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Key Takeaways:<\/strong><\/p>\n As a senior, what\u2019s typically your most valuable asset? Your home! Unfortunately, it is becoming more expensive to insure your investment and give you and your family peace of mind.<\/p>\n Between the increases in the cost of living and the rising expenses of homeownership, affordable home insurance for senior citizens can feel out of reach, especially for those living on a fixed income. This can be compounded by where you choose to live. We continue to see skyrocketing premiums in locations with increasing natural weather disasters, like wildfires in California and hurricanes across Florida and the south.<\/p>\n Completely foregoing insurance is not a viable option either. Without adequate insurance coverage, you risk significant financial hardship in the event of an accident that causes serious damage or destroys your home. With no way to rebuild, you run the risk of becoming a burden to family or worse.<\/p>\n In this article, we take a look at some practical strategies<\/em><\/strong> to save money on your homeowners insurance, as well as some homeowners insurance discounts<\/em><\/strong> for seniors. We also look at how to evaluate your current policy and where to turn for expert advice.<\/p>\n A brief word on condominium insurance (or renter\u2019s insurance) versus homeowners insurance for seniors:<\/p>\n With many seniors opting to move to retirement communities, we felt it was important to outline practical strategies that apply to homeowners insurance, but some may also apply to a condominium insurance policy. Your insurance agent is the best source of information regarding the different policies.<\/p>\n Circumstances change and we continually stress the importance of regularly reviewing your homeowners insurance policy to ensure the best price for comprehensive home coverage for elderly homeowners. It\u2019s good to get into the habit of doing it annually\u2014like after the new year or when you do your taxes.<\/p>\n When you do a thorough review, ensure that your policy is reflective of your current situation which helps you avoid any unnecessary coverage. You may be eligible for new discounts or want to adjust deductibles.<\/p>\n Here is a comprehensive step-by-step guide that will walk you through the process. You will want to review your findings with a licensed insurance agent that specializes in homeowners insurance for seniors and retirees.<\/p>\n \u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Locate current homeowners insurance policy<\/p>\n \u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Include any supplemental endorsements\/riders<\/p>\n \u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Include your property valuation if available<\/p>\n<\/td>\n \u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Coverage for Dwelling \u2013 Be sure it reflects current cost to rebuild your home (consider inflation, materials costs, labor costs, etc.)<\/p>\n \u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Personal Property Coverage \u2013 Check to ensure your coverage would adequately replace your personal property, e.g., furniture, appliances, electronics, antiques, art, clothing, kitchenware, tools, jewelry, sporting equipment, etc.<\/p>\n \u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Liability Coverage \u2013 Review all liability limits for adequate coverage<\/p>\n \u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Additional Living Expenses \u2013 Coverage for temporary housing for you any family members<\/p>\n<\/td>\n \u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Review any exclusions:<\/p>\n o\u00a0\u00a0 Natural Disasters \u2013 floods, wildfires, earthquakes<\/p>\n o\u00a0\u00a0 Water Damage\/Mold<\/p>\n o\u00a0\u00a0 Termites, Insects<\/p>\n o\u00a0\u00a0 Vacant Homes (especially important if you spend time in different locations, like Florida in the winter, and leave your home empty for 60 days or more)<\/p>\n \u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Review limitations which are conditions covered by usually at a lower level<\/p>\n \u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Be prepared to acquire additional coverage to fill coverage gaps if, for example, you live in a flood zone or have ultra-expense artwork<\/p>\n<\/td>\n \u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Talk with your insurance agent about all possible discounts, e.g., senior, bundling, safety systems, etc.<\/p>\n<\/td>\n \u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Consider whether your deductible is reasonable. Can you provide the amount in cash to satisfy initial insurance claims?<\/p>\n<\/td>\n \u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Review and update your home inventory: new acquisitions, sales, depreciated items<\/p>\n \u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Consider Age-Related Needs, e.g., ramps, grab bars, stairlifts<\/p>\n \u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Take photographs of any valuables, e.g., jewelry, electronics<\/p>\n \u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Plan to increase\/decrease personal property coverage to meet new circumstances<\/p>\n<\/td>\n 1. What age qualifies as a senior homeowner for related discounts?<\/strong><\/p>\n Most insurance companies begin offering senior-related discounts at age 55, although some wait until 60 or 62 years of age. It\u2019s dependent on the insurance company and what they offer. Check with your insurance agent to ensure you can take advantage of age-related cost savings with your insurance plan.<\/p>\n 2. Are there specific insurance companies that specialize in affordable home insurance for senior citizens?<\/strong><\/p>\n Yes, AARP has an insurance program specifically designed for seniors that is through The Hartford insurance company. Like joining the AARP, their coverage starts at 50 years old. There are also many reputable national insurance companies that offer senior discounts and loyalty pricing, e.g., State Farm, Amica, Farmers Insurance, and Liberty Mutual.<\/p>\n In addition, there are some regional and state-run programs that offer assistance which may be coupled to property tax relief initiatives.<\/p>\n 3. What\u2019s the best way to compare homeowners insurance policies?<\/strong><\/p>\n Today, there is technology available to help you gather quotes on affordable home insurance for senior citizens. Using a home insurance quote engine, like the one found here<\/a>, you can gather information and find a knowledgeable and licensed insurance agent in your area.<\/p>\n 4. How does downsizing affect premiums for homeowners insurance?<\/strong><\/p>\n Well, that depends. If you are moving to a smaller home, that can reduce your premiums significantly. However, if you are moving to a new upscale area or community where the home prices are higher for less square footage, you will pay elevated premium costs accordingly.<\/p>\n 5. I live half the year in another state. If I rent my home as a short-term rental, does it impact my insurance rates?<\/strong><\/p>\n Yes, you will need to talk to your insurance agent about the consequences. Most insurance companies do not cover damage or liability for short-term rental properties with a standard homeowners insurance policy. You may be able to secure specialized coverage such as a Landlord Insurance policy, Vacant Home Insurance, or Short-Term Rental Insurance like \u2018Allstate HostAdvantage.\u2019 Just be sure to know your situation before you leave town.<\/p>\n As a senior homeowner, its important to ask the right questions and to find a trustworthy agent who can guide you in selecting an appropriate insurance policy that\u2019s also a good value. From bundling policies to exploring multiple discounts to shopping around for quotes, we have given you some ideas for ways to be proactive when selecting the right homeowners insurance for seniors and retirees.<\/p>\n It\u2019s essential to stay informed and seek professional insurance guidance\/help, when needed, for your financial-related decisions. Visit einsurance.com<\/a> to find an insurance pro in your area and to learn more about the ins and outs of homeowners insurance.<\/p>\n\n
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8 Practical Ways to Save Money on Homeowners Insurance<\/h2>\n
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6 Additional Homeowners Insurance Discounts Available to Seniors and Retirees<\/h2>\n
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Review Your Policy to Ensure the Most Affordable Home Insurance for Senior Citizens<\/h2>\n
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\n Homeowners Insurance Review Guide<\/strong><\/td>\n Check<\/strong><\/td>\n<\/tr>\n \n Step 1 \u2013 Gather All Policy Documents<\/p>\n <\/tr>\n \n Step 2 \u2013 Review and Update Coverage<\/p>\n <\/tr>\n \n Step 3 \u2013 Review Any Exclusions and Limitations<\/p>\n <\/tr>\n \n Step 4 \u2013 Evaluate All Current Discounts<\/p>\n <\/tr>\n \n Step 5 \u2013 Assess Your Deductibles<\/p>\n <\/tr>\n \n Step 6 \u2013 Update Your Personal Property Inventory<\/p>\n <\/tr>\n \n Step 7 \u2013 Review Credit Score to Ensure Best Pricing<\/td>\n <\/tr>\n \n Step 8 \u2013 Shop for Quotes<\/td>\n <\/tr>\n \n Step 9 \u2013 Meet with Your Licensed Insurance Agent<\/td>\n <\/tr>\n<\/tbody>\n<\/table>\n 5 FAQs About Saving Money on Homeowners Insurance as a Senior<\/h2>\n
A Final Word<\/h2>\n