Homeowners insurance for seniors

Our recommendation: Seniors home insurance

Home insurance rates are going up. Our experts recommend that seniors shopping for home insurance:

• Work with an experienced agent who can help tailor coverage to avoid overpaying
• Shop around to compare rates from multiple companies
• Ask about discounts
• Consider companies that cater to seniors

Homeowners insurance for senior citizens

Finding home insurance for senior citizens isn’t difficult unless you live in a high-risk area prone to natural disasters. Florida, for instance, is a popular retirement spot, but hurricanes have made home insurance expensive and hard to find in some areas.

Senior citizens may have paid off their mortgage, which means home insurance is no longer a requirement. However, unless you have enough savings to repair or replace your home if something goes wrong, canceling your home insurance when your mortgage is paid off is not a good idea.

What coverage should seniors look for in their home insurance policy?

Seniors need to make sure they have enough coverage to fully protect their home from a variety of risks. Although you may have reached a point where you've paid off your mortgage, unless you can afford to replace your home and everything in it out of pocket, you should carefully consider your limits for following homeowners insurance coverage:

• Dwelling coverage. Ensure you have enough to cover the full replacement cost of your home.
• Personal property coverage. Usually a percentage of your dwelling coverage, you can increase or decrease this as needed.
• Liability coverage. Experts recommend at least $300,000 in liability coverage to protect against lawsuits that can happen at any age.

Cheapest homeowners insurance for seniors

Our data indicates that Allstate is the cheapest home insurance company nationally with an average annual rate of $2,098, followed by State Farm at $2,169. Home insurance for seniors doesn't differ in terms of rates from any other homeowner. Seniors can find affordable homeowners insurance at the same companies that are cheapest overall.

Best homeowners insurance for seniors

There’s no easy way to determine the best home insurance companies for seniors because being a senior doesn’t have a major impact on coverage or rates. That said, our editorial team identified a few companies that offer some perks to senior homeowners.

The Hartford 

The AARP Home Insurance Program from The Hartford is the only home insurance program designed specifically for seniors. You’ll need to be an AARP member to qualify, which costs $16 a year.

Pros:

• Special discounts and savings especially for AARP members
• Bundling discount with the AARP Auto Insurance Program from The Hartford

Cons:

• Not available in all states
• Must join AARP to qualify, which has an annual fee

Allstate

Allstate’s 55+ and retired discount can get you cheaper home insurance rates with one of the biggest insurance companies in the nation. Allstate ranked fifth on our 2024 best home insurance companies list.

Pros:

• Lower-than-average rates
• Offers a retiree discount

Cons:

• 55+ discount may not be available in all states
• Higher than average complaint ratio with the National Association of Insurance Commissioners (NAIC)

Erie Insurance

Erie is J.D. Power’s top pick for home insurance in 2023, No. 1 for overall satisfaction and claims satisfaction. It also ranked No. 1 in our best insurance companies ranking for home insurance. That makes Erie a top pick for homeowners of any age, including seniors.

Pros:

• Top-rated by J.D. Power 
• An age of insured discount is available on some policies

Cons:

• Only available in 12 states
• No online quoting

Do seniors get a discount on home insurance?

Few insurance companies have a discount that’s specifically for seniors, but The Hartford’s home insurance program does offer discounted rates to AARP members. The Hartford partners with the AARP to provide home insurance that’s designed for seniors.

Home insurance rates aren’t affected by age the way car insurance rates are, either. However, some companies, notably Allstate, do offer a discount on home insurance for retirees.

How to find affordable homeowners insurance for seniors

While discounts for seniors are few and far between, that doesn’t mean cheap home insurance rates for seniors aren’t out there. To get the best price on home insurance, follow a few simple steps:

• Compare quotes from multiple companies. The company with a senior discount might not be the cheapest.
• Ask about additional discounts, like being claims-free or installing a security system.
• Compare rates both with and without the auto and home bundling discount; it’s not always cheaper to bundle.
• Discuss your coverage needs with an insurance agent or broker. While it’s usually not wise to drop coverage just to save money, you shouldn’t pay for coverage you don’t need, either.

“Insurers generally tie [dwelling, personal property, and other structures] coverages together and are reluctant to let people reduce PP and OS without reducing [dwelling] coverage - but we're urging consumers to try and get that accommodation - but keep their structure fully insured,” Bach says.

Buying home insurance for seniors

The companies above are a great starting point when shopping for home insurance, but there are a lot of small companies out there that may offer a better deal, even if they don’t specifically cater to seniors. Talk to a local agent about getting quotes from some of the regional companies that serve your area; you might be surprised at the prices you’re quoted.

“Getting help from an experienced insurance professional is super important in today's challenging market - they can find options you can't find on your own, and they can help you weigh your options and make good choices,” Bach says.

Loyalty to an insurance company can be rewarded with discounts, and as a senior, you may have been with your insurance company for a long time. But it’s important to consider your options. If loyalty is holding you back, remember that you might save a lot more than what a loyalty discount offers with another company.

Bottom line? Our experts recommend finding an insurance company you trust that offers solid coverage and great rates, regardless of whether that company caters to seniors.

Frequently asked questions about home insurance for seniors

Is home insurance cheaper if you are retired?

Retirement doesn’t affect home insurance the same way it does car insurance. Car insurance rates tend to decrease after retirement because you’re on the road less. And while some retired people spend more time at home, others travel more, leaving homes unattended for long periods.

That means homeowners insurance for seniors is generally not cheaper, at least not just because you’re retired. Home insurance rates are based more on location and factors about the house itself than on who lives there.

Helpful home insurance tools and calculators

• Home insurance calculator
• Condo insurance calculator
• Renters insurance calculator
• When to file a home insurance claim