When assisting elderly family members, most attention is paid to health insurance and health care coverage. But with older family members, particularly those who still live in their homes, you cannot overlook their property and casualty insurance coverage. In most cases, their liabilities are with their home and automobile. The personal lines staff at J.P. Perry Insurance has some specific strategies you should consider to help address insurance issues for your loved one.
Home Coverage
- Check Your Family Member's Liability Coverage: A homeowner's policy protects the insured and all resident family members against liability for bodily injury and property damage. But home values could change. And in some cases, a homeowner's retirement funds may not be protected from liability suits. So it is important to review the current policy for any coverage gaps.
- Increase The Deductible: To save some money for your elderly family member consider raising the deductible on the homeowner's policy. If the deductible is currently as low as $250 or $500, most likely you would pay this out of pocket anyway. Also making several small claims could get you dropped by the insurance company.
- Sign Up For Duplicate Premium Notices: Seniors, particularly single individuals, should consider designating a child or another family member to receive duplicate premium notices. Most elderly homeowners don't have a mortgage, which usually has an escrow account that pays the insurance. So having a loved one reminded of premium payments can prevent a policy from being cancelled.
- Consider Special Riders: In many cases, seniors have older homes with potential sewer or septic tank liabilities. And because seniors are big targets for scams, identity theft coverage could be valuable protection. Small liability issues like these could be costly. So it would worthwhile to have your J.P. Perry agent review your loved one's overall coverage.
- Don't Cancel Your Insurance: Many seniors, especially those who have never had a claim, will cancel their homeowner's policy after they pay off their mortgage. In many cases, a home is the largest part of the homeowner's assets. So they need to keep that protection.
Auto Coverage
Auto coverage for seniors (usually starting at 65) costs more. The reason is that as a group, seniors are more accident-prone because of changes in hearing, vision, slower reflexes and medication use. Older drivers suffer graver injuries and more fatalities as a result. So claims for seniors are usually higher. But there are ways to help lower premium costs for seniors. Here are some strategies for senior discounts from J.P. Perry.
- Driving Less: Since your senior has probably retired from work, there is no longer work commute driving. So if the annual mileage is reduced, let your agent know. This could save you money.
- In-Auto Monitoring Device: Some companies will offer a device to place in your car to record driving habits, such as speed, braking and acceleration. Depending on the habits, rates could be lowered substantially.
- Drop A Car Or Driver: If you have a couple who are both insured and both have cars, you could consider either owning just one car or even considering one spouse giving up their license, especially if one spouse is no longer safe when driving.
- Take Driving Classes: In some cases, seniors can take "mature driver" courses from organizations like AARP, which could qualify for insurance discounts.
- Bundling Policies: Ask your J.P. Perry agent about the possibility of combining your homeowner's and auto policies with the same insurance company to get a discounted rate.
Insurance can be a complex issue when it comes to protecting your elderly family member. Contact your J.P. Perry agent to help you figure it out. They have the answers.