Home Insurance for Elderly Homeowners

Homeowners insurance for seniors

Many people set aside the years after retirement for traveling, taking up new hobbies, or enjoying the company of loved ones. The last thing you want to do is to spend your golden years worrying about whether or not your home is properly insured. The right home insurance policy can provide peace of mind, allowing you to focus on the things that matter. 

So what do senior citizens need to consider when searching for homeowners insurance? Is home insurance for elderly homeowners any different for homeowners in other age brackets? In this guide, we assess some specific factors that make senior citizen homeowners insurance unique and furnish advice on how to cover your home and valuables affordably and effectively.

Common homeowners insurance policies and features for seniors

Homeowners insurance for senior citizens is not much different than standard home insurance. However, many senior citizens may have special insurance needs that should be taken into account when looking for a policy. 

For instance, if you’ve made modifications to your home — such as mobility ramps or stairlifts — you will need to inform your home insurance company so these modifications are listed as a part of your insured property. 

Standard homeowners insurance features apply to seniors, including coverage for your primary dwelling, personal property, liability, no-fault medical coverage, and additional living expenses. Depending on your situation, you can up your coverage levels at an additional cost.

Home contents insurance for the elderly

Protecting your valuables is important, especially if you own high-value items such as antiques or jewelry. Homeowners insurance policies typically provide coverage for such items up to a certain amount.

Typical insurance limits for common items are as follows:

Is homeowners insurance more expensive for senior citizens?

Insurance underwriters use a variety of factors to determine homeowners insurance rates. These considerations include the age and size of the home as well as its location. Personal factors such as credit score and claims history can also contribute to your premium. In most cases, factors relating to the house itself are more influential than the policyholder’s age. In some cases, older homeowners can even receive homeowners insurance discounts. 

Senior citizen home insurance discounts

If you’re looking for cheap homeowners insurance for senior citizens, consider discounts offered by many insurance companies. Most homeowners insurance companies offer some form of discount to eligible policyholders.

Home insurance discounts may be available through:

Condo insurance for seniors

Many senior citizens live in condominiums, avoiding the worry of building maintenance or routine lawn care. Plus, condos can have shared meeting spaces that can build community and connections. However, condos come with some special insurance considerations. 

Just like homeowners insurance, condo insurance protects your home and valuables. It is, however, different in what it covers. For instance, a condo insurance policy applies only to a particular unit, not to shared amenities such as lawns or shared hallways. These are typically covered by a homeowners association policy. 

A condo insurance policy provides many of the same coverages as a homeowners policy. These include protections for personal belongings, liability, loss of use, and medical payments to others. One coverage unique to condo insurance is loss assessment. Loss assessment complements your master policy in the event of a loss affecting multiple units, such as a fire. This coverage kicks in when damages exceed your own policy’s limits. 

For more information about what's covered by a condo insurance policy, see the chart below. 

Renters insurance for seniors

Renters insurance is vital for elderly renters. Like homeowners insurance, renters insurance provides personal property coverage as well as personal liability coverage. As it does not insure the actual building itself, it is often quite affordable. 

While retirement homes or assisted living centers typically provide some furniture, many inhabitants choose to supply their own belongings. For high-value items, the same basic sub-limits usually apply to both renters and homeowners policies. 

Renters policies also provide personal liability coverage to help protect you against damages or injuries occurring in your home. This comes in handy if you often have visitors, as it’s possible you could be held liable if damages or injury occur during their visits. 

Frequently asked questions