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If you are living in an assisted living facility or a nursing home, you most likely brought with you a few cherished items of monetary value. With assisted living contents insurance, you can be sure that these items are covered should they be accidentally lost or damaged.
We’ve put together a guide to help you understand how assisted living contents insurance works and to help you get the level of cover that is right for you.
Assisted living contents insurance is basically a scaled-down version of apartment cover. Like those in apartments, people in assisted living residences do not own the property itself, and therefore do not need building insurance. However, a number of people in assisted living establishments have fewer personal belongings than those in apartments, as many of the furnishings and fixtures are property belonging to the facility.
Assisted living contents insurance keeps things simple for you by focusing solely on the contents of your home.
At the moment, Apia is the only Australian brand that offers this specifically-tailored insurance subtype. According to their PDS, you are covered up to $1,000 per item for contents that you own and that are kept in your residence. These include:
If you have items that you want covered when you carry them outside of your residence, you also have the option of insuring these one-by-one as add-ons to your assisted living contents cover. These items include:
Be sure to read the PDS for any limitations or allowances regarding any particular item.
Assisted living contents insurance does not cover all types of belongings. Items that are not covered include:
There are also a number of general exclusions where your claim may be denied for items that would typically be covered under normal circumstances. Examples include situations where you’ve broken the law, destroyed an item while cleaning with chemicals or failed to install safety precautions (such as fire alarms and balconies) where required by law.
Be sure to consult the PDS belonging to any policy you are considering so that you are clear about any general exclusions that may prevent you from receiving a payout.
Like most home and contents insurance policies, assisted living contents insurance will cover you under a wide variety of circumstances. The Apia policy will cover you for the following:
Like most types of insurance, the policy costs depends on a wide range of factors. Some of the factors your insurer will take into account when calculating your premium include:
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