Seniors with mobility or sensory challenges often pay significant dollars for solutions that enable them to continue to enjoy their lives with fewer limitations. These devices and equipment need to be insured under a homeowner’s, condominium, or renter’s policy. There are two types of insurance coverage that might be appropriate: personal articles and scheduled articles. Please talk to your Murrick Group insurance agent regarding the best type of insurance for your specific needs.
Personal Articles Coverage
Your personal valuables—anything not permanently attached to your home—are covered under Personal Articles on your home insurance. These valuables might include a motorized wheelchair, other personal mobility equipment, or medical devices. Personal Articles coverage usually applies anywhere in the world and could include the cost to repair the item in case of damage, as well as replacement in the case of a covered loss. A deductible will usually be applied.
Scheduled coverage is offered as an enhanced option on most homeowner’s or renter’s insurance policies and provides you with a way to protect valuables that are most important to you, at their full value with a lower or no deductible. For example, hearing aids cost thousands of dollars, and if your dog eats one or you otherwise lose one or both, your insurance coverage may not cover that loss, unless you have scheduled coverage specifically for your hearing aids. You pay an additional premium for scheduled coverage, but considering the value of these aids and devices, the additional cost is a small price to pay.
To determine the most advantageous type of insurance for your medical equipment or devices, please discuss your needs with your Murrick Group insurance agent. Coverage limits, exclusions, and all other details must be carefully considered to ensure you have the coverage you need for your specific items and your specific situation.
Homeowner’s or Renter’s Insurance
Items such as stair lifts or personal elevators that are attached to your home are covered under your home insurance policy, in case of loss resulting from the types of loss covered by your insurance. However, please specifically mention these items to your Murrick Group insurance agent when discussing your home insurance, because they must be included in the calculation of the cost to rebuild your home in the event of a covered loss.
Insurance for Personal Property
If you are a resident of a care facility or other location while receiving personal care, any personal items you take with you can be insured against loss or damage. Your Murrick Group insurance agent will explain the limitations and exclusions of the insurance that is available.
Notification to Insurer When Home is Vacant
If you are in the hospital or care facility and will be unable to return to your home, your home will be considered vacant by your insurer after 30 days. At that point, regardless of the furnishings and personal property in the home, coverage becomes limited. Please notify your Murrick Group insurance agent of the situation. We recommend removing all legal documents and valuables to a safe place.
Your Murrick Group Insurance Agent
Your Murrick Group insurance agent is a valuable resource when your life circumstances change, to ensure that your valuables are protected by the appropriate insurance. Please call us when changes occur and we will check your homeowner’s comprehensive policy or condominium owner’s policy to make sure your coverage is still what you need.