Older adults have unique home insurance needs.
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. The following home insurance tips will help guide all wise seniors in finding the right coverage for them.
Buying insurance 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 in 2020.
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.
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.
Most home insurance products 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.
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.
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.
The #1 Take Away: Take time to get the best insurance for your home.
Many homeowners rely on home insurance policies 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.