Retirees and Renters Insurance | Shelter Insurance®

Retirees and Renters Insurance


As we age, our roles with our parents slowly start to reverse, and we find ourselves looking out for them the way they did for us as we grew up. Part of protecting our parents means watching them more closely as they age, and sometimes that means guiding them towards tough decisions, like moving to a retirement home or an assisted living facility. This is particularly true if they have had several memory lapses like forgetting to turn off the stove or a faucet.

On the other hand, your parents just might want to downsize and have a simpler way of life, even if their health is good. Moving somewhere where maintenance—and maybe even some meals—are provided might appeal to them.

If either of these things happen, your parents will likely sell most of their belongings and their house. They will be paying rent or a monthly fee to live in the retirement community, and that means they will need renters insurance for the belongings they kept.  Some retirement facilities provide furniture, some don’t, and some give residents the option of furnishing their place themselves. Even if the space is furnished by the facility, your parents will surely have some valuable items that could be stolen or lost if there’s a fire, and a renters insurance policy may help replace them. To determine how much they would need, you can use our Personal Property Calculator.

In addition, selling their home means they no longer have any liability insurance, which they had through their homeowners insurance. This is important because if someone visits them in their apartment or room, and that visitor gets hurt because they tripped on something or got bitten by your parents’ dog, that visitor could possibly sue your parents. A renters policy may help provide coverage for things like that.

Renters insurance policies start at as little as $10 a month, which is generally affordable for seniors, even if they are on a fixed income. If your parents have a lot of expensive jewelry, sports equipment like golf clubs, or perhaps even a favorite musical instrument that would be expensive to replace, they might even consider a personal articles policy.

Of course, the important thing to do is talk to an agent to determine a plan of action to help protect your parents in this next stage of their lives.

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