CCRC Residents Should Consider Liability Insurance
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Even for those who don’t have umbrella liability insurance coverage, homeowners insurance policies normally provide general liability coverage. This insurance will help protect your assets if a guest is injured in your home or your dog bites someone, for example.
However, when you move to a retirement community, you have usually just sold your house. No home equals no homeowners insurance. Then what happens in the event of a lawsuit? Your savings could be at risk. Liability insurance not only pays claims against you, but also pays for your legal defense.
I have been involved in a case where a neighbor sued two CCRC residents because she was attacked by a third party in their apartment. There has yet to be a trial, but the legal fees are quickly mounting. In this case there is insurance, luckily.
So, when you or a parent moves to a retirement community, don’t forget about purchasing insurance to cover potential liability.
