As the Baby Boomer generation ages, many industries are feeling an impact. Housing, in particular, could see a dramatic shift in the coming years. As this population ages, it’s possible that many parts of the housing industry could see increased demand, including accessible housing, holistic services and residential care home insurance.
Increased Demand for Accessibility
Aging populations often downsize to smaller homes that are easier to maintain and navigate. These homes can be single-story or come with accessibility features such as elevators and handrails. While nursing homes have been around for a while, there has been a growth of independent living, 55+ and assisted living communities designed to accommodate the needs of more active seniors.
Increased Demand for Holistic Services
These newer communities are unique in their broad range of offerings. Services depend on the type of community but can include healthcare, social events, entertainment, dining services, wellness programs and transportation.
Increased Demand for Insurance
As different kinds of facilities pop up, offering more and more services, business owners could face increased risks. They could be held responsible for the residents, the property, the results of activities and programs on-site and the actions of staff. As owners seek to protect themselves from reputational or financial harm, the demand for comprehensive residential care home insurance policies may increase.