If you’re a senior citizen and you’re shopping your options for the best homeowners’ insurance policy you can find, there are a few fundamental facts that could help make your search a little simpler. Purchasing homeowners’ insurance in your golden years can provide a crucial safety net and essential coverage, especially if you plan to retire in, or have already retired in, your current home. However, fixed incomes and limited budgets can sometimes make shopping for insurance as a senior a bit of a challenge. Fortunately, you can overcome those obstacles and find a policy that’s affordable for your budget and ideal for your home situation by keeping these vital facts in mind.
1. Your Homeowners’ Insurance Can Cover a Range of Common Issues
Before you can purchase the best homeowners insurance for seniors, it’s important to understand what a typical policy may cover. Although coverage varies, some common issues typically included are:
- Theft of personal property
- Vandalism and related types of property damage
- Destruction to the home’s exterior and/or interior due to certain natural events
- Personal liability coverage in the event of bodily harm on the property
2. It’s Important To Choose an Appropriate Coverage Term and Stay Up to Date
The insurance term you choose can affect the period of time in which you enjoy certain protections. If you’re concerned about keeping your home insured, make sure your coverage is up to date. Typical insurance terms include, but are not limited to:
- One year of coverage
- Five years of coverage
- A lifetime of coverage, if available
3. Weigh the Pros and Cons of Different Deductibles and Packages Based on Your Household Finances
One concern for many seniors shopping for insurance is sticking to the household budget. In order to find a deductible and package that fits your finances, make sure you consider:
- What your monthly fixed expenses are
- How much income you have coming in
- What percentage of your income you’re comfortable spending on insurance
- Whether you’d prefer a larger deductible with low monthly payments or larger payments with a smaller deductible
4. Improve Your Credit Score To Lower Your Monthly Premiums and Save Money
Finally, having a higher credit score can improve the affordability of certain homeowners’ insurance packages. To save on your monthly premiums, try to:
- Pay off your debts in order of interest rates, from high to low
- Automate your regular payments or set reminders for monthly payments so you never miss a bill
- Review your annual credit report and always dispute any incorrect items that could be harming your overall credit score
- Settle any collections accounts you may currently have open
- Call your credit card company and request an upgrade to a higher credit limit, which can help lower your credit utilization ratio
- Ask your utility provider whether your payments can be factored into your credit score
Finding and purchasing the right homeowners’ insurance policy for your needs as a senior citizen may come with a few distinct challenges, but you can surmount those obstacles and identify the best policy for your needs by keeping a few basic facts in mind. These moves can help ensure you end up with the ideal homeowners’ coverage for your situation.