What Is the Best Homeowners Insurance for Seniors?

Homeowners insurance is an all-important safety net to have from the moment you get the keys to your new place. Of course, we try to adjust our insurance policies as the years go by, expanding our coverage as we build a family or even adding on to the existing structure. However, what should seniors consider under their homeowners’ plan as they get older? Here are some tips to keep in mind to make sure that you have great coverage, but you aren’t breaking the bank for unnecessary protection.

Senior Citizen Home Insurance

When it comes to the best homeowners insurance for seniors, AARP/The Hartford, Allstate, and Amica Mutual have been considered among the prime provider for coverage options. After many years of homeownership, seniors seek coverage that is able to best accommodate the house they’ve worked so hard to pay their mortgage off on. A home insurance policy should consist of three basic coverages: dwelling/structure, personal belongings, and general liability.

Dwelling protection covers the structure of the home itself. This is key to insurance coverage in making sure that the replacement cost of the home is accurate. This is especially important for an older home as seniors seek coverage for property that has been paid off in full. Personal belongings coverage takes care of certain contents of the house, based on an overall coverage limit associated with the house. Liability coverage protects you if someone is injured on your property, taking care of medical bills or lawsuits that result from those incidents.

Common Policy Features

While basic homeowners insurance is crucial regardless of the age of your home and the belongings inside the house, there are coverage options that are of the utmost importance to seniors for the best protection based on a set home insurance premium. Senior applicants seek deductible forgiveness to help them deal with a higher deductible. Under certain circumstances, your deductible may be waived when your loss reaches a certain threshold. This is defined under the terms and conditions of home insurance coverage that should be explored when looking at quotes.

A basic home insurance policy will typically take care of the replacement of losses of valuable items at actual cash value. Actual cash value is the value of certain belongings at the time of the loss, which may not necessarily be the amount you paid for it. With protection for the full cost, your payout will reflect full value, a better option for antiques and older possessions. Identity theft and fraud protection from an insurance carrier are also important for senior citizens as part of standard coverage. Sadly, seniors are more susceptible to scams, and this additional coverage can spare them losing their hard-earned savings.

Discounts for Home Insurance

Whether it’s an insurance policy for an older home or condo insurance within a gated community, senior citizens will be able to score discounts on their homeowners’ coverage. A higher deductible is one way of saving on premiums for certain kinds of disaster-related damage. This is helpful in cases where you may need additional coverage like flood insurance because of where you live. Wind and earthquake policies should also be considered when exploring home insurance quotes to see if that nominal fee can save you on extra costs down the line.

Bundling insurance policies under one company can result in savings. There are several insurance companies that allow for home and auto coverage to be protected under the same umbrella. A good credit record, along with additional discounts provided through outlets like the AARP, can save senior homeowners in the long run. Be sure to explore what different companies may have to offer in terms of savings for the lowest price possible. After all, you don’t want to break the bank, but you do want peace of mind.


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