Should I keep insurance coverage when moving to a Continuing Care Retirement Community (CCRC)?


Recently I cancelled my auto insurance because my driving had deteriorated to the point I was an accident about to happen. I have Parkinson's disease and at 86 years of age had enough. But live with my wife in CCRC in northern Virginia. Also have Renters and Umbrella policies with USAA, and Life insurance with Navy Mutual Aid.(paid up). Would you recommend continuing what i have with USAA or should one or both be canceled. Falcons Landing my CCRC is considered the premium not- for-profit retirement community in Northern Virginia.

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Answers (1)

Answers (1)

Thank you for your question and I feel for you and your family while struggling with some very difficult life decisions.  I commend you for your decision to put the safety of yourself and others first regarding your driving.  I’m also glad that you are well positioned for the care you need in a Continuing Care Retirement Community (CCRC).  These facilities typically provide good experiences for residents and quick access to needed medical care as well. 


Your questions about your insurance coverage and which may be necessary is a common question for members moving to a CCRC.  The CCRC has a few different models and knowing the specific contract rules at your CCRC may answer many of your questions.  The point of insurance is protecting you and your family by making you financially resilient from accidental damage to your possessions or liability to others.  Think of it as filling a financial gap in case of an accident and relieving you from the need to liquidate your savings accounts to cover for an economic loss.   


First, we need to determine what type of model is your CCRC.  For example, some furnish your home for you.  Some do not.  Some offer liability coverage for accidents onsite. Some do not. 


If your home is furnished with items you own, you’ll likely want to hold onto to some type of insurance coverage, like renters, for those items if your CCRC is damaged in a fire or storm of some kind.  Further, if your home is furnished by the CCRC, you may still have high value items of your own such as jewelry or heirlooms that may need a little extra protection by a Valuable Personal Property (VPP) insurance policy. 


Do you have many people visit your home? Or have occasion to potentially cause injury or property damage to others?  Look at your habits and lifestyle.  People visiting your home may be protected by the CCRC liability policy if there is one – find out.  If there isn’t a liability policy that applies from the CCRC or it isn’t enough to cover your assets, you may find more comfort and peace of mind in keeping the liability coverage in the form of Renters and/or Umbrella insurance.  Keep in mind that you should still have enough liability coverage to protect your assets whether that coverage is owned by you or the CCRC. 


Great questions and I hope you can quickly find the specifics to your CCRC contract to make a sound decision.  Please know you can always contact the professionals here at USAA to answer more specific questions once you have knowledge or your contract with your CCRC.  Let us help – call us at 1-800-531-USAA (8722).