What Is The Best Homeowners Insurance For Seniors?

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    If you choose to age in place instead of residing in senior homes during your retirement, you may be contemplating the necessity of senior homeowners insurance. Although it is not required by law, senior homeowners insurance can act as a safeguard against financial fallouts. 

    You may be wondering, “what is the best homeowners insurance for seniors,” given how there are many home insurance options to accommodate different needs. To better understand how homeowners insurance works, it is imperative that you also know your options for plans, providers, and more, so that you learn what is best for you.

    What Are Homeowners Insurance Plans?

    Homeowners insurance plans are comprehensive policies that will keep your home and your assets protected throughout unforeseen events that may occur. 

    The Basics of Homeowners Insurance for Seniors

    Homeowners insurance plans often give you coverage for instances such as burglaries, fires, natural disasters, injuries, liability claims, and more. Regular homeowners insurance includes coverage for personal property, liability, primary dwelling, no-fault medical coverage, and more, which can also apply to seniors.

    If you are a senior, you may have to factor in other considerations that will affect your coverage. Many seniors modify their homes to make them more senior-friendly, adding ramps or stairlifts wherever necessary. Changes like these should be disclosed to your chosen provider, as you may have to increase coverage for the structure, dwelling, and the like. 

    Costs for homeowners insurance may actually be discounted for senior citizens, depending on the chosen insurance company. Some providers actually have discounts for senior citizens because of lower risks for break-ins and the like. 

    However, the overall cost of homeowners insurance largely depends on the location, size, and age of the home, claims history, credit scores, and other factors. The average cost of homeowners insurance in the US is $1,015 for annual premiums.

    The Benefits of Homeowners Insurance Plans for Seniors

    Homeowners insurance is beneficial for people of any age, but seniors, in particular. You will have peace of mind knowing that the home you choose to spend the rest of your life in will be protected. Here are some of the most important benefits of homeowners insurance for seniors:

    • Main Dwelling Coverage - Main dwelling coverage is one of the biggest components of these policies, as it covers the dwelling you primarily occupy, protecting you from total losses.
    • Liability Coverage - Liability coverage protects you if anyone gets injured in your home or its premises, safeguarding you from lawsuits and medical bills.
    • Home Contents Coverage - Home contents coverage can absorb the costs of replacing personal property inside the home, from furniture to appliances, which may be destroyed due to certain events. 
    • Loss of Use Coverage - Loss of use coverage protects you when you need to leave your home when being rebuilt or repaired, giving you a buffer from expenses such as food, shelter, and more.
    • Detached Structures Coverage - Detached structures coverage will insure your gates, fences, garages, sheds, and more that may need to be replaced or repaired. 

    How Do You Choose Homeowners Insurance Plans? 

    Making a checklist for deciding on a homeowners insurance plan can help you stay objective and ensure that you end up with the policy that suits your needs best. Here are some factors to take note of: 

    • Policyholder Satisfaction - Taking note of existing policyholder satisfaction via testimonials, reviews, and retention rates should give you a good gauge of how well the provider performs. 
    • Claims Response - Assess a provider’s claims response and their history of responding to claims and settlements. 
    • Location of Insurance Provider - Local insurance providers may have a better and more intimate understanding of common risks and laws in your area. 
    • Potential Discounts - In some cases, you may be able to get discounts or lower premiums due to good credit scores, low risks for calamities, low-crime areas, and the like. You may even be able to bundle your policy with your car insurance. 

    What Are Some Examples of Homeowners Insurance Plans? 

    Taking the above factors into consideration, we have compiled a list of some of the best examples of homeowners insurance plans. After doing your research, shopping around for the best policy and provider, and comparing quotes, we hope you end up with a plan that fits your senior needs. 

    Allstate

    • Cost: $169/month
    • Coverages: Dwelling, liability, personal property, guest medical protection
    • Additional discounts: Bundled auto and homeowners insurance, new customer discounts, early renewal of policy discounts

    As one of the biggest insurance providers in the country, Allstate is known to deliver. Coverage encompasses all states in the US, albeit being on the pricier side. On top of the standard homeowners insurance policy, Allstate can give you coverage for other items such as your lawnmowers and golf clubs. 

    They also give you the option to obtain coverage for home-sharing if you rent out your house via platforms such as Airbnb. In the event that you experience identity theft, Allstate can also offer reimbursements and ensure that it never happens again. 

    AIG

    • Cost: Quote available upon request
    • Coverages: Landscaping, international home coverage, home replacement, pet damage, additional living expenses, condo insurance
    • Additional discounts: New home discounts, gated community discounts, companion policy discounts, central station fire and burglar alarm discounts, superior protection discounts, residential sprinkler system discounts

    Those with high-value homes may opt for AIG’s policy, which includes your usual homeowners insurance coverage options. Their loss prevention coverage is quite different from other providers and is designed to anticipate losses by stopping them before they occur. Inclusive here is protection for water damage and units that assist with natural disasters.

    They are also known to be very responsive and proactive with their customers. Policies are often customizable, especially for those who own condominiums. These include loss assessment, home contents replacement, home renovations, and building ordinance.

    Lemonade

    • Cost: Quote available upon request
    • Coverages: Coverage for standard homeowners insurance policies
    • Additional discounts: Bundled pet and homeowners insurance discounts, bundled insurance product discounts, annual payment discounts, home security, smoke alarm, and deadbolt discounts

    Lemonade’s systems are automated. Therefore, they are known to be very quick in approving new policies or claims. Signing up for their plans can be done online, and you can cancel them the same way as well. They are also known for their Giveback program, which allows you to donate excess premiums to a charity of your choice. 

    With Lemonade, claims can be made by simply shooting a video and installing their app. It is an ideal, modern insurance provider for those who are tech-savvy and wish for fast turnovers and service.

    USAA

    • Cost: Quote available upon request
    • Coverages: Coverage for standard homeowners insurance policies
    • Additional discounts: Home security system discounts, home age discounts, multi-policy discounts, claim-free discounts, membership loyalty discounts, firewise discounts, impact-resistant roof discounts

    USAA offers a full-cost replacement for all the policies offered. You have options for filing claims on their app and website. They also have top-notch customer service, with consistently good reviews. USAA is also notable for its top-rated financial strength, has coverage for identity theft, and can replace damaged military uniforms. 

    To obtain USAA homeowners insurance, you will have to become a member and inform them of your military service history. You can then request a quote depending on your home’s type and age, together with your insurance history. 

    Chubb

    • Cost: Quote available upon request
    • Coverages: Coverage for standard homeowners insurance policies, but also coverage for valuables, jewelry, extended replacement cost coverage, etc.
    • Additional discounts: Renovated or new home discounts, multi-policy discounts, claims-free discounts, security and fire discounts, backup generator discounts, no mortgage discounts

    Chubb’s Masterpiece Homeowners policy already includes coverage options that other providers will usually charge for, such as identity theft or water backup coverage. Should your computers be attacked by viruses, Chubb will even help you restore your data. They even help install new locks if keys get lost. 

    While most companies use the National Flood Insurance Program, Chubb has their own flood and earthquake insurance. Everything can be done on their website, from filing claims to paying your dues. 

    Amica

    • Cost: Quote available upon request
    • Coverages: Coverage for standard homeowners insurance policies, but also includes coverage for identity theft, computers, catastrophes, dwelling replacement, personal property replacement, valuable items coverage, and home businesses
    • Additional discounts: Bundled life, auto, and home insurance policies, automatic detection device discounts, remodeled or new home discounts, alarm system discounts, e-discounts, loyalty discounts, etc. 

    Amica’s rates are competitive compared to other providers while also known for being financially strong. In most states, they have dividend policies that require you to pay more upfront but have part of it returned to you as a percentage of your annual premiums. 

    A few of Amica’s policies even pay cash dividends. Dividends are based on whatever your annual premium is as well. When you upgrade to Amica Platinum choice, you will have a whole roster of extra coverages such as water backup, increased dwelling replacement, credit card coverage, loss assessment, business property coverage, and more.

    Frequently Asked Questions

    Are some aspects of homeowners insurance still unclear to you? Check out some of these frequently asked questions!

    Is home insurance cheaper for older people?

    Retirees or elderly people may be able to take advantage of discounts offered by some providers. Insurance providers also typically view seniors’ homes as a lower risk because they may be less likely to file a claim, thus lowering their quotes.

    Which area is not protected by most homeowners insurance?

    Standard homeowners insurance policies do not usually cover damages that may occur over time due to mold, termites, rodents, rot, or rust. Some catastrophes, including earthquakes or floods, may also require specialized policies that you will have to get as add-ons.

    Is collapse covered by homeowners insurance?

    Collapses will be covered by homeowners insurance if they are caused by certain things such as construction, excessive weight, rain, fire, unknown decay, and instances already covered by the policy.

    Which home insurance company has the highest customer satisfaction?

    Insurance companies known for high customer satisfaction include USAA, Amica, and AIG.

    Does being retired affect home insurance?

    Being retired may affect home insurance as some providers come to the understanding that since retirees spend more time in their homes, there are fewer risks and claims to be made.

    Choosing a homeowners insurance policy can prepare you for the unexpected, allowing you to rest well at night knowing that you will be protected. For more information and further reading on senior housing guides, check out Senior Strong today!

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