With a rapidly growing aging population, the rising number of nursing homes and assisted living facilities have increased substantially to accommodate the upsurge. It is projected to continue to increase throughout the next decade, partly due to the Baby Boomer generation reaching their retirement years. It’s wise for care centers to find an insurance company that is broad in its coverages and competitive with its nursing home insurance rates.

Wide Range of Coverage

Not all insurance companies offer the same features and not all services cater to aged communities. The needs of one elderly facility can vary greatly from another, and coverage for each risk will also vary. Risks that insurance companies can insure concerning senior communities include the following:

• Nursing Homes
• Continuing Care Retirement Communities
• Adult Housing
• Assisted Living Facilities
• Independent Living Facilities
• Healthcare Facilities

Competitive Pricing

When comparing nursing home insurance rates, find a company that is willing to work with your budget and offer the right coverages that fit your needs. Seek for a service with affordable prices, including a large range of programs that offer comprehensive plans with minimum premiums.

A quality insurance company that caters to aged facilities with affordable pricing can help to bring peace of mind for seniors. It’s nice to know that there can be a secure place for the elderly to live out the rest of their lives in comfort and security.

Nursing homes have implemented advanced technology and new equipment to improve the quality of care and comfort they provide to their residents and staff. However, relying on an assortment of electrical, mechanical and computer-controlled equipment to support operations presents its own concerns, which means your clients have a need for equipment breakdown insurance in the event of an equipment malfunction.

Electricity is such a critical part of the equation since it determines whether most equipment will function when needed. As a backup, many owners make sure that their facilities are equipped with emergency generators to support critical functions during electrical service interruptions. The need for additional policies must be factored in, as this will increase the nursing home insurance rates for your clients.

Business interruption can be quite costly

Society’s growing demand for power has extended to the health sector, which is more and more dependent upon electricity to operate safely. Business interruption, in addition to any necessary repairs that must take place, can be extremely costly, especially if conditions require moving residents to an alternate location for any amount of time. For example, if the air conditioning units fail to function during intensely hot weather, the elderly, many of whom may be in poor or even failing health, would require relocation to a properly functioning facility.

An improperly cleared electrical arc can also destroy circuit breakers, motors and electronic control equipment utilized to support facility operations. This can lead to significant property damage and interruption of normal operations for days until repairs can be made or replacements can be installed. Plus, the cost without insurance could be in the area of around $50,000 in property damage and perhaps $100,000 in business interruption.

Boilers, air conditioning, heating, and ventilation equipment are also needed to provide comfort to residents and others visiting or working at the facility. Although this equipment is generally quite reliable, power outages are not all that uncommon.

Sensitive business machinery is highly susceptible to the perils of equipment breakdown. Most jurisdictions require boilers and pressure vessels to be regularly inspected by a qualified service technician. These services may be provided at no charge as part of any equipment breakdown coverage. Brokers should take the time to secure the best nursing home insurance rates for clients faced with the possibility of costly equipment malfunctions.