Home Insurance for Seniors Guide

Your home is your most valuable asset and it's essential to have adequate insurance in place to protect it against life's unforeseen circumstances.
Elderly couple standing at their front door

Older adults have unique home insurance needs. Obviously, for renters, renter’s insurance for seniors is a must. But what about for homeowners? What kind of home insurance for seniors should you be taking out?

There are a lot of things to take into consideration when looking for the best home insurance for seniors. Did you know that just by spending more time at home during the day, seniors can take advantage of premium discounts? What about that those folks who take long vacations or spend time visiting relatives may need a policy covering their home when it's unoccupied? Or that valuables and collections acquired over a lifetime may not be covered by some policies?

Let’s break out the magnifying glass and examine the fine print. Senior Assistance Club tips on home insurance for seniors will help guide all wise seniors in finding the right coverage for them.

Tip 1: Compare Quotes Online

Buying homeowner’s insurance for senior citizens on the Internet is secure, quick, and easy. By answering a few simple questions about your home and the levels of cover you require, you can access hundreds of quotes in a matter of minutes.

If you want to make a really thorough search of the market, use at least two different comparison services. Insurify offers a complete report on the 10 best and worst sites to compare home insurance quotes.

Tip 2: Keep Your Home Maintenance in Order

Don't confuse a home insurance policy with a maintenance contract. A claim may be turned down if the insurance company believes you haven't made efforts to keep your home in good order. Incidents like storms can lead to severe damage if you haven't carried out routine repairs to your home. If your home needs some sprucing up, try our house cleaning tips for seniors.

Top Home Insurance Providers In Virginia

Tip 3: Insure At The Right Level

Some home insurance products offer so called ‘blanket’ levels of cover, but most companies ask you to choose the levels of cover you need for buildings and contents. The sum insured for buildings is the amount required to rebuild your home in the event it’s totally destroyed.

Many people assume a building should be insured for the current market value. Unfortunately, this is not the case. Contents sum insured is the amount required to replace everything in your home, including carpets, curtains, furniture and electrical appliances. Under-insuring your building or contents can lead to serious problems in the event of a claim.

Tip 4: Choose a Suitable Excess Level

Most home insurance products for over 60s have an excess level for filing claims.

Senior citizens with savings should consider choosing a higher excess level in return for a premium discount. Using savings for carrying out minor repairs usually means you can increase your no claim bonus and find cheaper home insurance in the future.

If you are living on a limited income, it may be sensible to select a lower policy excess.

Tip 5: Simplify with A Combined Policy

Insurance comparison sites may suggest it's cheaper to arrange your buildings and contents insurance policies with two different companies.

Senior citizens often report that dealing with an insurance claim can be stressful and time consuming. Many people find it is simpler and easier to have both buildings and contents with the same provider. Having a combined policy means you only have to complete one claim form and speak to one company.

Tip 6: Get Coverage for Valuables and Jewelry

If you have antiques, works of art or jewelry, check that a contents insurance policy includes cover for such items. Collections of coins, stamps and other valuables are often covered on a limited basis. Make sure you read the small print of a policy before accepting it.

Assistance Club Summary

The #1 Take Away: The best home insurance for seniors is subjective, at the end of the day. What works for one may not necessarily work for another. So, do your research and find which one suits your needs.

Many homeowners rely on home insurance policies for senior citizens in the event of fires, floods, hurricanes, mudslides, and earthquakes. If you have not reviewed or updated your policy in some time, make it a top priority for your To-Do List.