Should you contact your insurance company if you choose to age in place?
Another often overlooked cost of aging in place is the impact to your home insurance premiums. If you decide to age in place and make modifications to your home, it's essential to notify your insurance company. “There may be a need to increase coverage for certain areas of the home that require modifications, such as the installation of a wheelchair ramp, which would increase the replacement coverage needed for the dwelling,” says Jesica Ryzynski, claims specialist at Mitch Insurance. “Similar to adding a porch or deck, your insurance company will want to know key details about a ramp including measurements, materials and more.” Beyond home modifications, there are other important considerations for aging in place, including managing external risks. "If you're unable to manage snow removal, it's a good idea to arrange for someone else to handle it,” Ryzynski adds. “This can help mitigate the risk of slip-and-fall accidents in your driveway or on outdoor stairs, which could lead to liability claims." Related: Emotionally preparing for retirement is important