Home insurance for seniors
“Home insurance is ‘so important’ for seniors.”
Find out how you could benefit from home insurance if you’re a retiree. Plus, don’t miss our top tips on how you could save on your policy.
Video Transcript
Once you reach retirement age, it becomes more important than ever to focus on what really matters. That’s why home insurance is so important. In Australia, we know to prepare for the worst when it comes to wild weather. Your insurance could cover you for damage caused by storms, fires and break-ins.
It may also cover you for accidental damage – like your grandkids drawing on the walls or a footy through the window. But how do you choose the right home insurance cover for you? Compare the Market has these tips: Let your insurer know your retirement status if asked. This may help lower your premium.
Also, keep an eye out for any opportunities to save on your premiums. Consider increasing your excess to reduce your premiums or paying annually to avoid instalment fees. Some insurers will even offer discounts when you increase the security of your home with upgrades like screen doors and cameras. That’s a win-win scenario.
You get to live in a safer home and pay less for your insurance. And Compare the Market allows you to compare policies, benefits and optional extras, all in one place. Don’t leave anything to chance! Start your journey today with Compare the Market.
Home insurance tips for seniors
Compare the Market’s home insurance expert, Adrian Taylor, has these helpful tips for senior Australians looking to get the most out of their home and contents insurance.
Adrian Taylor
Executive General Manager – General Insurance
Consider getting a home security system
Consider getting a home security system if you don’t already have one. This is likely to deter thieves and may also get you a discount from your insurer depending on the type of system installed.
Inform your insurer if you’re retired
You should disclose to your insurer your circumstances if you’re newly retired. If you hold or are eligible for a seniors’ card, some insurers may offer a discount for your home and contents insurance premium.
Let your insurer know if you take a holiday
If you’re going to leave your home unattended for long periods of time (perhaps to take that long-awaited retirement trip), remember to check your relevant Product Disclosure Statement (PDS) as you may be required to let your insurer know if your home will be empty for a period of time.
What is home insurance for seniors?
While there’s no insurance product specifically for seniors, older Australians have a range of insurance options to choose from to protect their homes against things like burglaries, bushfires, storm damage and more. These include:
- Home insurance. Also called building insurance, home insurance covers damage to the physical structure of your house, as well as outbuildings and fixtures on your property like garages and fences.
- Contents insurance. No doubt you have a lifetime of treasured possessions and valuables in your home. Contents insurance is designed to cover your belongings against damage and other mishaps.
- Combined insurance. For the best of both worlds, you can take out a combined home and contents insurance policy to protect your home and what you keep inside it.
Why should seniors consider home insurance?
Your golden years are meant to be a time for comfort and relaxation, not for paying unexpected costs. By covering your house and belongings with home and contents insurance, you can enjoy your retirement with peace of mind.
To see which home and contents insurance policies work for you from our range of available brands, read through the PDS and the Target Market Determination (TMD) to see if the policy is applicable to you.
Home and contents features and extras
What does home and contents insurance cover?
You may find that coverage for home and contents cover varies between policies and insurance providers, so it’s important to compare your options to make sure you’re aiming for minimum premiums and maximum protection.
However, home and contents insurance generally covers (but is not limited to):
What optional extras are available?
Depending on your policy, you may also have a choice of optional extras to add to your cover, including:
You should carefully read over the PDS for the full details of your level of cover and any exclusions before purchasing any optional cover for your policy.
The cost of home insurance for seniors
Does home insurance for seniors cost more?
The cost of a home insurance policy depends on several factors, including the type of coverage, the insurance provider you select, your house’s age, its location and building materials. It will also consider factors specific to you, such as your claims history and your retirement status.
However, policies can vary significantly in price based on risk assessment. Just because you’re regarded as senior, does not necessarily mean you’ll pay more – or less – for your home and contents insurance.
One thing you might want to keep in mind is that paying your premium annually as opposed to monthly may lower your insurance costs, depending on your insurer. Your sum insured (i.e. the maximum amount you’ll be paid out for your home or belongings if they were completely destroyed by an insured event) can also have a significant impact on your home insurance premium.
Can seniors get a discount on home insurance?
Providers may offer different types of policy discounts, like an online discount when you purchase a policy online.
Does home insurance cover retirement homes?
If you live in a retirement home, the building may already be covered through strata insurance, which is the responsibility of the village operators to arrange and maintain; in which case, contents insurance would be the ideal solution to protecting your possessions within your retirement home.
However, not all senior living places will provide this to their residents, so you may still need your own policy for your retirement home. It’s best to check with management for more information about what type of cover is required.
Meet our home and contents insurance expert, Adrian Taylor
As a General Insurance expert with over 13 years’ experience in financial services, Adrian Taylor works to make it easier for homeowners, renters and landlords to protect their home and contents. He believes it’s important for all residents (whether they rent, own or lease) to have adequate financial cover for their property and belongings in case the worse should happen.