Aging in place
Posted: Fri Sep 18, 2020 1:26 pm
We do have, in some ways, an advanced age group here.
HAVE any of you done modifications to your home as you "age in place"? And, if you have done so, have you properly insured for these modifications?
Vinny
Protecting Assets When Clients Age in Place
https://www.thinkadvisor.com/2019/05/28 ... -in-place/
Consider what happened to a couple we’ll call Paul and Lisa, who are 75 years old and live in their long-time family home in Newton, Mass., close to children and grandchildren. Linda started having trouble navigating the stairs in their 1920s colonial and began using a walker, but felt she would soon require a wheelchair. To accommodate future needs, the couple installed an elevator, converted a tub into a shower with a wide entry and no sill in the master bath, removed door thresholds throughout the house, changed the kitchen layout to make it more accessible, and renovated their guest room in case they eventually need a live-in caregiver. Renovations totaled $400,000.
Not long after the renovations were completed, a fire broke out in the attic, which led to their home being completely destroyed. Unfortunately, Lisa and Paul had not informed their insurance company of the extensive changes that had been made and, as a result, the home was not insured up to its current or replacement value. The amount paid out by their insurance company, therefore, was significantly less than the cost of rebuilding the home.
HAVE any of you done modifications to your home as you "age in place"? And, if you have done so, have you properly insured for these modifications?
Vinny
Protecting Assets When Clients Age in Place
https://www.thinkadvisor.com/2019/05/28 ... -in-place/
Consider what happened to a couple we’ll call Paul and Lisa, who are 75 years old and live in their long-time family home in Newton, Mass., close to children and grandchildren. Linda started having trouble navigating the stairs in their 1920s colonial and began using a walker, but felt she would soon require a wheelchair. To accommodate future needs, the couple installed an elevator, converted a tub into a shower with a wide entry and no sill in the master bath, removed door thresholds throughout the house, changed the kitchen layout to make it more accessible, and renovated their guest room in case they eventually need a live-in caregiver. Renovations totaled $400,000.
Not long after the renovations were completed, a fire broke out in the attic, which led to their home being completely destroyed. Unfortunately, Lisa and Paul had not informed their insurance company of the extensive changes that had been made and, as a result, the home was not insured up to its current or replacement value. The amount paid out by their insurance company, therefore, was significantly less than the cost of rebuilding the home.