Article & photo submitted by Jen Lawr, Jones Insurance
At Pennock Village, seniors thrive independently but are supported by community. Connecting local seniors to businesses offering beneficial services towards retirement planning & ageing, is one way we aim to bring added value to our readers.
This month, one of our valued sponsors, Jones Insurance, has provided some information towards understanding insurance on a Life Lease home:
A common misunderstanding about Life Lease living is that “the corporation’s insurance covers everything”. Unfortunately, it doesn’t. The corporation’s policy typically protects the structure and shared spaces, while your personal belongings and liability remain your responsibility.
To ensure the things most important to you are fully covered, it is recommended to look into additional coverage with a trusted insurance advisor. Here are a few things to consider when looking at what may require additional coverage:
Personal belongings
Your furniture, clothing, electronics, artwork, and other possessions can be covered if they’re damaged by events such as fire, theft, or certain types of water damage.
Note: Jones Insurance has worked closely with the Board of Directors of Pennock Village to include a Contents Coverage in the Life Lease home insurance package for Pennock Village homeowners.
Personal liability
Accidents happen. If someone is injured in your unit, or you accidentally damage another person’s property, liability coverage can help with related costs, including legal expenses and claims.
Additional living costs
If a covered loss makes your unit temporarily unlivable, your insurance may help pay for expenses such as hotel accommodations and meals while repairs are being completed.
Important coverage limits to review
Many residents bring valuable or sentimental items from their family homes. While these items may be covered, standard policies often limit coverage for certain belongings, including:
• Jewellery and watches
• Fine art and collectibles
• Bicycles
• Canoes, kayaks, and other small watercraft
• Specialized electronics
If you own any of these items, it’s a good idea to discuss them with your insurance advisor to make sure they’re properly protected.
A few more considerations
Taking a few simple steps can make a big difference:
• Take photos of your belongings
• Make a list of valuable items
• Review your liability coverage limits
A quick review today can help you avoid unexpected surprises later.
Jones Insurance is proud to support both the Board and development of Pennock Village, while also building valued relationships within the community of Pennock Village. They fully understand the needs of Life Lease residents and can help you find coverage that works best for your lifestyle.
For questions or a quote, reach out to:
Jenn Lawr Personal Insurance Manager, Partner
jlawr@jonesins.com | (807) 766-2081