Home insurance companies typically offer benefits and savings geared towards senior homeowners. Many homeowners insurance providers also offer coverages that can protect you from identity theft or fraud threats.

This article covers:

Best homeowners insurance companies for seniors

When deciding on a home insurer, you'll want to choose one that takes good care of its customers. According to J.D. Power, here are the 10 best homeowners insurance companies based on overall customer satisfaction:

Best home insurance company based on ratings
Company Rating
Country Financial 855
Amica 853
Auto-Owners 843
Erie 839
The Hartford 832
Allstate 829
State Farm 829
CSAA Insurance Group 825
MetLife 824
American Family 821
Source: J.D. Power 2020 home insurance study

J.D. Power measured satisfaction by looking at interactions, policy offerings, price, billing process and policy information, and claims. Country Financial, which ranked first, offers different coverage options, plus additional protection and services, to suit most seniors' needs.

Amica, which ranked second based on overall satisfaction, offers a dividend policy. This policy returns 5% to 20% of your annual premium that you've already paid back to you. Even though a dividend policy costs more, you may save more in the long haul.

AARP home insurance for seniors

AARP's home insurance program through The Hartford is tailored to seniors. The program offers benefits to those who are retired or over a certain age. If you're an AARP member, you can tailor your home insurance policy to your specific needs. You can also save up to 20% if you bundle auto insurance with a homeowners policy. And you can get a discount if you are retired or work fewer than 24 hours a week.

Is home insurance more expensive for seniors?

Although your age can affect your home insurance rates to some extent, other factors play a much bigger part in determining the cost of your home insurance policy. The quality, location and age of your home, and your claims history are more important factors in determining your rate compared to your age.

Your age may have less of an effect on your rates compared to the age or location of your home. However, if you are a senior citizen, you can save on home insurance by getting discounts.

Best home insurance discounts and features for seniors

Many home insurance companies have discounts or policy features that can be of great advantage to senior citizens. Here are some discounts and features you should look into:

Retiree credits

Home insurance providers may provide a premium discount to retired homeowners. Since retirees tend to be at home more, the start of a fire or a plumbing leak, for instance, are more likely to be spotted quickly, meaning less of a coverage risk.

Allstate may offer discounts for individuals who are age 55 or older and retired, which can vary state to state. If you are an AARP member, you may be eligible for a credit on your home insurance premium if you are retired or work less than 24 hours a week. Farmers also offers discounts to retirees of certain businesses, occupational groups or professional associations.

Identity theft and fraud protection

Identity theft crime largely hits senior citizens. Seniors are most frequently targeted by scammers through fraudulent telephone calls and internet scams.

Many home insurance providers offer identity theft and fraud protection. You can add this coverage to your standard home insurance policy. According to III, adding identity theft to your home insurance coverage can cost as little as $25 a year.

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Recommended home insurance coverage for seniors

For many seniors, your home is your retirement investment. As such, it's crucial that you provide it with the best coverage you can by getting the right amount of home insurance. A standard home insurance policy is made up of three coverages:

  • Dwelling/structure
  • Additional living expenses
  • Personal belongings
  • Liability

First, make sure your home's replacement cost is properly calculated and your dwelling coverage accurately reflects it. Replacement cost is the amount it costs to rebuild your home from the ground up. Your dwelling coverage limit is also the basis for your personal property coverage limit.

Liability is a portion of homeowners insurance you should look at carefully. Most home insurance providers set policies at a minimum of $100,000. Strongly consider upping that to at least $300,000.

If someone is seriously injured on your property, a hospital stay or lawsuit can tear through that minimum amount quickly. If the medical or legal bills surpass the amount of liability coverage, you could wind up paying a lot out of pocket. Increasing your liability coverage from $100,000 to $300,000 is a small premium difference, as well.

If you have an heirloom or antique, then you may want to appraise them so you can insure them properly. However, there may be limits to the amount insured. In this case, you may want to add an insurance rider to increase your coverage limits.

Make regular policy reviews and comparisons

You'll want to shop around for the best home insurance quote each year in order to make sure you're getting the best deal. Home insurance companies may change the cost of policies annually, so it's beneficial to compare quotes from different companies to see what rates are available.

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