Affordable Homeowners Insurance for Seniors

Getting the cheapest homeowners insurance for seniors is all about finding the right discounts and having the right policy limits.

Specifically, you can choose a company, such as Allstate or The Hartford, that offers discounts to customers older than 55. And be sure to tailor your home insurance coverage limits to your exact needs.

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Best homeowners insurance discounts for seniors

Allstate has some great home insurance discounts for seniors. The Hartford also offers excellent savings, although it’s not available in as many states as Allstate.

Allstate

Allstate offers a discount for retired homeowners over age 55 that can save you up to 20% on your home insurance.

Other discounts that elder homeowners can take advantage of include:

• Bundling: Bundling your home insurance with an auto or life insurance policy can save you up to 25% on your insurance costs.
• Claims-free: Save up to 20% on your home insurance if you haven’t filed a claim over a given amount of time.

Allstate has other home insurance discounts, including one if you install a home security system and another if you sign up for automatic payment, as well as a discount for nonsmokers.

You can read our full Allstate insurance review for more info.

The Hartford

The Hartford offers “retiree credits” for AARP members who work 24 hours or less a week. The availability and amount of the discount depend on your state.

Other discounts that seniors can save money with include:

• Bundling: If you bundle your home and auto insurance with The Hartford, you can save 5% on car insurance and 20% on homeowners insurance.
• Home security: Adding a home security or fire alarm system to your home can also land you a discount.

While the retiree credit program is only available for AARP members, The Hartford’s other discounts are available for all of its policyholders.

A downside of The Hartford is that it’s only available in 37 states. You’ll want to check if you can get a policy from The Hartford in your state.

How much home insurance seniors need

To get the cheapest homeowners insurance for seniors, think carefully about how much coverage you want in these four main categories:

Dwelling

Dwelling coverage handles repairing and rebuilding the structure of your home, including the roof, walls and electrical and plumbing systems.

You want to purchase enough dwelling coverage to rebuild your home in the event of a total loss. But you really only need enough for rebuilding, rather than the full market value.

Personal property

Personal property coverage repairs or replaces your belongings after they’re damaged or destroyed by a covered peril. This includes clothing, furniture, electronics and appliances.

With personal property coverage, it’s easy to overinsure or underinsure. To avoid this, make a list of your valuables and their prices (along with descriptions and serial numbers if available). The total will tell you how much personal property coverage to buy.

An inventory list can be time-consuming, but it’s easy to update later, and it can save time if you have to file a claim.

Also be aware that:

• Personal property coverage is usually for an item’s actual cash value (its price as a used item), rather than what it would cost to replace it with a new version. You can buy replacement cost coverage instead, but it costs more.
• Some high-value items, such as art or jewelry, may be covered to a different limit than your less expensive belongings. Make sure you understand your policy limits.

Liability

Liability coverage handles legal costs and medical expenses from any injuries or damage that you’re responsible for.

Home insurance policies usually have a standard liability limit of $100,000. This may seem like a lot, but a long court case or hospital stay can hit that limit quickly.

To avoid paying out of pocket, consider raising your liability coverage limit to $300,000, especially if the policy price difference is affordable.

Loss of use (LOU)

Also known as “additional living expenses” (ALE), loss of use covers extra daily expenses from having to live elsewhere while your home is being repaired.

LOU coverage generally includes:

• Rent
• Meals
• Laundry
• Furniture rental
• Extra commute costs

LOU is usually set at 10% of your policy’s dwelling coverage limit.

Be aware that it only covers extra expenses. For example, if your regular monthly commute cost was $130, but relocating raised it to $150, LOU would pay out only the $20 difference.

How to get a home insurance policy

Gather together your personal info and details on your house, and then start getting home insurance quotes online (using the same limits for each company in order to make a fair comparison).

Once you find two or three companies that look right for your needs, find out what discounts they offer. You may have to call an agent for this, but it can be financially worth it.

Even after you pick an insurer, you might find it worthwhile to repeat this process every year since insurance companies change rates often. Comparing home insurance quotes annually is a good way to make sure you’re still getting the best deal.