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Check on Your Grandparents’ Insurance Policies

9/7/2018

 
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Checking in on their insurance coverage and helping make sure their policies are appropriate for their needs can help protect them.
On National Grandparents Day, we are reminded of the many good things grandparents do for us and our children. Whether our own grandparents or our children’s grandparents, it’s important to be mindful of the practical concerns regarding their well-being and provide assistance if needed. Checking in on their insurance coverage and helping make sure their policies are appropriate for their needs can help protect them.

Where are your grandparents living?
Your grandparents’ living arrangements will affect their insurance needs. Independent living senior housing units can be either owned or rented. If rented, they function in many ways like any other apartment complex and may require your grandparents to have a renters policy to protect their belongings as well as provide liability coverage. If the residence is owned, a condominium policy would be advisable.

At Selective, we can offer an additional coverage option for grandparents regularly residing in an assisted living facility. Selective’s Assisted Living Care Coverage is an endorsement to a family member’s policy that provides coverage for a relative of the insured family member who regularly resides in a living care facility. It offers contents and liability coverages as well as additional living expense coverage. Ask your agent for more details.

Keep in mind that flood insurance coverage typically requires a separate policy or an addendum to a renter’s policy, so it’s wise to consider flood risk.

Are they landlords?
Some grandparents may relocate without selling their home. Instead, they rent it for a source of supplementary income. Such a change in usage requires adjustment to their insurance coverages. If this situation were to occur, please contact your agent for more information.

Are they driving?
If your grandparents own a vehicle they obviously still need auto insurance which will include liability coverage. If they are concerned about damage to their vehicle for incidents such as a broken windshield or an accident with an animal, they would need comprehensive coverage. However, if they also wanted coverage for an automobile accident, they would need collision coverage. Please note that if the vehicle is financed or leased, comprehensive and collision coverage may be mandatory under the agreement with the lender or lessor. 
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To ensure proper coverage for your grandparent or relative, please contact your independent agent for more information. Don’t have an agent? Click here to find one in your area.


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  • Business
  • Auto
  • Home
  • Digital Toolbox
    • LinkedIn Best Practices
  • Flood
    • Hurricane Preparedness
  • Infographics
  • Prep Guides
    • Coronavirus Information
    • Spring Maintenance Guide
    • Fire Prevention & Safety
    • Winter Preparation For Your Home
    • Winter Preparation For Your Business
    • Winter Preparation For Your Vehicle
    • Hurricane Preparation