If you are an older person, you will need homeowners' insurance that fits your individual needs. This coverage is necessary for your home or possessions. It also provides liability protection in the case of an injury on your premises. 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
When it comes to homeowners insurance, you should always shop around to find the policy that fits your needs and 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.
One of the best things you can do to lower your home insurance is improve your credit score. Your credit score can be used to qualify you for discounts.
Seniors may also be eligible for discounts. The savings range between 10 and 25 percent.
These discounts are usually offered to retirees by home insurance companies because they tend to be less likely to claim and spend a lot more time in their own homes. These people are more likely to be aware of hazards such as gas leaks, electrical or pipe ruptures. They may also detect these before it becomes too expensive to fix.
These discounts can be worth 10 to 25 percent of your premium, says Sean Meehan, second vice president of property strategy and design for Travelers Insurance in Hartford, Connecticut.
Discounts for seniors vary from company to company, so it's important to talk with your agent or look at the individual provider's website to determine if you qualify for these discounts.
You can also get discounts on your homeowners insurance policy if you belong to affinity groups, live in gated communities, are a member of a homeowner's association, use green materials, have incorporated security features, or built sturdier homes. Your insurance provider may offer you other benefits such as the On Your side(r) review and a Guaranteed Renewal Program.
If you get visitors often, it's worth considering adding higher limits for medical payments to guests and personal liability. 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.
Seniors' needs for homeowners insurance will be determined by the size, price and type of property they own. For example, if you have high-value items such as jewelry, furs or art, you should consider getting an HO-3 or HO-5 policy to increase your coverage limits.