You need homeowners insurance to meet your specific needs if you are a senior. This is important for the protection of your home, possessions and liability in case someone gets injured on your property. You can also feel secure knowing you're covered for any medical costs or lawsuits if someone is hurt on your property.
Senior Citizens' Home Insurance: Best Home Insurance Plan
Shop around for homeowners insurance to find the right policy that suits your needs and your budget. The cost depends on a number of factors, such as your age and home's condition, location and claims history.
Improve your credit score to reduce your home insurance. This can help you qualify for discounts from some providers.
Another way to reduce the cost of your home insurance is to take advantage of discounts that are available for seniors. These savings can be anywhere between 10 and 25%.
In general, insurers give discounts to retirees as they spend more time in their homes and are less likely than other customers to file an insurance claim. As they are more alert to potential hazards such as gas leaking, electrical fires, and ruptured pipelines - they may be able detect them before the damage becomes too costly.
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.
Senior discounts vary by company. You can check the website of each provider or speak to your agent to find out if you're eligible.
Other discounts that can be applied to your homeowner's insurance policy include membership in affinity groups, gated communities and homeowner's associations, green materials, security systems and storm-resistant homes. Depending on your insurance provider, you may be eligible for other benefits, such as a guaranteed renewal program and On Your Side(r) Review.
If you receive visitors frequently, consider increasing the limits on guest medical payments as well as personal liability. These limits can be added to your policy if they're not already included, and they may be important for covering visitor injuries or damages that happen on your property.
The type of homeowners insurance that senior citizens need will depend on their home's size, value and the types of items 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.