Homeowners Insurance for Senior Citizens

Home insurance can protect seniors' financial interest in their property. Homeowners insurance pays to repair or replace damaged property after a covered peril, such as an unexpected fire, strong hail storms or theft of personal belongings.

Homeowners insurance ensures that seniors can recover from unexpected events without facing significant financial hardship, especially in their later years. By securing the right policy, seniors can have peace of mind knowing their property and belongings are well-protected financially.

TABLE OF CONTENTS

How to Get the Best Homeowners Insurance for Seniors
What Homeowners Insurance Covers for Seniors
Homeowners Insurance Optional Coverages for Seniors
Homeowners Insurance Discounts For Seniors
Is Homeowners Insurance More Expensive for Seniors?
Best Homeowners Insurance for Seniors
FAQ

Why Trust MoneyGeek? We examined data from multiple Departments of Insurance across all 50 states and Quadrant Information Services to find the top homeowners insurance options nationwide.

Key Takeaways

Seniors can benefit from a variety of discounts, including age-related, loyalty and protective device discounts, to reduce their homeowners insurance costs.

Auto-Owners is a top choice for seniors due to its affordability, strong customer satisfaction and financial stability.

For seniors with expensive homes, policies with higher coverage limits ensure robust financial protection for both the property and liability.

How to Get the Best Homeowners Insurance for Seniors

To get the best homeowners insurance for seniors, you should start by evaluating your coverage needs, comparing rates and exploring available discounts. Selecting the best homeowners insurance ensures you’re fully protected without overpaying. Seniors have unique needs and often live on fixed incomes, so finding a policy that balances cost with comprehensive coverage is vital. Use the following steps for guidance on how to buy homeowners insurance for seniors.

1
Evaluate your coverage needs
Seniors should consider higher dwelling coverage or extended replacement cost if their home is older and more expensive to rebuild. Additionally, assess whether personal belongings coverage adequately covers valuables.
2
Compare insurance quotes
Using tools like MoneyGeek’s to compare homeowners insurance quotes can help you easily identify the most affordable options that also meet your specific needs as a senior.
3
Look for senior discounts
Some insurers offer discounts for seniors who retire, have long-term loyalty with the company or maintain a claims-free history. Always ask your insurance provider about these potential savings.
4
Consider bundling policies
If you have other insurance policies, bundling them with your homeowners insurance can save you money. Seniors who have auto or life insurance may find significant discounts by consolidating their coverage with one provider.
5
Review policy exclusions
Make sure you understand what your policy excludes, which may include aging infrastructure or specific weather-related risks. Seniors in regions prone to certain natural disasters should verify that their policy offers sufficient protection.

What Homeowners Insurance Covers for Seniors

Standard home insurance policies typically include five key coverages: dwelling, other structures, personal property, liability and additional living expenses. These cover more than just your home and belongings — they also help safeguard your finances by covering injuries and legal costs if an accident occurs on your property.

Take a look at the key coverages of homeowners insurance:

Coverage	Description
Dwelling Coverage	Dwelling coverage covers the cost to repair or rebuild major parts of your home, such as the roof, floors and foundation, after damage from a covered peril.
Other Structures Coverage	This covers structures on your property that aren't attached to your home, like a detached garage or a gazebo, typically up to 10% of your main dwelling limit.
Personal Property Coverage	Personal property coverage reimburses you for damaged or stolen belongings, such as appliances, jewelry,or clothing, under specific insured events.
Liability Coverage	Liability coverage helps pay for medical expenses and legal costs if someone gets injured on your property or if you cause damage to someone else's property.
Additional Living Expenses (ALE)	Additional living expense coverage, also called loss of use coverage, provides financial help with temporary housing or other living costs if your home becomes uninhabitable due to a covered event.

Homeowners Insurance Optional Coverages For Seniors

Seniors can benefit from optional homeowners insurance coverages (otherwise known as endorsements) such as scheduled personal property or equipment breakdown coverage. These coverages provide added financial security for specific situations seniors may encounter, from protecting valuables to managing the risks of home system failure.

While the availability of endorsements can vary from provider to provider, some coverages that you can look for include:

Assisted Living Care Belongings

This coverage protects personal items, such as furniture and jewelry, when seniors move into an assisted living facility. It ensures that their belongings remain financially protected against theft or damage, offering peace of mind during the transition.

Scheduled Personal Property

Provides increased coverage limits for high-value items, like antiques or heirloom jewelry, which may exceed standard coverage. Seniors with valuable collections can rest easy knowing their cherished possessions are fully insured.

Cyber Event / ID Theft

Safeguards against identity theft and cyber attacks, particularly for seniors managing finances online or using telemedicine. This coverage helps mitigate the financial impact of fraud or identity breaches, offering crucial protection in today’s digital age.

Equipment Breakdown

Pays for repairs or replacement of household systems or appliances that unexpectedly fail, such as heating or cooling units. This coverage is especially useful for seniors on fixed incomes who want to avoid major unexpected expenses.

Homeowners Insurance Discounts for Seniors

Seniors may qualify for several homeowners insurance discounts, including mature homeowner discounts, loyalty discounts or bundling discounts. As seniors often stay with the same provider and make improvements to their homes, these discounts reward long-term commitment and proactive measures.

Keep in mind that insurers offer different discounts. While the discounts below are good starting points, you should still ask your desired insurer what other options they have that can benefit seniors.

Mature Homeowner Discount

Older adults over a certain age, such as 50 or 55, can receive discounts of up to 12% on their homeowners insurance. This discount rewards mature homeowners for their experience and reduced risk of claims.

Loyalty Discount

Many seniors benefit from staying with the same insurance provider, which makes them eligible for loyalty discounts, such as AAA’s 10% savings. This discount grows the longer you remain with your insurer.

Protective Device Discount

Seniors who have installed protective devices like security systems, smoke alarms or cameras can qualify for discounts of up to 9%. These upgrades reduce the likelihood of damage or theft, benefiting both the homeowner and the insurer.

Bundling Discount

Seniors who bundle multiple insurance policies, like home and auto insurance, can save more on their premiums. Homesite, for example, offers discounts for bundling, providing seniors with comprehensive coverage at a reduced rate.

Renovated Home Discount

Seniors who have updated their home’s structure, like replacing the roof or upgrading electrical systems, may qualify for discounts of up to 21%. Renovations lower the risk of damage, making this a valuable way to reduce insurance costs.

Is Homeowners Insurance More Expensive For Seniors?

Homeowners insurance will only be more expensive for seniors if they live in a high-risk area or have an older home that requires higher coverage. The age of the policyholder does not affect the cost of insurance, as insurers do not adjust premiums based on the homeowner's age. However, factors such as home condition, location and optional coverages chosen by seniors can impact the premium. Seniors can mitigate costs by qualifying for age-related discounts or bundling policies to save on overall expenses.

Best Homeowners Insurance for Seniors

For seniors, the top choice for homeowners insurance nationally is Auto-Owners Insurance, known for offering a great balance of affordability, customer satisfaction and financial stability. Seniors can expect to pay an average of $1,905 per year for a policy covering $250K for dwelling, $125K for personal property and $200K for liability.

That said, the best homeowners insurance for seniors depends on individual coverage needs. Use the table below to explore the best homeowners insurance options based on your preferred coverage level.

Data filtered by:Results filtered by:

Coverage

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Coverage:$100K Dwelling Coverage


Chubb	$ 978
Auto-Owners Insurance	$ 1,209
State Farm	$ 1,043
American Family	$ 1,159
Nationwide	$ 1,235
Farmers	$ 1,250
Allstate	$ 1,498
Travelers	$ 3,930

FAQ

As seniors approach retirement or settle into their homes, finding the right homeowners insurance becomes a key priority for long-term financial security. MoneyGeek addresses common concerns and provides insights into how seniors can make the most of their homeowners insurance options.

What discounts are available to seniors for homeowners insurance?

Seniors often qualify for discounts based on age, such as mature homeowner discounts or retired occupant discounts. They can also benefit from loyalty, bundling or protective device discounts.

How can seniors save money on homeowners insurance?

Seniors can reduce costs by taking advantage of available discounts, including those for age, bundling policies or having protective devices installed in the home.

What types of coverage should seniors prioritize?

Seniors should consider comprehensive coverage that includes dwelling, personal property and liability protection, as well as additional coverage for high-value items or home renovations.

Is there specific homeowners insurance coverage for seniors who own second homes?

Yes, seniors with second homes may want to explore options like landlord or homeshare insurance to cover rental properties or vacation homes.

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About Mark Fitzpatrick

Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.

Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.

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