When it comes to choosing a home insurance policy as a senior, don’t you want to go with a policy provider that targets you as their niche customer? Like auto insurance, the Hartford is a great insurer for seniors looking for home insurance. But, even if you don’t go with this policy insurer, you still want to know you have the best coverage, and rates, for the policy you eventually do choose to purchase. So, what should you be looking for as a senior when buying a home insurance policy?
Features and Claim process
You’ll want to choose an insurer that offers features and optional coverage that is suited to you. For example, if you a a high-wealth individual, does the insurer offer additional coverage/upgrades to protect your home and high valued items? Or, in the event of theft, do they offer complete replacement for your items?
What about the claim process, how easy or difficult is it to file? One of the primary reasons to choose a policy and insurer that target seniors as their primary niche, is you won’t deal with penalties and other issues if you ever have to file a claim. So, make sure you shop around and fully understand how to file, and how long it takes if you do file a claim.
Options to save and more ways to pay?
You’ll want to make sure you know how you pay for your policy. Do you have to pay by check each month or credit card? If you do EFT auto payments, does the insurer offer you a discount? How about if you bundle, do you receive a lower rate on your home insurance policy?
You’ll need to make sure you know about your saving options as well. You know that raising your deductible is a way to save, but is this the only option? Can you save by
- Bundling
- Retiree or renewal credits
- Installation of new smoke detectors
- Maintaining your property
- Upgrading to efficient appliances (safer)
Many insurance companies offer ways you can save if you upgrade, and if you find ways to make your home safer. So, when you’re comparing insurers and policies, make sure you know the answer to these questions and how you can reduce your monthly premiums.
Special features for seniors
Okay, this is where going with a policy provider like Hartford is beneficial. But, if you don’t, and are comparing other insurers, do they offer discounts for senior homeowners. Some of these may include
- 100% protection if your home is destroyed and has to be repaired or rebuilt
- 100% coverage if your items are destroyed and can’t be replaced
- Lifetime renewability, regardless of if you have filed a claim in the past
- Claim services and discounts for not filing a claim
How about purchasing more than one policy that’s geared towards seniors, do you save then? And, if you buy a burial plot as an optional policy protection, is this going to result in a lower price?
There are several options you can tag onto your home insurance policy as a senior; if you choose to add these on, does the insurer you go through offer any discounted rate? If you’re a long time customer do you save more on your policy premiums?
The only way to find the answers to your questions… ask! It is in your best interest as a senior, to go with an insurer (like the Hartford and AARP) which specifically offer coverage for those who are 50 years of age and older. Furthermore, you want to look for insurers that will offer additional coverage and senior-specific coverage, to help keep your policy rates down.
Don’t settle on your home insurance coverage. These are some of the most important inquiries you can make when shopping for home insurance policies, so make sure you’re asking the right questions, to ensure you have sufficient coverage, tailored to your home and family’s needs.
