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Homeowners insurance for senior citizens
Powered by Coverage.com (NPN: 19966249)
Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
How to find the best homeowners insurance for seniors
Whether you're moving into a new home or reevaluating your current coverage, your insurance needs will depend on your specific circumstances. To find the best homeowners insurance for senior citizens, consider getting quotes from multiple companies. That way, you can identify which offers the most ideal policy for the best price. Other things to consider include:
Policy and home type
One of the biggest factors that affects the cost of home insurance is the kind of policy you need. Not all policy types are the same, and some types of home insurance are more suited to one kind of home than another. For example, if you live in a much older home (especially one with older plumbing and electric systems), an HO-8 policy may be best for you.
However, an HO-3 is the most common type of policy and costs an average of $2,304 per year, or $192 per month for a policy with a $300K dwelling limit. Another type — the HO-5 policy — offers broader protection but will likely cost more. With home insurance, the more coverage you need, the more you’ll likely pay for your premium.
Home modifications and valuables
When shopping for home insurance or reviewing your current policy, it is important to know what coverage types can be adjusted to cover your home and personal belongings. If you have antique or heirloom items, you may need to purchase scheduled personal property coverage to fully insure the value of these items. Without it, you could run into a coverage gap.
Or, perhaps you’ve modified your home. Some modifications — like stairlifts or wheelchair ramps — require additional coverage. Discuss any updates you make with your insurance agent to determine if you need to increase your dwelling or other structures coverage.
Bankrate’s take: Because insurance companies and policies differ, seniors should compare coverage types and quotes to find the best options to cover their home and personal property. You may consider working with an independent insurance agent. The independent agent can shop with multiple insurance companies for you after learning your unique needs to find the best home insurance policy for you.
Renters insurance
Maybe you are not a homeowner and instead rent a home or apartment. No matter what type of building you are living in, renters insurance may help financially protect your personal contents when you do not own your home. This type of coverage may also apply to seniors living in assisted living facilities.
Common home insurance coverage types
Most standard homeowners insurance policies offer the same coverage types, but limits can vary. Some coverage types may be increased or added to personalize your home insurance policy.
| Coverage type | What it covers | Coverage amount |
|---|---|---|
| Coverage A: Dwelling | Repairs to your home’s physical structure from a covered loss | Varies |
| Coverage B: Other structures | Repairs to detached structures on your property, like a shed or gazebo | 10 percent of dwelling limit |
| Coverage C: Personal property | Insurance for your personal belongings against covered losses | 50 to 70 percent of dwelling limit |
| Coverage D: Additional living expenses, or loss of use | Helps with the unexpected costs like temporary housing, pet boarding and groceries if you are displaced from your home because of a covered peril, like a fire | 20 to 30 percent of dwelling limit |
| Coverage E: Liability | Insurance if you are found negligent for someone else’s injuries on your property | $100,000 and up |
| Coverage F: Medical payments | Helps with the cost of a guest’s injuries regardless of fault | Between $1,000 and $10,000 |
Is homeowners insurance more expensive for seniors?
No. Unlike auto insurance, age is not a rating factor when it comes to homeowners insurance. When looking for homeowners insurance for seniors, it is typically best to consider companies that offer the coverage you need at a price that fits your budget.
The cost of homeowners insurance is determined by a number of factors. Characteristics like your home’s location, age, square footage and roof condition, as well as your claims history and the coverage you need, will determine your rate. Further, each insurance company sets its own rating structure, so you will likely get different rates from different carriers for the same coverage.
Some insurance companies may offer a senior citizens discount on insurance policies. According to Bankrate’s research, The Hartford, Erie and Allstate could offer extra savings for retirees.
Powered by Coverage.com (NPN: 19966249)
Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
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Powered by Coverage.com (NPN: 19966249)
Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
How to find affordable homeowners insurance for seniors
Fortunately, there are strategies you may be able to use to find affordable homeowners insurance for seniors. Some factors — such as your home's location and age — are out of your control. But others are not, and this is where you may want to focus your attention when looking for cheap homeowners insurance. Consider the following tactics to potentially lower your premium.
Shop around and compare quotes
Don't assume that the first quote you receive for coverage is going to be the best option. It's usually a good idea to ask for quotes from several companies since you're likely to find that they have a range of premiums even if you're asking for the same amount of coverage from each one. With a handful of quotes in hand, you can choose the company that offers the best blend of affordability, customer service and coverage options to fit your needs.
Look for insurance discounts for seniors
Seniors may be able to take advantage of discounts to keep homeowners insurance rates low. These are some common discounts you may want to look for:
- Claims free: Many insurers offer discounts for policyholders who go a set period of time without filing a claim.
- Bundling home and auto insurance: Purchasing additional insurance types, like auto or RV, from your home insurance carrier may earn you a discount on one or both policies.
- Legacy or loyalty discount: If you stay with the same insurer for a certain number of years — often three to five — you might save money. A few insurers also offer a legacy discount to the children of long-time policyholders.
- Home improvements: You may earn a discount for renovations that improve your home's structure, such as installing a new roof or upgrading HVAC or plumbing.
- Monitored burglar and fire alarms: Since safety devices can mean a lower possibility of claims, you might earn a discount for installing them.
- Smart home devices: This discount rewards you for installing smart technology, such as gas and water shutoffs or a smart thermostat.
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