Homeowners insurance for senior citizens
Finding home insurance for senior citizens isn’t difficult unless you live in a high-risk area prone to natural disasters. Florida, for instance, is a popular retirement spot, but hurricanes have made home insurance expensive and hard to find in some areas.
Senior citizens may be in the position of having paid off their mortgage, which means home insurance is no longer a requirement. However, unless you have enough money to repair or replace your home if something goes wrong, canceling your home insurance when your mortgage is paid off is not a good idea.
Our recommendation: Seniors home insurance
Home insurance rates are going up. Our experts recommend that seniors shopping for home insurance:
- Work with an experienced agent who can help tailor coverage to avoid overpaying
- Shop around to compare rates from multiple companies
- Ask about discounts
- Consider companies that cater to seniors
Is home insurance cheaper if you are retired?
Retirement doesn’t affect home insurance the same way it does car insurance. Car insurance rates tend to decrease after retirement because you’re on the road less. And while some retired people spend more time at home, others travel more, leaving homes unattended for long periods.
That means homeowners insurance for seniors is generally not cheaper, at least not just because you’re retired. Home insurance rates are based more on location and factors about the house itself than on who lives there.
Do seniors get a discount on home insurance?
Few insurance companies have a discount that’s specifically for seniors, but The Hartford’s home insurance program does offer discounted rates to AARP members. The Hartford partners with the AARP to provide home insurance that’s designed for seniors.
Home insurance rates aren’t affected by age the way car insurance rates are, either. However, some companies, notably Allstate, do offer a discount on home insurance for retirees.
Best home insurance for seniors
There’s no easy way to determine the best home insurance companies for seniors because being a senior doesn’t have a major impact on coverage or rates. That said, our editorial team identified a few companies that offer some perks to senior homeowners.
The Hartford
The AARP Home Insurance Program from The Hartford is the only home insurance program designed specifically for seniors. You’ll need to be an AARP member to qualify, which costs $16 a year.
Pros:
- Special discounts and savings especially for AARP members
- Bundling discount with the AARP Auto Insurance Program from The Hartford
Cons:
- Not available in all states
- Must join AARP to qualify, which has an annual fee
Allstate
Allstate’s 55+ and retired discount can get you cheaper home insurance rates with one of the biggest insurance companies in the nation. Allstate ranked fourth on our 2023 best home insurance companies list.
Pros:
- Lower-than-average rates
- Offers a retiree discount
Cons:
- 55+ discount may not be available in all states
- Higher than average complaint ratio with the National Association of Insurance Commissioners (NAIC)
Erie Insurance
Erie is J.D. Power’s top pick for home insurance in 2023, No. 1 for overall satisfaction and claims satisfaction. That makes Erie a top pick for homeowners of any age, including seniors.
Pros:
- Top-rated by J.D. Power
- An age of insured discount is available on some policies
Cons:
- Only available in 12 states
- No online quoting
How to find affordable homeowners insurance for seniors
While discounts for seniors are few and far between, that doesn’t mean cheap home insurance rates for seniors aren’t out there. To get the best price on home insurance, follow a few simple steps:
- Compare quotes from multiple companies. The company with a senior discount might not be the cheapest.
- Ask about additional discounts, like being claims-free or installing a security system.
- Compare rates both with and without the auto and home bundling discount; it’s not always cheaper to bundle.
- Discuss your coverage needs with an insurance agent or broker. While it’s usually not wise to drop coverage just to save money, you shouldn’t pay for coverage you don’t need, either.
“Insurers generally tie [dwelling, personal property, and other structures] coverages together and are reluctant to let people reduce PP and OS without reducing [dwelling] coverage - but we're urging consumers to try and get that accommodation - but keep their structure fully insured,” Bach says.
Buying home insurance for seniors
The companies above are a great starting point when shopping for home insurance, but there are a lot of small companies out there that may offer a better deal, even if they don’t specifically cater to seniors. Talk to a local agent about getting quotes from some of the regional companies that serve your area; you might be surprised at the prices you’re quoted.
“Getting help from an experienced insurance professional is super important in today's challenging market - they can find options you can't find on your own, and they can help you weigh your options and make good choices,” Bach says.
Loyalty to an insurance company can be rewarded with discounts, and as a senior, you may have been with your insurance company for a long time. But it’s important to consider your options. If loyalty is holding you back, remember that you might save a lot more than what a loyalty discount offers with another company.
Bottom line? Our experts recommend finding an insurance company you trust that offers solid coverage and great rates, regardless of whether that company caters to seniors.
