You'll need homeowners coverage that is tailored to your needs as a senior. This coverage is essential for your home and possessions, as well as liability protection if someone gets hurt on your property. This coverage gives you peace of mind, knowing that the amount of money available to cover medical expenses or any lawsuits that may arise in case someone gets injured on your property.
The Best Home Insurance for Senior Citizens
Shop around for homeowners insurance to find the right policy that suits your needs and your budget. The cost of your insurance policy will depend on many factors. These include the age and state of your home, where you live, and how much damage you've had in the past.
Improve your credit score to reduce your home insurance. Some providers may offer discounts if your credit score is higher.
Seniors are eligible for discounts on home insurance. These savings can be anywhere between 10 and 25%.
Most home insurers will offer discounts to retirees, as they are less likely make claims for insurance and spend more quality time at their residences than most other customers. Retirees are often more aware of possible hazards such a gas leaks or electrical fires.
Sean Meehan's second vice-president of Travelers Insurance, Hartford, Connecticut, is a specialist in property strategy, design and marketing.
Senior discounts vary by company. You can check the website of each provider or speak to your agent to find out if you're eligible.
Affinity groups, gated community and homeowner associations, green materials such as solar panels, security systems, and storm-resistant houses are all discounts that you may be able to apply to your policy. Your insurance provider might offer other benefits like a On Your SIDE(r), guaranteed renewal program or a review.
You should also consider adding higher limits for guest medical payments and personal liability if you have visitors regularly. These limits may need to be added to the policy if you do not have them already. They will cover any injuries or damage that occurs on your premises.
What type of homeowners' insurance senior citizens require will depend on the size of their home, its value and what items they own. For instance, if you own expensive items such as furs, jewelry or artwork, you might want to get a policy with HO-3 and HO-5 limits.