If you are an older person, you will need homeowners' insurance that fits your individual needs. This coverage is essential for your home and possessions, as well as liability protection if someone gets hurt on your property. You can also feel secure knowing you're covered for any medical costs or lawsuits if someone is hurt on your property.
Senior Citizens: The Best Home Insurance Policy
It is important to shop around for insurance policies to ensure that you get the best deal. The cost of your insurance policy will depend on many factors. These include the age and state of your home, where you live, and how much damage you've had in the past.
Improve your credit score to reduce your home insurance. Your credit score can be used to qualify you for discounts.
Seniors are eligible for discounts on home insurance. These savings can range from 10 to 25 percent.
Home insurers offer these discounts to retired customers because they are less likely to file insurance claims and spend more of their time in the home than other customers. They're more aware of potential hazards like gas leaks, electrical fires and ruptured pipes - and therefore may be able to detect them before they become too costly to repair.
Sean Meehan's second vice-president of Travelers Insurance, Hartford, Connecticut, is a specialist in property strategy, design and marketing.
Discounts for seniors vary from company to company, so it's important to talk with your agent or look at the individual provider's website to determine if you qualify for these discounts.
Affinity groups, gated community and homeowner associations, green materials such as solar panels, security systems, and storm-resistant houses are all discounts that you may be able to apply to your policy. Your insurance provider may offer you other benefits such as the On Your side(r) review and a Guaranteed Renewal Program.
If you are a frequent visitor, you should consider raising the limits of your personal liability and guest medical payment coverage. These limits may need to be added to the policy if you do not have them already. They will cover any injuries or damage that occurs on your premises.
The type of homeowners insurance that senior citizens need will depend on their home's size, value and the types of items they own. For instance, if you own expensive items such as furs, jewelry or artwork, you might want to get a policy with HO-3 and HO-5 limits.