Making the move to senior living can be akin to leaving a heavy load of homeownership responsibilities behind. From keeping on top of housekeeping chores to paying insurance, you will no longer have to worry about multiple monthly payments. Instead, everything is covered under one convenient monthly payment when you choose to live at our Champion Forest senior living community. However, have you ever wondered whether you need renters’ insurance for senior living?
Understanding Renters’ Insurance
Although you may no longer have to deal with the responsibilities that come with homeownership, you still have possessions you have accumulated over a long and rich life. From your clothes to your kitchen appliances and electronic devices, it may not seem like a big deal if you were to lose your induction cooker one day.
However, think about it: if all the belongings in your apartment home were to be damaged or lost, how much would it cost you to replace them? This figure can easily go up into the tens and hundreds of thousands. Getting renters’ insurance helps to protect you against such a possibility.
Cost of Renters’ Insurance
If you are worried about being unable to afford renters’ insurance, you can be rest assured that the monthly premium is very affordable. Depending on the coverage you take out and other factors such as your credit history, monthly premiums range between $12 to $25 a month. For many residents in senior living communities, this is a small price to pay to protect their belongings from unexpected circumstances such as natural catastrophes.
Your Coverage Under Renters’ Insurance
Some renters’ insurance policies also come with liability coverage for injuries sustained by any guests in your home. Chances are, your senior living community has liability coverage for all residents who get injured on the premises. However, this often does not extend to visitors in your apartment home. By taking out renters’ insurance, you are giving yourself and your guests an additional level of assurance.
Shop Around for The Right Policy
Ultimately, whether you decide to take out a renters’ insurance is up to you. Keeping in mind the benefits of doing so, you will want to shop around for the most suitable policy for your needs. Do not be afraid to approach a few different insurance companies and find out what they have to offer before making up your mind.
Live Stress-Free with Us at Conservatory At Champion Forest
When making the move to senior living, you want your daily life to be as stress-free and enjoyable at possible. Life at Conservatory At Champion Forest offers you just that. We lift the burden of housekeeping and maintenance off your shoulders, covering everything in one monthly fee. With our rent lock program, you can enjoy peace of mind against any unexpected rent hikes or hidden fees. If you would like more information about our community or senior living program, please feel free to schedule a tour with us.