If you're an elder homeowner and looking to find the best insurance policy for your home, many home insurance providers have offerings geared towards you. Between discounts geared toward senior citizens and protection plans against identity theft or fraud, there are many benefits out there to help keep your home safe in your golden years.
In this article
Best home insurance companies for seniors
When looking at your options for a home insurance policy, a key factor you're going to want to look at is an insurer's track record of fulfilling homeowners insurance claims. While policy cost, discounts and coverage offerings are all important factors when buying a policy, the provider's ability to payout on your claim when you file for a covered problem is going to be where it all comes together.
Below is a table showing the top 10 companies in the J.D. Power 2022 U.S. Property Claims Satisfaction Study. The study rates insurance providers' capability in regard to:
- Customer interactions
- Policy offerings
- Policy information
- Billing
- Claims
| Company | Rating |
|---|---|
| American Family | 868 |
| Allstate | 870 |
| Progressive | 874 |
| Liberty | 876 |
| State Farm | 876 |
| Nationwide | 878 |
| Erie | 882 |
| Farmers | 884 |
| Amica | 886 |
| The Hartford | 886 |
| Average rates are based on non-binding estimates provided by Quadrant Information Services. Your rates may vary. | |
The Hartford stands out as a notable home insurance company for senior citizens to consider. AARP offers a home insurance program tailored to the needs of older homeowners.
How much does home insurance cost for seniors?
The average cost of home insurance is $146 a month. Your age may affect your home insurance rate, however there are other factors that will have a more notable impact on your final quote. These factors include:
- Construction materials used
- Age of the home
- Your ZIP code
- Personal claim history
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Best home insurance discounts and benefits for seniors
Many homeowners insurance providers have discounts and policy offerings for senior citizens. They include:
Retiree discounts and credits
It is not uncommon for a home insurance company to offer a discounted premium for retired homeowners. Discounts on insurance policies are often connected to lower risks. Retirees tend to stay home more. This means less chance of a claim filed for an issue, such as a fire or leak that can be spotted quickly.
AARP members may be able to get a credit on your home insurance premium if you're either retired or if you work less than 24 hours a week. You can also save up to 20% if you bundle your home insurance with an auto insurance policy.
Identity theft and fraud protection
Identity theft is mostly aimed at senior citizens, being the most common targets of telephone and internet scams. Many home insurance companies offer identity theft and fraud protection you can add onto your policy, to help with the costs associated with being a victim of fraud. This includes:
- Identity and credit score repair costs
- ID document replacement
- Notary and certified mail fee associated with credit repair
- Administrative or legal fees
Recommended home insurance coverage for seniors
Especially if your home is your retirement investment, getting the right home insurance limits is important. There are three main coverage types in a homeowners insurance policy seniors should know about:
Dwelling
Your dwelling coverage takes care of repairs to or replacement of your home if it is damaged or destroyed. For that reason, it is important that you have an accurate value for your home's replacement cost. This is the cost to totally rebuild your home. If the rebuild of your home costs more than the replacement cost value of your policy, the difference comes out of your pocket. To avoid a costly rebuild, make sure your policy reflects your home's rebuild cost on an annual basis.
Personal property
You can acquire many belongings during the course of your life, and the actual value of all of your personal property may not be accurately reflected in your home insurance policy unless you take precautions. In order to make sure your personal property coverage is enough to cover the full replacement of your belongings in the event of a fire, make an inventory list. This list should include the make, model and replacement cost of these items.
If you own valuable art and/or jewelry, talk with your home insurer to make sure they are properly covered. Sometimes valuables are covered at specific, lower limits than other items under standard personal property coverage. Home insurance companies usually offer riders to make sure your valuables are properly covered.
Liability
If someone is injured on your property, or if you are responsible for property damage to someone else, liability coverage helps with the cost associated with injuries or damage repairs. Liability usually is set at a minimum of $100,000. This may seem like a considerable amount, but a prolonged hospital stay or court case can quickly eat through that limit, leaving you to cover any other costs out of pocket. To avoid that, we recommend increasing your liability limit to at least $300,000.
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