Many home insurance companies offer discounts for seniors. For instance, a home insurance discount is offered to qualifying seniors by Allstate, although the rate itself is a result of research into the particulars of the home.
The rate for home insurance is a result of many different factors, including the year the home was built, whether or not it has a garage or a fireplace, the general condition of the home, the credit rating of the owner, and the location of the home. The senior discount at Allstate, according to a producer at Gardella Insurance Agencies in Reno, Nevada, is based on the eligibility of the customer. The discount, usually in the range of 10%, is offered to all insurance policies that Allstate offers to customers who are over 55 and retired.
Insurance companies usually offer lower rates when they are associated with lower risk of loss, but marketing to seniors has the added advantage of reaching a community of people who are stable, loyal, and have a steady and reliable stream of income.
The Cooperators, a Canadian insurance company, has excellent suggestions on their website for lowering insurance costs for its members. There are credits for newer homes, having a protection system installed, having other policies with the same company, a discount for never having made a claim, discounts for energy saving design, a cooperative housing personal property discount, and a mortgage-free discount, in addition to offering a discount to their customers who over 55 years of age.
At the website Affordable-Home-Insurance.org the public is urged to research several different companies to get the best overview of rates and coverage and to consider your specific area to decide what is additional coverage, and what is included. Auto or aircraft accidents involving the home, vandalism, explosions, smoke, theft, structural accidents, and natural incidents such as wind or lightening are often covered, but flooding, earthquake, or other types of water damage can be additional. Find out what is already covered if you have a condo association so that you aren’t duplicating coverage. Does your coverage include broken water pipes? Find out.
Civic factors such as whether or not you have a voluntary fire department, may affect your rates or availability. Increasing your deductible can reduce your premium, and you will probably want to buy all your insurance from the same carrier to take advantage of bundled rates.
If you aren’t one to change companies lightly, you should at least ask your agent to review your situation and be sure that you are taking advantage of all of the discounts available to you. Ask if you have considered all risk factors for your area. The senior discount is widespread, and is a definite advantage, but the other opportunities for discounts are too numerous and too advantageous to ignore for the wise senior. All aspects of the policy, including the reliability of the insurance company, have to be considered for you to be sure that you are getting the best coverage available to you.