Homeowners insurance for senior citizens

Having the right homeowners insurance in place provides seniors with peace of mind, allowing them to focus on the things that truly matter, such as enjoying retirement and spending time with friends and family. However, what is the best home insurance for seniors?

The elderly are not always as easily able to research and obtain insurance quotes online as other age groups. When shopping for homeowners insurance, seniors should keep a few things in mind. The elderly can find the best home insurance policy for their unique personal and home circumstances by understanding coverage options, limits, and discount opportunities.

Homeowners insurance policy considerations for seniors

Senior citizens' home insurance coverage is not significantly different from that of other age groups. However, some seniors may have home modifications that necessitate additional coverage, such as a stairlift or wheelchair ramp. These home improvements should be discussed with your insurance agent to determine whether you need to increase your dwelling or other structure coverage.

Seniors may also want to think about increasing the limits on their guest medical payments and personal liability coverage. A standard home insurance policy includes limited medical payments for visitors, but this can be increased if necessary to cover visitor injuries on your property. If you are sued for injuries or property damage caused by you or others on your property, having higher personal liability limits can help you navigate a settlement or court case.

Common coverage limits for home insurance

The coverages provided by most standard homeowners insurance policies are the same, but the limits can vary. Some coverages can be increased or added to tailor your home insurance policy to your specific needs as a senior.

• Dwelling coverage: Varies depending on the amount required to rebuild your home in the event of a total loss.
• Other structures: 10% of the dwelling coverage, but this can be increased if necessary.
• Personal property: Varies, typically between 50%-80% of dwelling coverage but can be increased if needed.
• Personal liability: $100,000, but it can be increased if necessary. Insurance companies set their own limits.
• Loss of use: This varies, but is typically a percentage of the dwelling coverage. If necessary, the amount can be increased.
• Medical payments: $1,000 but can be increased, usually with a cap of $5,000 or $10,000.

Is homeowners insurance more expensive for seniors?

A variety of factors influence the cost of homeowners insurance. Your rate is determined by your age, claims history, location, the age of your home, appliances, and roof, as well as the amount of coverage you require. Each insurance company establishes its own rate structure, so your age as a senior may have a different impact depending on the company.

The dwelling amount is the most important factor in determining your home insurance cost, as shown in the table below. The more coverage you require, the more your homeowners insurance will cost. The older your home is, the more you may have to pay. You may be eligible for discounts if your home has updated appliances or a newer roof. Some insurance companies also provide senior citizens with insurance policy discounts.

National average annual cost of homeowners insurance

Homeowners insurance discounts for seniors

Seniors can benefit from discounts to keep their homeowners insurance rates low. When shopping for home insurance or reviewing your renewal policy, keep the following discounts in mind:

• Claims free
• Bundling home and auto insurance
• Legacy or loyalty discount
• Home improvements (new roof, impact resistant roof materials, storm shutters, upgraded HVAC or plumbing, etc.)
• Monitored burglar and fire alarms
• Smart home devices

The best homeowners insurance for seniors

The best homeowners insurance for seniors will be determined by your individual coverage requirements. To find the best home insurance company, get quotes from several companies and compare them to find the one that provides the coverages you require at the best price.

Home type

There are several types of homeowners insurance, but the most common is a HO-3 home insurance policy. Seniors who own a high-value home or valuable items such as jewelry, furs, or fine arts may have or want to consider a HO-5 policy, which provides increased coverage limits. If you are a senior citizen with an older home that cannot be easily replaced, a HO-8 policy may be a better option. Because not all insurance companies offer every type of home insurance policy, you may have to decide which one is best for you.

Coverage limits

When shopping for home insurance or reviewing your renewal policy, it is critical to understand what coverages can be changed to protect your home and personal belongings. You may be able to obtain special coverage or higher limits on standard coverage to protect antique or heirloom items. A standard HO-3 policy has specified limits for certain items, which means that if something is damaged or stolen, you may not receive the full value or it may not be covered at all.

Because insurance companies and policies vary, seniors should compare coverages and quotes to determine the best options for protecting their home and personal property. You should think about working with an independent insurance agent. After learning about your specific needs, the independent agent can shop around for the best home insurance policy for you.

Methodology

StrongInsurance analyses 2021 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. using Quadrant Information Services. Rates are based on 40-year-old male and female homeowners with no claims, good credit, and the following coverage limits:

• Dwelling Coverage A: $150,000, $250,000, $350,000, and $450,000
• Other Structures, Coverage B: $15,000, $25,000, $35,000, $45,000
• Personal Property Coverage C: $75,000, $125,000, $175,000, and $225,000
• Coverage D, Loss of Use: $30,000, $50,000, $75,000, $80,000, and $90,000
• Coverage E, Liability: $300,000
• Coverage F, Medical Payments: $1,000

In addition, the homeowners have a $1,000 deductible as well as a separate wind and hail deductible (if required). You may need to have a higher deductible depending on your dwelling coverage limit.

These are sample rates and should only be used for comparison. Your quotes will be unique.