No matter where you live, it’s a worthwhile investment to buy a home insurance policy. As a senior, what do you need? What’s the right level? What type of coverage is sufficient for you? So, what should seniors know about homeowner policies?
The best policy for seniors
For example, the Hartford has policies specifically designed for senior homeowners. So does AARP. These policies are intended to protect the bare minimum (only what you own), don’t include the frills that other policies do, and offer discounted rates, based upon what you own in the home. The policy is meant to protect your home, your spouse, and your belongings, nothing else. And, do you really need more?
Types of coverage senior homeowners need
As a senior, what kind of coverage do you need when buying a home insurance policy? You’ll want to:
- Consider policies with extended replacement coverage; this goes beyond your coverage limits, and includes up to 10 to 25% additional for construction costs
- Elevated liability; this will limit your liability if a death occurs or if there are damages, or injuries sustained by others on your property
Ultimately, the level and type of policy you’ll require, depends on where you live, what’s in/on your home’s property, and the value of your home. The best way to determine your policy needs, is to talk to an insurance provider that tailors home insurance policies for senior homeowners.
Additional coverage for seniors
What else should you be protecting or covering when you choose a home insurance policy as a senior? Some additional forms or levels of coverage you might want to tag onto your policy includes
- Cemetery or monument plot coverage (some insurance policies add this onto your coverage)
- Vandalism and theft damage
- Additional property coverage (vehicles, jewelry, high value items, etc.)
Every homeowner is different. And, where you are (what phase you’re in in your life) will help you determine what’s enough, what you require, and what you don’t need to protect when buying a home insurance policy. These are a few of the many different variables you’ll want to consider, when you’re trying to find the right level of coverage, want to make sure your home is covered, and want to ensure you are not stuck with out of pocket expenses, if something does happen on your property or to your property.
If you don’t live in a home, condo insurance is a good option for seniors to consider. So, make sure you know what the policy protects, how much, and what additional levels of coverage you’ll have to add on, in order to protect everything that is in your condo.
Like any other insurance policy, it’s a matter of shopping around, comparing, and knowing what you NEED, vs what is optional when purchasing your home insurance policy. These are some of the variables which you will want to consider when choosing a policy as a senior. You might not need everything, and in some cases, for high value homes/property, you might need additional coverage. Discuss your options with an insurance agent, and look for insurance companies which tailor home insurance policies for seniors, as they are more likely to give you a full break down.