Homeowners Insurance for Senior Citizens: Tailoring Protection to Fit Your Golden Years
Homeowners insurance for senior citizens can be tailored to fit the unique needs of the lifestyle seniors will have as they enter their golden years. Your homeowners insurance should be able to accommodate the lifestyle changes everyone experiences as they grow older. In this post, we’ll go over how a homeowners insurance policy can be adjusted, modified, and customized to anyone’s liking to best function with the day-to-day demands of senior citizens. Here’s what senior citizens need to know when it comes to customizing their homeowners insurance to fit their needs. Reach out to us to learn more about how we can help.
Why Seniors Need Different Homeowners Insurance
Changing Property Usage: Senior citizens will often choose to travel throughout the world, or live part-time in different locations during their retirement years. This travel style may impact the level of coverage required, as homes left unoccupied for extended periods of time may require some additional forms of insurance.
Potential for Higher Medical Bills: If an older individual were to experience an injury on a senior citizen’s property, there could be much higher medical costs involved, due to the oftentimes more severe injuries senior citizens will experience during a fall or other injury.
Value of Possessions: As we grow older, we tend to accumulate more valuable possessions. With this increase in the number of valuable possessions, there’s most likely a stronger need for more comprehensive coverage when it comes to protecting personal effects within the homes of senior citizens.
Physical Home Adjustments: Modifying homes to make them more conducive to the needs of senior citizens who require accessibility may be necessary as senior citizens grow older. Everything from stairlifts to wheelchair ramps should be adequately covered by a homeowners insurance policy.
Key Coverages for Senior Citizens
Liability Insurance: Senior citizens will likely have more visitors than other demographics, as grandchildren visit, caregivers stop by to provide care, and health aides ensure everyone is as healthy as they can be. This enhanced level of liability insurance is so important to cover the costs of potential accidents occurring on the senior citizen’s property.
Contents Insurance: You’ll want your policy to cover the ACV (actual cash value) or replacement costs of personal belongings, as this will help the senior citizen replace items without encountering a major financial burden. This can be especially important for those senior citizens who are relying on fixed income.
Dwelling Coverage: Dwelling coverage will cover the physical structure of the senior citizen’s home. Senior citizens should ensure the coverage reflects their needs if there was an incident which required extensive repairs or rebuilding of their home.
Unoccupied Home Coverage: If extensive travel is in the plans, adding unoccupied home coverage will offer greater levels of protection for the senior citizen’s home while away.
Discounts & Savings for Seniors
Many insurance companies offer discounts to seniors based on age and lifestyle:
- Age-Based Discounts: Some insurers may provide age-related discounts to policyholders of a certain age and beyond
- Security and Safety Discounts: Installing security systems, smoke detectors, and fall-prevention systems may not only keep senior citizens safer, it can also reduce insurance premium costs
- Bundling Policies: Seniors can often save money by bundling their homeowners insurance with other policies, such as auto insurance or life insurance, through the same provider
Tips for Managing Homeowners Insurance in Retirement
- Review Your Policy Regularly: Taking the time to review your insurance policies annually to ensure they still meet your needs is always worth it
- Consult with Professionals: It can be beneficial to speak with an insurance agent who can help tailor a policy to your specific needs as a senior citizen
- Consider a Higher Deductible: If you are financially able, opting for a higher deductible can lower your overall premium costs
Choose Portsmouth Atlantic Insurance for Homeowners Insurance for Senior Citizens
When you’re navigating homeowners insurance as a senior citizen, it can be complicated to say the least. Changes in lifestyle and your home may affect overall insurance needs. Through tailoring a homeowners insurance policy to your specific lifestyle needs, medical needs, financial needs, etc… can offer the peace of mind one needs to enjoy life to the fullest. The right homeowners insurance policy isn’t just about protecting assets, it’s about providing the clarity and reassurance you need to enjoy your golden years without having to worry. Contact us if you’d like to learn more about homeowners insurance for senior citizens and how we can help. We look forward to hearing from you soon!