Best Home Insurance for Seniors (2024)

Whether you are celebrating the payoff of your mortgage, downsizing to a smaller home, or moving somewhere warm to enjoy your retirement, home insurance is an important part of protecting your investment. Obviously, you want to find the best home insurance for seniors.

After many years of homeownership, seniors can expect to be rewarded with discounts and overall good rates. Some insurance companies go the extra mile to help seniors insure their homes, so compare home insurance options before settling on a policy.

Who has the best rates on homeowners insurance?  Are there senior discounts for homeowners insurance? What is the best homeowners insurance for seniors? You have questions and we have answers to help you find the best home and contents insurance for seniors.

Perhaps you’re wondering if AARP offers home insurance in addition to car insurance. Learn more by checking out, AARP Car Insurance: Is it right for you?

Ready to buy seniors’ home insurance? Find multiple home insurance quotes for seniors today by using your ZIP code in our free tool. We’ll help you find online quotes for affordable home insurance for seniors today.

What is Senior Citizen Home Insurance?

Seniors need home insurance just like everyone else — even if your home is paid off. While owning your home outright means you won’t have to provide proof of insurance to a mortgage company or meet their coverage requirements, you still need home insurance to protect your property, belongings, and finances.

Your insurance needs will vary based on the type of home you own. For example, if you have owned a single-family detached home for many years and are downsizing to a condo or townhome, you will discover that the insurance policy changes.

Attached homes with an association policy to cover the structure itself only require homeowners to purchase “walls-in” coverage — meaning it protects only those things inside (we’ll discuss this more later).

Learn more by reading, Everything You Need to Know About Condo Insurance.

Regardless of the type of residence you choose, you will still need to carry insurance for your personal property as well as general liability. If you are downsizing and giving many items away, you may need less personal property coverage.

On the other hand, antiques and family heirlooms may actually have gone up in value over the years. It’s worth having potentially high-value items appraised so you can insure them properly, with a rider if needed.

Additionally, liability insurance is a part of every home insurance policy, and now is not the time to reduce it. Even if you feel the risk is low, liability coverage can protect the retirement savings you have worked for so many years to gather.

Keep reading to learn more about the importance of liability coverage, what it includes, basic limits for personal property coverage, additional options you can include on your policy, and more.

What Kinds of Homeowners Insurance Should Seniors Purchase?

Your home insurance policy includes three homeowners insurance types. The first, dwelling/structure, covers the home itself. The key to this coverage is making sure the replacement cost of your home is accurate.

The second coverage type, personal belongings, covers certain contents in your home, but the value of this coverage is based on the overall coverage limit associated with your dwelling.

The third and final coverage type is general liability, which protects you if someone is injured on your property. The coverage helps to pay for medical bills, lawsuits, etc., that result from the injury.

It’s important to make sure you have the right amount of liability coverage to protect your finances. The minimum is usually $100,000, but it may be a good idea to consider a higher coverage amount.

Read more: Best Home Insurance for Older Homes

Does Homeowners Insurance for Seniors Include Home Contents Coverage?

As we noted earlier, there is some coverage for your home’s contents included in a standard policy. However, there are limits to how much coverage is included for each high-value item category. Take a look at this table for some examples.

Home Contents Coverage Categories and Average Coverage Limits

These are just basic coverage levels in a homeowners policy. If you’re wondering how much home insurance you need or are concerned that something you own isn’t sufficiently covered under a standard policy, you can speak with your agent about having your items appraised and the coverage levels increased.

What are Some Common Homeowners Insurance Policies and Features for Seniors?

In addition to basic home coverage, there are some coverage options you may want to consider adding to your policy. These can include:

• Deductible forgiveness – Under certain circumstances, and if it’s defined in terms of your contract, your deductible may be waived when your loss reaches a certain threshold.
• Protection for full cost – A basic home insurance policy will typically cover the replacement of losses of valuable items at actual cash value (the value at the time of the loss, which is not necessarily the amount you paid for it; often, the value is decreased over time due to deprecation). With protection for full cost, your payout will reflect the full value instead of the depreciated value.
• Identity theft and fraud protection – Identify theft and fraud are both growing problems for people across the country, and often more so for senior citizens who are a specific target for both. As a senior citizen, you can add identity theft and fraud protection to your insurance policy for a nominal fee.

Many seniors also need to consider the best home insurance for second homes if they have a second home.

Keep reading to find out which companies offer the best homeowners insurance for senior citizens, additional benefits, and ways to save on the insurance cost of your monthly premiums.

How Do you Shop for Home Insurance for Seniors?

Now that you know the basics, are you ready to start shopping for your home insurance coverage? Read through the next few sections for some tips on the best ways to find the right home insurance policy for senior citizens, possible discounts on insurance premiums, and more.

Read more: What does home insurance cover?

How Do you Find the Right Home Insurance Policy as a Senior?

Aside from looking into potential discounts (which we’ll discuss next), shopping for home insurance as a senior is not much different from shopping for home insurance at any other age. It’s important to compare rates and coverage to make sure you’re getting what you need, and it’s vital to ensure you’re with a reputable homeowners insurance company.

Before you decide, you should compare quotes from at least three companies to make sure you’re getting fair rates.

When shopping for home insurance, it’s always a good idea to shop your car insurance around as well.

If you’ve just retired, you should be able to qualify for lower rates; not surprisingly, the companies that offer discounts to seniors on home insurance often offer them on auto as well. A bundling discount will make them an even better deal.

Find more car insurance discounts here, Car Insurance Discounts: What You Need to Know.

If you are making a big retirement move to another state, for example it’s a good idea to ask around about local or regional insurance companies.

For example, Florida is a popular retirement location, but the homeowner’s market there can be tricky at best. Expert advice is often a good idea in a case like that, so you may consider finding a reputable local independent agent to give you some help.

If you’re looking for home insurance in Florida, read our guide, The Best Florida Home Insurance.

Is Homeowners Insurance for Seniors More Expensive?

Several factors affect insurance rates for homeowners, including the value and location of your property, credit score, claims history, and more.

Your age has less of an effect on rates than the other factors we’ve noted and are described in the video, which means home insurance rates for seniors shouldn’t be higher than average. In fact, as a senior citizen, you may even qualify for some discounts that lower your rates.

Are There Home Insurance Discounts Available for Seniors?

While there are no specific home insurance coverage requirements or limits for senior citizens, some specific discounts may be available. If you are looking for the best house insurance for seniors, these discounts can help with your home insurance rates.

Many home insurance companies offer a 50+ discount or a discount for those that are retired. The amount of these discounts can vary by company and location, so it’s worth shopping around to see what the best deal for your particular needs is. If you bundle auto insurance for seniors with home insurance, you might get a discount.

As a general rule, you probably won’t save as much on a senior discount as you would by staying with a company. Safety features like security systems may also entitle you to a discount.

Talk to your insurance agent and see how these discounts can help you save on your standard home insurance policy.

Still, it’s certainly worth getting a homeowners insurance quote. This is especially true if you are looking to switch all of your insurance or are interested in adding additional coverage.

Are There Homeowners Insurance Companies for Seniors?

In researching good options for home insurance policies for senior citizens, we made a point to select companies with good rates because we know many senior citizens have limited resources and may live on a fixed income.

In addition to good rates, we focused on companies that offer good value, great coverage, and no compromises. We were also on the lookout for senior homeowners discounts and any other benefits offered to seniors.

We looked for companies that go the extra mile when it comes to claims service. The last thing you need is to fight an insurance company to pay your claim; all our choices rank high in claims satisfaction. The same goes for good ratings when it comes to customer service. By comparing the best auto insurance companies for paying claims, you can get a good idea for how those companies handle home insurance claims.

While many local companies offer great products and services, choosing national companies makes the information useful to as many people as possible, so we focused on choosing companies with widely available products.

Read on to find the best homeowners insurance for seniors.

What Are the Best Homeowners Insurance Companies for Seniors?

When you’re shopping for home insurance as a senior citizen, you want to make sure you’re getting the best coverage from one of the best homeowners insurance companies in the country, based on your needs.

These three companies provide great service and comprehensive policies for seniors (while GEICO home insurance offers decent protection, they didn’t make our list of the top three for seniors).

Find out more here: GEICO Insurance Review & Complaints.

The Hartford/AARP Home Insurance

The AARP-branded home insurance products through The Hartford are designed specifically for seniors’ needs, putting them at the top of our list. AARP homeowners insurance rates are already discounted for seniors, and they also offer a retiree credit to decrease them further.

You can also take advantage of the AARP-branded auto program for another discount, putting them at the top of the list for the best auto and home insurance for seniors.

The Hartford is a solid company that generally ranks well in customer satisfaction. According to J.D. Power, a company that conducts customer satisfaction research in a variety of industries, The Hartford has a score of 806 out of 1,000 on its customer satisfaction index ranking and a three out of five for the J.D. Power Circle Rating (which translates to “about average”).

You will need to be an AARP member to get in on these products, but that comes with a whole array of other benefits that makes it well worth joining.

Read more: AARP Auto Insurance Program from The Hartford Review 

Allstate

Allstate offers a truly impressive line of discounts, which includes up to 10 percent off for 55+ retirees. Other discounts you could qualify for are a claim-free discount, a new home purchase, and even a discount just for being a new customer 10 percent off for the first two years.

Allstate’s captive agent approach means you will always have someone you trust to talk to about your insurance, and their home insurance policies are comprehensive and full of included benefits.

That same J.D. Power study indicates that Allstate received an 814 out of 1,000 on the customer satisfaction index, while the company also received a three out of five for the J.D. Power Circle Rating.

Allstate competes very well in our rate comparison tests, and with those added discounts, they offer a good value.

Read more:

• Allstate Home Insurance Review & Complaints: Home Insurance.
• Best Home Insurance for New Home Builds

Amica Mutual

Amica Mutual is the only company on our list that does not offer a specific discount to seniors. Still, Amica’s home insurance rates are excellent, and they can’t be touched for customer service.

Amica won J.D. Power’s top award for both property claims satisfaction and homeowner claims satisfaction in 2017. If you’re looking to bundle with your car insurance, they also won that claims satisfaction award.

Amica has an excellent homeowner’s insurance program that includes many products as standard that are add-ons elsewhere. For seniors that value great service on a great policy above all else, Amica is a great option.

Are There Other Types of Insurance for Seniors?

Let’s say as a part of your retirement that you’ve downsized from a traditional home to a condo or a rental. Do you still need coverage? The answer is yes. Read the next few sections to learn more about “walls in” coverage.

What Kind of Condo Insurance is Available for Seniors?

If you live in a condo, even if the property is managed by a homeowner’s association (HOA), you’ll still need insurance. Condo insurance provides coverage similar to traditional homeowners insurance, but it’s often much less expensive.

This can be for several reasons, but primarily because it only covers your unit and not any of the rest of the property.

Anything considered community or shared property is usually managed and covered by the HOA.

Coverage like fire and smoke damage, weather damage, theft, and vandalism are all included, but earthquake damage, flood damage, intentional damage, nuclear hazards, and routine wear and tear are typically not included in a standard condo insurance policy.

If you live in a newly built condo, you may want to look into the best new build home insurance.

What Kind of Renters Insurance is Available for Seniors?

If you don’t own your property, you won’t need homeowners or condo insurance, but you’ll still need renters insurance. This coverage will still protect your personal property, but not the dwelling, which means your rates may be much lower than they would be for homeowners’ insurance.

It will also provide liability protection if someone is injured in your home.

If you live in a retirement home or assisted living facility, you should purchase renters insurance and protection for your personal property (which comes with similar coverage limits to the personal property coverage included in a homeowners insurance policy).

Read about insuring short-term rentals here: Best Home Insurance for Short Term Rentals.

Case Studies: Exploring Home Insurance for Seniors

Case Study 1: The Smiths

The Smiths, a retired couple, recently downsized from a single-family home to a condominium. They purchased a seniors’ home insurance policy that provided “walls-in” coverage for their attached home. They insured their personal property, including antiques and heirlooms, and chose higher liability coverage to protect their retirement savings.

Case Study 2: Mr. Johnson

Mr. Johnson, a senior homeowner, wanted to find the best rates on homeowners insurance. He compared quotes from multiple insurance companies and discovered that The Hartford/AARP offered competitive rates for seniors. He was able to secure affordable coverage for his home and its contents, including high-value items, by customizing his policy.

Case Study 3: Mrs. Anderson

Mrs. Anderson, a senior homeowner, was concerned about the cost of monthly premiums. She explored various ways to save on her home insurance. By bundling her home and auto insurance policies with the same provider, she qualified for a discount. She found a budget-friendly insurance policy that met her needs and took advantage of senior discounts.

What’s the Bottom Line?

As a senior, you have earned your upcoming years of relaxing, low-stress living. Your home insurance should give you the peace of mind to do just that. Choose an insurance company known for taking good care of its customers, seniors included and you won’t have to worry about what happens if something goes wrong at home.

We can help you to buy the best home insurance for seniors today. Enter your ZIP code in our free rate tool to get great quotes on homeowners insurance for seniors today.