Moving to a retirement village? Here’s what you need to know about your insurance

3 MIN READ November 23, 2022
If you’re a bit older and feeling like you’re ready to move somewhere that’s a little more peaceful with a little less maintenance, a retirement village could be a good option for you. However it is a big life change and there’s a bit of…

Don’t cancel your home insurance straight away

When moving into a retirement village, it’s likely that you’ll be selling your current home. You might think you need to cancel your home insurance straight away, but it’s important not to do this too early. This is because right up until settlement, you are the legal owner of the property; even when someone purchases your home, they don’t officially own it until the change of ownership documents are signed.

If something like a natural disaster should occur between selling your home and the official settlement date, you could be out of pocket and out of a home if your house insurance is no longer in place. The sale of your home would fall through, and you likely wouldn’t have enough for your new retirement village home, so it’s definitely better to be safe than sorry!

Check what insurance requirements are necessary

Once you’ve chosen the retirement village you want to move into, make sure you take a look at the insurance expectations. Some retirement home complexes will have cover for the entire village, but some may require you to arrange your own insurance.

Because every retirement village is different, their insurance expectations will be too, so it’s important to know what you may need to arrange yourself and what might already be taken care of in your fees. Note that although some retirement villages will arrange insurance for everyone in the complex, you may still be required to pay a separate premium for this on top of any other fees.

Review all of your existing cover

If you’re downsizing your home when you move into a retirement village, you may also need to downsize the contents you bring with you as well. This is a good opportunity to take stock of what items you will be holding onto as you may need to amend the cover you have in place for your contents.

Speak to a financial adviser if you’re not sure how much cover you need. They can help you review the insurance policies you have in place and recommend any changes. For example, if you’re planning on selling your car and using the transport facilities at the retirement village, you likely won’t need vehicle cover going forward.

Remember to also update your insurance provider with your new details once you officially move into your new retirement village home.

Need some help creating a smooth transition to retirement village living? Come and chat to us here at Haven. Our friendly and experienced advisers can make sure you’re protected where you need it so you can relax and enjoy life in your new home.

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