While your age can affect your car insurance premiums, it won’t affect the cost of your home insurance. But you might also qualify for certain discounts as a senior that can lower your home insurance premiums. Many insurers offer retiree discounts, claims-free discounts, and loyalty discounts — which is good news if you’re an older homebuyer or homeowner.
But not all home insurance companies offer the same rates, so shopping around is essential. To help get you started, here are some of the cheapest home insurance companies available, potential discounts, and other ways to save as a senior homeowner.
The cheapest home insurance companies for seniors usually offer inexpensive policies for homeowners of every age. The insurance companies below offer affordable rates and discounts available for senior homeowners. Here’s some more information about each of Insurify’s top picks:
Your age won’t affect the cost of your home insurance, but your location will. Insurance rates vary depending on local crime rates, total population, risk of natural disasters, state regulations, and other factors. If you live in a higher-risk area, you’ll often pay a higher rate.1
Here, you can see how general home insurance rates fluctuate from one state to the next. All average rates shown are for policies with $300,000 in dwelling coverage and a $1,000 deductible.
The top factors influencing your home insurance costs include:
Home age and condition
Home security features
ZIP code
Amount of coverage
Chosen deductible
Many insurers offer special discounts on home insurance policies. Discounts vary by company, but some common discounts that might appeal to you include:
Bundling discounts: You can find bundling discounts from many insurance companies. With these, you get a percentage off your premiums for having multiple insurance products, such as home and auto insurance.
Customer loyalty discounts: Many insurers also offer customer loyalty discounts if you’ve held a policy with them for several years.
Retiree discounts: You could get a home insurance discount specifically for retirees.
Home security and safety discounts: It’s also common to see discounts for installing certain home security and safety features, such as smoke detectors, burglar alarm systems, or sprinkler systems.
Claims-free discounts: You could get a discount for your clean claims history if you have few or no past homeowners insurance claims.
Besides discounts, you have several other ways to save on home insurance. Here are some options if you’re looking to save money on coverage:
Comparison shop. Premiums vary by insurer, so getting multiple home insurance quotes can help you find an affordable policy.
Increase your deductible. Your deductible is the amount you pay before your home insurance covers you. Common deductibles are $500–$2,000, but opting for a higher deductible generally means lower prices.
Reinforce your home. Home insurance companies sometimes offer discounts when you use certain products or materials to reinforce your home, such as metal roofing or storm shutters.
If you’re an older adult comparing coverage, here’s what you can generally expect from a standard homeowners insurance policy:2
Homeowners insurance for seniors doesn’t cover everything, unfortunately. Insurers typically have certain exclusions, such as wear and tear, flood damage, sewer backups, and damage caused by neglect.
For example, if your home is damaged due to a water leak because your 45-year-old roof is in disrepair, your home insurance likely won’t cover the cost of repairs.
Make sure to ask your insurance agent about any applicable exclusions before purchasing a policy.
A good rule of thumb is to set your dwelling coverage at a limit at least equal to the cost of replacing your home after a catastrophic event. The Insurance Information Institute also recommends that you purchase a minimum of $100,000 in personal liability insurance, though you might prefer additional protection just in case.3
But the amount of home insurance you need will depend on your home’s value and features, whether or not you have additional structures on your property, the value of your personal items, and your preferences.
It’s also common to see the terms actual cost value and replacement cost value as you shop for dwelling or personal property coverage.
Actual cash value: Opting for actual cost value might result in lower rates but offer less protection, as this is the value of your home and possessions after depreciation.
Replacement cost value: Replacement cost represents the market value of your house and possessions; depreciation doesn’t factor into the equation. Choosing replacement cost coverage is a good idea because it gives you more protection.
Extended replacement cost: You can even opt for extended replacement cost protection for additional peace of mind. This coverage ensures you can repair or replace your home, even if the expenses exceed your policy limits.
If you’re still wondering about the cheapest homeowners insurance for seniors, check out the additional information below.
No. Age doesn’t factor into home insurance rates, so your coverage won’t be more expensive if you’re a senior citizen. In fact, it’s possible more discounts could be available to you, such as retiree or customer loyalty discounts, effectively lowering your costs.
State Farm and Allstate are among the cheapest home insurance companies for seniors. But your rates will vary depending on your location and other factors, so comparing homeowners insurance quotes is important as you shop for home insurance coverage.
No. Your homeowners insurance rates won’t decrease at age 65; they’ll likely stay the same regardless of your age. But you could potentially access more discounts if you’re an older adult. For example, you could benefit from loyalty or retiree discounts, if available.
Vermont is the cheapest state for homeowners insurance, with residents paying an average rate of $924 per year for coverage. Alaska is the next cheapest, with annual average home insurance premiums of $1,120.
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