Homeowners Insurance Discounts for Older People

Getting older brings huge savings to homeowners when it comes to paying less for homeowners insurance. See discounts that apply to older people!

There are times when it pays to be a bit older. One of those times is when you are shopping for homeowners insurance. Getting older can help lower your premiums so if you recently hit 50 or retired, it might be time to shop your home insurance around.

Here are just a few discounts that may be available, as you get a bit older.

Sitting Around the House

After you retire there is a good chance that you will be spending much more time at home. While you may be traveling more, for the most part many retirees spend their golden years around the house. A house that is occupied more hours of the day is a house that is in less danger of a break-in or a small fire growing into a bigger one.

As the risk of a major claim drops, so do your insurance rates. If you have recently retired or decided to work from home, contact your agent to see if you qualify for a discount on your homeowners insurance. If they are unable to offer one, it may be a good time to shop around for a new policy.

Senior Groups

Once you reach the age of 50 you can join senior groups like the AARP. One of the major benefits of membership is the discounts available on services which includes insurance products. The AARP offers its members discounted homeowners insurance, life insurance as well as car insurance.

Check with AARP about their various policies and compare them to your regular homeowners insurance, the savings may surprise you. Be sure to compare the policies carefully and make sure you are getting the same coverage at the same deductible levels.

Long Term Employee

Insurers love stability and being a long term employee shows that you are a lower risk than a job hopper. If you have been with your employer for a long time you may qualify for a job stability discount. This will not be a huge discount, but every little bit helps when you are trying to lower your homeowners bills.

Loyalty Discount

While this discount is available to everyone, older people tend to switch insurers less often which can result in a loyalty discount. If you have been with your insurer for over 5 years, call them and ask for a loyalty discount. Again, this may not be a huge discount but all of these little discounts can add up to significant savings.

Pay Your Entire Premium

Again, this discount is available to people of all ages but older drivers often have more disposable income, allowing them to pay their entire yearly premium at once. This can result in a discount of 5% to 10%.

Getting the Best Deal

Finding the best deal on homeowners insurance is the same at any age. Shop around. Insurers rate risk differently and some may have particular expertise in your area. Some insurers focus on older clients and they will often have the best rates and coverage that is tailored to that particular age group. The key is finding the insurer that offers the best price on the best coverage.

Call around, scour the Internet and get as many quotes as possible. When shopping, be sure that you are comparing apples to apples when it comes to coverage and deductibles.

The second way to save is ask for those savings. When getting quotes be sure to ask for every single discount that you are eligible to receive. Before switching companies go back to your existing insurer and ask if they can beat the quote, many insurers will make the extra effort to retain a current client, especially a long term one. If they can’t help, it’s probably time to switch.

Getting old does have some advantages, one of those is saving on your homeowners insurance.