How To Get Home Insurance If You’re Disabled
How to Get Home Insurance if You’re Disabled
When it comes to the accessibility of their home, disabled people have a lot to consider.
They must consider insurance in addition to modifying a home and equipping it with any necessary equipment to make it more accessible.
Although the majority of their insurance needs will be similar to those of other homeowners and renters, there are some special considerations for people with physical and intellectual disabilities, as well as the elderly, when it comes to insuring where they live.
They might want extra coverage for things like wheelchair lifts and bathroom upgrades, for example.
Even if you are not currently disabled, there is a chance that you will need to consider these issues later in life.
State Farm estimates that one-fourth of today's 20-year-olds will become disabled before retiring. According to insurance statistics, only 9% of long-term disabilities are the result of serious accidents.
Understanding coverage options is critical for assisting disabled people in making informed insurance decisions.
Home modifications
Disabled people may need to modify their homes to make them more accessible and to facilitate day-to-day living activities. An electric stair chair lift, a roll-in shower, or an elevator are examples of home modifications. As technology has advanced, even more sophisticated customizations and assistive technology, such as talking thermostats and voice-activated appliances, have become possible.
However, retrofitting a home to make it more accessible can be costly, so protect your investment by purchasing adequate insurance coverage.
A standard homeowner's policy may cover minor modifications, but check with your insurer. You may need to increase your coverage, especially if you make costly upgrades, so let your insurance company know the value of any home additions.
Equipment and possessions
Any personal belongings inside the home are covered by standard homeowners policies. To protect your big-ticket item, you may need to increase your home's contents coverage; the same is true for expensive mobility devices and medical equipment.
An electric wheelchair, for example, can easily cost more than $10,000, quickly depleting your deductible. Mobility scooters, prosthetic devices, power-lift recliners, and speech-generating devices are examples of specialized items.
If you add a policy rider, you can protect these items without having to pay a deductible if you file a claim.
To ensure that you have adequate coverage, provide your insurer with accurate values for any specialized items or equipment you own. Because prices change over time, you must determine the replacement cost of these items and purchase coverage accordingly. Otherwise, your policy may only cover the item's actual cash value, which is what it would be worth in its current condition.
One option is an inflation guard endorsement. This is optional insurance that you can purchase to ensure that your coverage keeps up with inflation.
You can also see if any of your equipment is covered by warranty.
You should keep an up-to-date inventory of your equipment, as well as receipts and photos of these items, in case you need to make a claim.
Liability coverage
Not only should you insure your property and possessions, but you should also consider protecting visitors to your home.
For example, if you have wheelchair ramps and other equipment and modifications in your home, someone who isn't used to having those things around may trip and fall, resulting in serious injury. Then that person has the option of filing a lawsuit against you.
Most standard homeowners policies cover up to $300,000 in liability. However, if you want extra protection, you should think about purchasing an umbrella liability policy. An umbrella policy can provide coverage of $1 million or more.
It's also a good idea to take basic safety precautions before having someone come to your house. Remove canes, walkers, medical devices, and extension cords, as well as any other potential tripping hazards.
Caretakers
Home health aides and nurses, for example, add another layer of considerations for homeowners insurance.
You could be held liable and face legal action if a caretaker is injured on your property.
Because disabled and elderly people may rely on regular visits from caregivers, it is critical to ensure that insurance coverage is in place. Most professional caregivers are licensed and insured, but ask before inviting someone into your home.
Again, adequate liability coverage or, better yet, an umbrella policy can protect you from lawsuits and provide more comprehensive coverage.
Know your rights
Remember that just because you want to add coverage for things like home modifications, medical equipment, and liability doesn't mean an insurer can raise your rates solely on the basis of your disability. It's actually against the law.
When it comes to purchasing homeowners insurance, the same rights that protect disabled people from discrimination apply.
The federal Fair Housing Act makes it illegal to discriminate in housing transactions on the basis of disability, as well as race, color, religion, national origin, gender, or family status.
This includes homeowners and renters insurance, according to the law. The law forbids insurance companies from discriminating against disabled people.
If the action is based on a disability, insurance companies are prohibited from:
- Refuse to provide homeowners or renters insurance
- Refusing to provide information about homeowners or renters insurance
- Refuse to make reasonable accommodations
- Establish distinct terms, conditions, or rates
- Discriminate in real estate appraisals
- Make any statement indicating a disability-related limitation or preference.
- Investigate the presence or nature of a disability.
In any case, shopping around and comparing quotes is always a good idea to ensure you're getting fair rates and treatment.