Assisted living insurance

Assisted living contents insurance is often an affordable option ideal for a scaled-down lifestyle.

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If you're living in an assisted living facility or a nursing home, you most likely brought with you a few cherished items of monetary value. Assisted living contents insurance can cover these belongings if they are lost, damaged or stolen.

What is assisted living contents insurance?

Assisted living contents insurance is basically a scaled-down version of apartment cover. Similar to anyone living in apartments, people in assisted living residences don't own the property itself, and therefore don't need building insurance. However, a number of people in assisted living establishments have fewer personal belongings than people in apartments as many of the furnishings and fixtures belong to the facility.

What is covered under assisted living contents insurance?

At the moment, Apia is the only Australian brand that offers assisted living insurance. According to their PDS, you are covered for up to $1,000 per item for items and belongings that you own and keep at your residence. These include:

  • Furniture and furnishings
  • Household goods, clothing, leisure/sporting equipment and other personal effects
  • Medical equipment and motorised wheelchairs/mobility scooters that do not require registration
  • Belongings that you normally wear or carry (but only when they are kept in your dwelling)
  • Portable electronic, photographic and optical equipment and accessories

If you have items that you want covered when you carry them outside of your residence, you also have the option of individually insuring these as add-ons to your assisted living contents cover. These belongings can include:

  • Handbags, wallets, jewellery and watches
  • Phones, laptops and tablets
  • Sporting equipment (but not while in use)

What is not covered by assisted living contents?

Assisted living contents insurance does not cover all types of belongings. Items that are not covered include:

  • Cash, credit cards and vouchers
  • Audio and video media, including hard copies
  • Motor vehicles
  • Tools

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. Make sure to read the policy PDS to find out exactly what's excluded.

What events am I covered for with assisted living insurance?

Assisted living contents insurance should cover you for the following:

  • Fire. If your contents are lost or damaged due to fire including bushfire, your assisted living contents insurance can provide financial protection.
  • Storm. This insurance covers loss or damage caused by a storm, including violent winds, hail, snow, rain, thunderstorms, cyclones and tornadoes.
  • Lightning. Your contents will be covered when damaged by lightning, or by a power surge caused by lightning.
  • Flood. Assisted living contents insurance protects you against loss or damage caused by water that has escaped the normal confines of large bodies of water including lakes, rivers, creeks and dams.
  • Earthquake and tsunami. This benefit ensures that you are covered against loss or damage from an earthquake or tsunami.
  • Water and oil leaks. When water or oil leaks or overflows from appliances or other household items, assisted living contents insurance covers you for the resulting loss or damage.
  • Theft or burglary. Assisted living contents insurance covers you against loss or damage caused by theft, attempted theft or burglary (except when you've invited the person into your home).
  • Malicious acts and vandalism. You will be covered if your contents are damaged due to vandalism or a malicious act (except acts committed by you, another resident of your property or someone you've invited into your property).
  • Riots or civil commotion. If a riot, civil commotion, or industrial or political disturbance results in loss or damage to your contents, you will be covered.
  • Explosion. You will be covered for lost or damaged contents in the event of an explosion.
  • Impact damage. Assisted living contents insurance covers you against impact from objects such as falling trees or power poles, and motor vehicles.
  • Damage by an animal. Your contents will be protected in the event an animal destroys or damages your contents (excluding damage caused by insects, vermin and rodents).

Picture: Shutterstock

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