Are There Key Insurances Florida Seniors Can Benefit from Reviewing in the New Year?

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Are you a Florida senior wanting to look into reviewing your insurances during the New Year?  Are you concerned that you may need more than the usual house and auto insurance? As attorneys, who are members of AFELA, we know how important it is to educate our clients and community on the importance of comprehensive insurance coverage. This type of insurance may include umbrella coverage, luxury policies for valuables, long-term care insurance, and specific business policies. Below are a few examples of the key insurances you may need and how they might tie into your overall Florida estate planning strategy.

To begin, have you heard of umbrella insurance? Umbrella insurance provides additional liability coverage beyond the limits of your homeowners or auto insurance. It provides critical protection against unexpected events that could otherwise put your financial security at risk. This type of policy becomes increasingly important, especially for Florida seniors, because as your assets grow, this coverage offers protection against large claims or lawsuits that could arise from accidents or incidents on your property.

Secondly, do you own high-value items, for example, jewelry, art, or collectibles?  You need to know that a standard homeowners policy may not offer sufficient coverage. Luxury policies, also known as valuable personal property insurance, provide tailored protection for these items.  These policies can ensure that in the event of loss, theft, or damage, you are compensated adequately, safeguarding not just the financial but also the sentimental value of your treasures.

As a Florida senior, this next insurance is very critical. You may want to look into long-term care insurance. What is long-term care insurance?  Long-term care insurance is designed to cover costs that regular health insurance does not. It is the type of care you might need if you develop a chronic medical condition, disability, or disorder like Alzheimer’s disease. As life expectancies increase, this coverage becomes crucial in protecting your assets from the high costs of long-term care, ensuring that your savings and estate are not eroded by unforeseen health issues.

If you are a Florida senior and a business owner, having a separate business insurance policy is very important. A business insurance policy coverage protects against risks unique to your business operations, including property damage, legal liability, and employee-related risks. It should be an essential component of your overall business plan, ensuring that both your personal and business assets are shielded from unforeseen events.

Now, while insurance provides immediate protection, more importantly, Florida estate planning is about securing your legacy and is the keystone in your financial security. Proper estate planning ensures that your assets are distributed according to your wishes, reduces estate taxes, and provides clear instructions for managing your affairs if you become incapacitated. It involves working with one of our experienced Florida attorneys who are members of The Academy of Florida Elder Law Attorneys (AFELA) to create the Florida estate plan that represents what you want now in the New Year, and well into the future.  

We know this article may raise more questions than it answers. The Academy of Florida Elder Law Attorneys (AFELA) is the pre-eminent organization of Florida elder law attorneys providing advocacy, education and action on behalf of seniors and people with disabilities. We encourage you to contact one of our attorneys in your area using our Find a Lawyer website for assistance.