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The Best Home Insurance for Seniors in 2022

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Home insurance is one of the most important hedges against risk for seniors. Since many older adults own their homes, a major accident could result in costly damages that simply cannot be paid out of pocket. For that reason, home insurance is a must for any homeowner — especially those who live on a fixed income (i.e. most seniors). In today’s guide, we will examine some of the best home insurance providers and plans for seniors in 2022!

  • 1. AARP

    Overview

    AARP provides various types of insurance and discounts to people ages 50 or older. We recommend considering homeowners insurance through AARP, since the organization is designed to serve seniors and their needs. Not only does it offer several services to people approaching or living in retirement, but it also beats most of the competition when it comes to pricing.

    FYI: Since AARP is not a direct provider of insurance, its homeowners insurance plans are underwritten by The Hartford.

    In addition to your premiums, you will have to pay to be an AARP member. Fortunately, it costs less than $20 per year, which still makes AARP one of the most affordable home insurance options for older adults. You can also save as much as 20 percent on your monthly premiums if you bundle your home and auto insurance with AARP.

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    Pros
    • Low premiums
    • Specifically designed for seniors
    • Discounted bundling options
    Cons
    • Must be an AARP member
    • AARP membership fees increase over time
    • Insurance not underwritten directly by AARP

    Final Thoughts

    It is easy to look to AARP for just about any type of insurance you may need, including home insurance. AARP works to help millions of older adults every year with a wide range of issues, particularly regarding finances and health. You can rest easy knowing an AARP home insurance policy will serve your best interests and offer some of the most affordable coverage on the market.

  • 2. Allstate

    Overview

    Allstate stands out as one of the best home insurance providers for seniors for the sheer volume of customization options and plans. You can get a standard, no-questions-asked property coverage plan, or you can opt for special plans and add-ons that protect highly specific types of property and items, from gardens to artwork. That ensures you get exactly what you want and need — nothing more and nothing less.

    Did You Know: Did You Know? Allstate allows you to get a home insurance quote online within minutes and compare rates with competitors.

    Allstate has excellent financial credentials and a plethora of options to choose from, but these benefits come at a price. Allstate is not the cheapest provider on the market; many of its policies can be quite expensive. If you’re on a fixed income and you want an Allstate plan, then you may need to choose a high-deductible or low-coverage plan to help keep your premiums low.

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    Pros
    • Many coverage options
    • Unique add-ons
    • Local agents available as needed
    Cons
    • Relatively high premiums
    • Coverage options can vary by state
    • No discounts for multiple home policies

    Final Thoughts

    If you need customization options, Allstate is a great home insurance provider. You can choose exactly what kind of coverage you want, from liability protection to standard dwelling coverage, while also adding personal riders as needed. Just remember that Allstate does not offer cheap plans. You will need to make room in your budget for the monthly premium or choose a plan with a much higher deductible to save on recurring costs.

  • 3. State Farm

    Overview

    State Farm has competitive pricing on its home insurance plans, which cover a wide range of residences. Whether you own your home, own a condo, or are renting a home, you can get comprehensive coverage through State Farm. That makes it one of the best options for older adults who need some kind of dwelling or liability coverage, even if you are not (technically) a homeowner.

    Did You Know: State Farm is one of the most trusted insurance providers, offering everything from auto to life insurance at competitive prices. Visit our list of the best car insurance for seniors and the best life insurance for older adults to learn more.

    In addition to offering standard homeowners and renters insurance, State Farm makes its plans more affordable through bundling. You could get a life insurance plan through State Farm, for example, and bundle it with your home or renters insurance to save as much as 20 percent on your monthly premiums. That also applies to other common types of insurance offered through State Farm, such as auto insurance.

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    Pros
    • Insurance for owned homes, condos, and rental homes
    • Competitive pricing
    • Bundling discounts for different insurance types
    Cons
    • Not as many riders as some competitors
    • Must purchase a policy through a local agent
    • No discounts for multiple home policies

    Final Thoughts

    It is hard to compete with the versatility of State Farm’s insurance plans. Regardless of the type of dwelling you live in, you can likely get an affordable plan that fits your needs. Once you get coverage, however, you may not be able to customize it as much as you could with other providers. Moreover, while you can get a quote online, you will need to purchase your plan through a local agent, which can be a hassle for some people.

  • 4. Nationwide

    Overview

    Nationwide has some unique benefits for homeowners insurance. Along with all the standard coverage you would expect, you can get additional protection against identity theft. Just as importantly, Nationwide goes above and beyond to ensure you can get fair compensation if personal items are damaged. For example, you can get coverage for the depreciated value of your items and reimbursement for the cost of actually repurchasing these items.

    Did You Know: Nationwide homeowners insurance helps protect you against both debit and credit card fraud.

    One factor many seniors do not consider is the age of their home. Your home may not meet the latest codes and ordinances set by your local government. If your home is damaged in a covered event, then your Nationwide policy will pay to repair and rebuild your home to meet current codes, which means you could actually modernize and bring your aging home up to code in the event of a covered disaster.

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    Pros
    • Ample coverage for damaged or missing items
    • Fraud and identity theft protection
    • Can bring your home up to code
    Cons
    • Not available in all 50 states
    • No bundling discounts
    • Higher premiums for enhanced item coverage

    Final Thoughts

    Nationwide is a well-known and trusted insurance provider. If you choose Nationwide for home insurance, then you will get identity theft protection, enhanced item reimbursement coverage, and the ability to rebuild older homes to code. These extra benefits will cost a bit more, since Nationwide isn’t the cheapest insurance provider on the market. Nationwide is available in the vast majority of the country, but it is not available in every state.

  • 5. Lemonade

    Overview

    Lemonade is a relative newcomer to the world of homeowners insurance, but it is already outpacing competitors in a few important ways. First, you can get a quote, purchase a policy, and manage your plan online, without having to call an agent. That may not be a plus for seniors who prefer to talk directly with another person, but it can save a lot of time and hassle if you prefer to manage all your home insurance needs from your computer or smartphone.

    FYI: Lemonade has a comprehensive online portal where you can file a claim and actively manage your account at any time.

    Easy online accessibility may not be important to every older adult, but Lemonade offers many other benefits. If you own high-value items such as jewelry or musical instruments, then you can get extra coverage for a nominal fee to better protect your prized possessions. As a bonus, a portion of your Lemonade premiums will go to charity through the company’s Giveback Program.

    Please scroll to the right for more info.
    Pros
    • Full online accessibility
    • Special protection options for high-value items
    • Charitable giving program
    Cons
    • Not available in all 50 states
    • Limited customer service via phone
    • No bundling discounts

    Final Thoughts

    The greatest advantage of choosing Lemonade over another home insurance provider is the ability to sign up and manage all your insurance needs online. It also offers low-cost policies to help protect your high-value possessions. The limited person-to-person customer service may not be ideal for everyone. Lemonade continues to grow its network, but it is not yet available in every state.

How We Chose the Best Home Insurance for Seniors

One of the biggest concerns among seniors is the prospect of losing the home they’ve been living in for years. Good policies provide comprehensive coverage to rebuild your home and replace damaged items at a fair rate. The ability to add riders to your policy to account for natural disasters such as floods or earthquakes can protect you even more against risk. We compared providers with these factors in mind:

  • Cost of premiums
  • Coverage limits
  • Add-ons and riders
  • Variety of plan types
  • Application process
  • Customer service

Recommended Home Insurance Coverage for Seniors

There are several types of homeowners and renters insurance. Thankfully, there are industry standards to help categorize types of home insurance based on what they provide.

  • HO-1: Very basic homeowners insurance. It is not common to see because it simply does not provide enough coverage to repair major damages or replace high-value possessions.
  • HO-2: A step up from HO-1 that provides more general coverage for your dwelling.
  • HO-3: The most common type of home insurance, which offers even more dwelling and item protection than HO-2.
  • HO-4: The code name used for renters insurance.
  • HO-5: The most comprehensive type of home insurance, with substantial increases in coverage limits and protections from HO-3. It’s common, but more expensive than HO-3.
  • HO-6: A special type of insurance for condo owners.
  • HO-7: Home insurance for mobile homes.
  • HO-8: A unique type of insurance meant for older homes that do not meet the standards set by most other policies.

The type of coverage you should get will vary based on your specific needs and circumstances. That said, we recommend HO-3 or HO-5 policies for the vast majority of homeowners. The former is more affordable, while the latter provides greater coverage. Along with standard dwelling and possession protection, it is important to find out if your provider offers liability coverage. Liability coverage protects you against the cost of lawsuits or settlements in the event that someone is injured on your property. Getting both standard dwelling protection and liability insurance is the best combination to ensure you are protected against any curveballs life throws your way.

How Much Does Home Insurance Cost for Seniors?

The cost of home insurance varies based on the provider, the value and condition of your home, your location, and your past claim history. Your age generally does not play a role when providers are determining your premiums, so seniors usually pay the same as everyone else.

Let’s say the value of your home is $500,000. The average monthly premium for this house would be about $300. If you own a home with a value of $750,000, you have made multiple home insurance claims in the past, and you live in an area that frequently experiences strong storms (such as hurricanes), then you will have to pay much more per month. Because prices vary significantly, it’s best to obtain quotes from providers to get a better idea of how much your insurance will cost. You could pay anywhere between $150 and $1,000 per month for your insurance (on average) based on the factors we have outlined.

Tips for Choosing the Best Home Insurance for Seniors

Here are a few tips to help you choose the best home insurance for you:

  • Consider the risks of the area in which you live. Most standard policies do not protect your home against floods or earthquakes unless you pay for the necessary riders. Think about the risks of your current location and determine how much coverage you will need.
  • Get quotes from at least three providers before making a decision to compare your options.
  • Evaluate your budget to see how much home insurance you can afford, especially if you live on a fixed income.
  • Take action to reduce your premiums before you ever contact a provider. That may include installing a security system, paying off your mortgage, and making renovations to your home.
  • Research each provider to see whether they offer the kind of protection you need (particularly standard dwelling and liability coverage).

Frequently Asked Questions About Home Insurance for Seniors

  • Why are older homes more expensive to insure?

    Older homes tend to need more repairs and present a higher risk to insurers. They are also more likely to need regular maintenance to bring up to code and additional protection against storms or natural disasters. As a result, older homes cost significantly more to insure than newer homes.

  • Can a home be too old to insure?

    It is unlikely that your home would be so old that no insurance provider would offer you a policy. Older homes are much more expensive to insure, however, and some providers may turn you away outright.

  • Is homeowners insurance based on age?

    Generally speaking, no. Your homeowners insurance premiums and eligibility are not based on age. As a senior, however, you may be able to get discounts from certain providers.

  • Is a $2,500 deductible good for home insurance?

    $2,500 is a reasonably good deductible, assuming you have enough savings to cover repair costs up to this amount. If you do not have much money saved for home repairs and maintenance, then you may want to look for a policy with a lower deductible.

Written By

Jeff Hoyt

Editor in Chief

Since graduating from Harvard with an honors degree in Statistics, Jeff has been creating content in print, online, and on television. Much of his work has been dedicated to informing seniors on how to live better lives. As Editor-in-Chief of the personal… Learn More About Jeff Hoyt