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What is seniors’ home insurance?

‘Seniors home insurance’ isn’t a product on its own, but older Australians can easily take out a home insurance policy that covers their home and contents in the event of burglaries, fires, storms, etc. What’s important is that different policies can better suit changing needs; such as cover for accessibility modifications.

Why should seniors consider home insurance?

Your senior years are meant to be a time for comfort and relaxation, not for paying unexpected costs!

By covering your house and belongings against damages caused by a range of events, seniors’ home insurance can ensure you can enjoy your retirement with peace of mind.

Interested in this kind of cover? Compare policies with us to see which home and contents insurance policies work for you from our range of available brands.

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Frequently asked questions

What does home insurance cover?

You may find that coverage for home and contents insurance varies between policies and providers, so it’s important to compare your options to make sure you’re getting the best deal for you.

However, home and contents insurance generally covers:

  • Loss or damage caused by fire, storm, earthquakes, and other insured events
  • Theft and break-ins
  • Water damage
  • Legal liability

Please note: This list isn’t exhaustive

Does seniors’ home insurance cost more?

The cost of home insurance depends on several factors – including the type of coverage, the insurer you select, your house’s age, it’s location and materials, and even you (e.g. if you’ve made a claim before). As such, policies can vary significantly in price.

An excellent way to determine how much you might pay for home insurance is to compare policies from a range of providers. Our comparison service can help you explore your options for home insurance.

Can seniors get a discount on home insurance premiums?

Providers may offer different types of discounts, like a percentage discount off your premium when you purchase a policy online, or when you bundle several types of insurance with the one provider (e.g. car and home).

Where do Australian seniors live?

In 2016, around 3.2 million Australian seniors (those aged 65 and over) lived in a private dwelling, and more than two million owned their home outright – according to the Australian Bureau of Statistics.1 Many of these houses had more bedrooms than were needed, with 76% of spouse/partner households and 65% of lone person households having two or more spare bedrooms.

A majority of Australian seniors were living in major urban areas, although seniors were less likely to live in these areas than those under 65 years of age. Tasmania is the ‘oldest state’, so to speak, with the highest proportion of seniors at 19%, or one in every five people.

All this is to say that millions of Aussies need a product to protect their household and belongings. Without a significant income post-retirement, the financial outlay to replace precious person effects – or the property itself – would be devastating for some. Home and contents insurance is a sensible investment for anyone looking to mitigate that risk.

What do older Australians want when it comes to housing?

The majority of Australian seniors would prefer to ‘age in place’ (i.e. staying in your own home rather than moving to assisted or community living), with more than 60% of seniors citing this as the reason for not selling the family home.2

Approximately 69% of Australian seniors would prefer to own a detached house, with 50% wanting three bedrooms.3 However, those seniors aged 75-and-over prefer attached dwellings or apartments, particularly two-bedroomed apartments.

As for where these houses would ideally be located, seniors’ first preference was the middle or outer suburbs of the city, while the second preference of those aged 55 to 74 was small, regional towns.

Fortunately, over 90% of seniors are living in dwellings that meet their housing needs.

This is why it’s essential to protect these homes from loss or damage. Should a storm rip the roof off or fire burn a room down, home insurance can ensure your house is restored to its former glory sooner.

Why compare home insurance with us?

Senior Aussies have plenty of expenses to worry about, but home insurance doesn’t have to be one of them. That’s why it pays to compare your options through a comparison website – to find great value cover with the features you need.

So, whether you require home and/or contents insurance for your property, get multiple quotes with our comparison service in minutes.

Sources

1. ABS – 2071.0 – Census of Population and Housing: Reflecting Australia – Stories from the Census, 2016. Ageing Population. Published October 2017. Source accessed September 2019.

2. Productivity Commission 2015, Housing Decisions of Older Australians, Commission Research Paper, Canberra.

3. James, A., Rowley, S., Stone, W., Parkinson, S. Spinney, A. and Reynolds, M. (2019) Older Australians and the housing aspirations gap, AHURI Final Report No. 317, Australian Housing and Urban Research Institute Limited, Melbourne, https://www.ahuri.edu.au/research/final-reports/317, doi:10.18408/ahuri-8117301.

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