The move to a senior living facility can save money, improve your standard and quality of life, avoid the stress of homeownership. No more rodent infestation, leaky roofs, or overgrown grass. Assisted living communities can take care of most of the daily needs of the residents, allowing them to pursue their perfect retirement life.
A natural disaster or a sudden accident can reduce your quality of life, even in the best senior living community. Therefore, investing in renters insurance can be a very good financial decision while transitioning to a senior living facility.
Do You Need Renters Insurance?
Many of us think that if we no longer own a home, or drive, we do not have anything of value in our life. However, this is not true. Think about your books, plants, clothes, and all the big and small things that help you function properly and improve the quality of your life. All these things are covered in renters insurance. It can cost thousands of dollars to replace these items, which is more money than many seniors can spare.
Every person who owns something needs renters insurance. Although your assisted living community can cover many of your daily needs, it may not insure your small possessions against theft or loss due to natural disasters and such situations. By having your own insurance, you can be sure that your little possessions are protected.
How Much Can It Cost?
Renters insurance plans can be very affordable. As per the experts, renters insurance can cost between 13 and 25 dollars per month. Many things can affect renters’ insurance costs. Some of them are:
- The coverage that you need. People with many costly possessions pay more for the insurance.
- The area of your residence, whether it is prone to natural calamities or is a high crime area.
- The security of your residence, like, whether it has deadbolts.
- Your credit score. People with good credit scores typically pay less.
What Is Covered In The Insurance?
Apart from protecting your belongings, renters insurance may also offer you protection from some types of liability, such as if some person is injured in your residence. Your assisted living facility might be having liability insurance if you are injured in the community. However, it might not cover if someone is injured in your apartment. Buying renters insurance will help add an extra layer of protection and will protect you from the liability for another person’s injuries.