are definitely insurance considerations to keep in mind that are different too as we age.
Here are a few tips to prevent problems as our circumstances change.
Do you have Caregivers in your home? You will need Workers Compensation coverage in case a Caregiver becomes injured performing their duties in your home.
You may have coverage or be able to add the coverage to your homeowners' policy depending on the number of hours worked per week by your Caregiver(s).
Mitigate common losses.
Fire losses in particular become more common as we get older.
Common sources include: Space Heaters - Be sure to clear flammable objects around them while in use and don't leave them on unattended or while you sleep.
Stove burners - It's really easy to leave a pan with water on the stove to make tea or instant oatmeal and walk away waiting for it to get hot.
Many fires are started when they are forgotten.
Purchase an electric kettle, which will automatically shut off once it starts to boil.
Problem solved! Candles - Burning candles can be a great way to scent the air but deadly house fires can result from candles left unattended.
Moving to a Managed Care Facility? If you will no longer have a home and therefore homeowners insurance, obtain a "tenant" homeowners policy to insure your personal belongings.
Be aware of the coverage limitations for certain items such as jewelry and money.
Get specific coverage for those items or keep in a safe deposit box.
The tenant policy will also give you liability coverage, which will protect you in case you accidentally injure someone for example.
If only your spouse moves to Managed Care and you're keeping your home and homeowners insurance, your homeowners' policy will automatically cover your spouses' liability.
Personal belongings (with limitations) are also covered while away from home.
Some homeowner policies enable children to add this coverage to their homeowner policy to give the parents the coverage that they need.
Are you thinking of changing insurance companies? If you have been insured with the same company for many years and enticed to change companies to save a few dollars, remember that seniors tend to begin to have more losses due to slowing reaction times, forgetfulness, etc.
If you begin to have a loss or two, an insurance company is less likely to "drop" you if you have been a client for many years.
Do you have a caregiver, relative or neighbor driving your vehicle? Anyone who drives your vehicle on a regular basis needs to be added as a "driver" on your policy to be sure there is coverage.
Auto insurance follows the vehicle so your policy is at risk when someone else drives your car.
With a few precautions and some good advice from your insurance agent, you will avoid these common insurance issues.
Communication is the key.
Be sure to let your agent know of changes in your lifestyle so he/she can guide you through the insurance exposures you may face and be able to help you sleep a little bit better!
There are definitely insurance considerations to keep in mind that are different too as we age.
Here are a few tips to prevent problems as our circumstances change.
Do you have Caregivers in your home? You will need Workers Compensation coverage in case a Caregiver becomes injured performing their duties in your home.
You may have coverage or be able to add the coverage to your homeowners' policy depending on the number of hours worked per week by your Caregiver(s).
Mitigate common losses.
Fire losses in particular become more common as we get older.
Common sources include: Space Heaters - Be sure to clear flammable objects around them while in use and don't leave them on unattended or while you sleep.
Stove burners - It's really easy to leave a pan with water on the stove to make tea or instant oatmeal and walk away waiting for it to get hot.
Many fires are started when they are forgotten.
Purchase an electric kettle, which will automatically shut off once it starts to boil.
Problem solved! Candles - Burning candles can be a great way to scent the air but deadly house fires can result from candles left unattended.
Moving to a Managed Care Facility? If you will no longer have a home and therefore homeowners insurance, obtain a "tenant" homeowners policy to insure your personal belongings.
Be aware of the coverage limitations for certain items such as jewelry and money.
Get specific coverage for those items or keep in a safe deposit box.
The tenant policy will also give you liability coverage, which will protect you in case you accidentally injure someone for example.
If only your spouse moves to Managed Care and you're keeping your home and homeowners insurance, your homeowners' policy will automatically cover your spouses' liability.
Personal belongings (with limitations) are also covered while away from home.
Some homeowner policies enable children to add this coverage to their homeowner policy to give the parents the coverage that they need.
Are you thinking of changing insurance companies? If you have been insured with the same company for many years and enticed to change companies to save a few dollars, remember that seniors tend to begin to have more losses due to slowing reaction times, forgetfulness, etc.
If you begin to have a loss or two, an insurance company is less likely to "drop" you if you have been a client for many years.
Do you have a caregiver, relative or neighbor driving your vehicle? Anyone who drives your vehicle on a regular basis needs to be added as a "driver" on your policy to be sure there is coverage.
Auto insurance follows the vehicle so your policy is at risk when someone else drives your car.
With a few precautions and some good advice from your insurance agent, you will avoid these common insurance issues.
Communication is the key.
Be sure to let your agent know of changes in your lifestyle so he/she can guide you through the insurance exposures you may face and be able to help you sleep a little bit better!
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