Will You Be Compliant By July 1st?
As of July 1st, 2015, all residential care facilities for the elderly (RCFEs) need to be carrying liability insurance. Why? Because California recently passed Assembly Bill 1523, which mandates that all RCFE owners have at least $1 million per occurrence and $3 million in the annual aggregate of liability insurance.
That means that by the first of next month, your RCFE facility needs liability insurance not just to protect itself, but also to avoid falling out of compliance with AB 1523. If you are a long-term care facility offering Alzheimer’s, dementia or other residential care, you need to be prepared for the upcoming deadline. AB 1523 impacts all personal care homes, independent living facilities, and assisted living facilities. In short, if you are running a facility that offers long-term care to individuals, it is crucial that you get coverage before the RCFE liability insurance deadline.
While there are a number of insurance providers who will be looking to take advantage of AB 1523 to turn a profit, it is important that you get your policy from a provider who has experience tailoring coverage to meet the specific needs of RCFE facilities. When shopping for the coverage you need, check that your insurer has a history of insuring facilities like yours and is willing to customize your coverage both to protect your individual facility and to ensure compliance with AB 1523.
Do not be left scrambling to get the coverage you need before the July 1st deadline. Contact InsureMyRCFE today to talk with a team of RCFE insurance experts who can help you set the right policies in place with the legally-mandated limits. Do not be left facing penalty fees for not complying or paying too much for your California RCFE insurance; call us today!