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.
Homeowners insurance plans are comprehensive policies that will keep your home and your assets protected throughout unforeseen events that may occur.
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.
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:
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:
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.
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.
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’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 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’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’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.
Are some aspects of homeowners insurance still unclear to you? Check out some of these frequently asked questions!
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.
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.
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.
Insurance companies known for high customer satisfaction include USAA, Amica, and AIG.
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!
