New assisted living facility coverage tacks onto homeowners policy
The Hanover Insurance Group, a regional property-casualty insurer, is offering a new product that can extend homeowners coverage to provide insurance for family members in assisted living facilities.
The coverage targets the more than 1 million residents living in more than 36,000 facilities nationwide.
Assisted living care coverage – which can be added to new and existing Connections Home policies – is for customers who have spouses, parents or children living in assisted care facilities.
Highlights include coverage being available for more than one relative, with a separate charge for each and personal property protection up to $10,000 that includes hearing aids, eyeglasses, false teeth and dentures, contact lenses, media alert devices, walking aids and wheelchairs that may be lost or damaged.
The policy has personal liability coverage limits of $100,000 or $300,000, as well as additional living expenses coverage of $500 per month, up to $6,000, if the facility operation is suspended or it is not fit to live in as a result of a covered loss.
“While our coverage is not just for seniors, we expect that the number of people who need assistance with daily living will grow significantly as the baby boomer generation ages,” said Marita Zuraitis, president of The Hanover’s property-casualty companies. “This unique and affordable coverage is just another tool The Hanover is offering to help our agent partners differentiate themselves in the marketplace by offering their customers valuable protection that they may have otherwise gone without.”