Medical technology and the modern homecare culture here in the Utica area combine to turn homes into pleasant places of healing and safe living for older Americans. That’s a great way to get better. After all, most of us would rather be home during an illness than cooped up in a hospital room away from friends and family.
Plus, more and more of our seniors are able to live at home with aid of today’s advanced medical devices and prescription drugs. Walkers, walk in bathrooms, and fall alert systems keep seniors safe while helping them maintain their freedom.
Today’s miracle drugs help with memory loss, diabetes, and a myriad other maladies that afflict older Americans. We have countless friends and family whose parents, aunts, and uncles have drug pill boxes and organizers full to the brim. These are helpful for people who must take many pills at different times of the day.
But are your medical devices covered on your homeowners insurance if they are damaged, destroyed, or stolen? And what about prescription drugs? For some people, a current supply can be expensive. Are you covered on your homeowners insurance policy for medical devices and drugs?
The first thing we will ask you in the event of a loss to any of your personal property is what caused the loss. For your homeowners insurance policy to respond, the loss must be covered. For example, unless an item is insured separately, your policy probably won’t respond if you lose the item. But, if it’s damaged or destroyed in a fire, then that is, obviously, a covered peril.
The next step is to determine whether there are any exclusions or limitations for the damaged property. For example, theft of firearms is limited to $2,000 and loss to watercraft is $1,000. Is medical equipment listed here?
Finally, is the medical equipment and/or prescription drugs listed in your policy as “property not covered”? For example, motorized land vehicles subject to registration are not covered on your homeowner insurance policy. Does property not covered include medical supplies?
So, What is the Insurance Coverage for Medical Supplies, Equipment, and Drugs?
Coverages for your contents include fire, windstorm, explosion and more. So, a fire in your home would be a covered cause of loss. Also, there are no limitations to medical equipment, supplies, or drugs and they are not in the list of property not covered.
So if you have a fire, your medical supplies would be covered. List them in your inventory of items lost. You’ll be happy to know that this also includes property owned by others. That means that if your equipment is supplied by a caregiver, you can ask that your homeowners insurance policy pay for the equipment lost. Just be sure you have included it in the total amount of coverage in addition to your other personal items. Please note that for coverage to apply on property owned by others (hospital bed, for example), the loss must occur on the residence premises occupied by you.
All of this is subject to your deductible. And we do recommend you add Replacement Cost Contents to your homeowners for all of your personal property. That way, you don’t have to accept a depreciated settlement, you can go out and buy new with your claim check.
Many of our friends, relatives, and customers in the Mohawk Valley are happy to be able to stay at home, even if their health isn’t the best or they are getting older.
If you have questions on the equipment that it takes to keep someone in your family home, please give us a call. If we don’t carry your homeowners insurance, call us anyways. We’ll answer your questions and, if you’d like, see if we could save you some money.
Here’s to healthy living at home!
Until next time,
Your SZW Team
SZW Insurance is your New Hartford area Trusted Choice™ independent insurance agent. Call us for a quote on insurance for your home, car, business, or life at 315.792.0000. Or request a quote here.