Age shouldn’t be a factor preventing you from living the life you want, and many seniors enjoy a comfortable life well beyond their 70s and 80s.
As people are living longer, there’s also a growing desire to protect the family home and other assets from unfortunate accidents. While few insurers offer policies specifically for seniors, there are a couple of insurers that tailor their coverage to the growing segment of society. There are also traditional policies that may work just as well, depending on individual circumstances.
Before taking out insurance, it’s always worth checking if it’s fit for purpose and whether you’re paying extra for features you don’t need - or not covered for items you do need.
How can I find the best home and contents insurance for seniors for me?
For seniors, home and contents insurance policies may not differ much from the average policy sold by Australian insurers. Having said that, some insurers offer discounts for seniors. As mentioned, some insurance providers also offer policies specifically for seniors, such as Australian Seniors home insurance or National Seniors insurance.
Some seniors choose to purchase additional coverage against the risk of injury or accidental damage.
There are certain measures insurers may require before giving the tick of approval, depending on the policy and the risk category. For example, your insurer may ask you to install a security system and other devices to prevent - or alert you to - any damage in your home. You may need to install handrails for support in bathrooms and passageways and may need to replace tiling that is likely to be slippery. You may also need to get someone to regularly inspect your home for seepages, leakages and other potential sources of damage arising from poor maintenance.
What to look for when buying home insurance for elderly people
For seniors, searching for home and contents insurance quotes may be a good starting point to understand the sort of price you’re likely to pay. You may find that some insurers offer seniors a discount, but it’s important to check the fine print to make sure the coverage matches your expectations.
Here are some of the items to look out for when comparing different insurance policies:
- Legal Liability Cover: If you have family and friends often stopping by, having coverage for injuries to visitors can be useful in case of any unfortunate accidents. It can be worth inquiring about the maximum legal liability coverage offered by the insurer.
- Accidental Damage Cover: Accidental damage covers breakages, spills and household accidents that result in damage.
- Excess: This is the part of any insurance compensation that you pay out of pocket.
- Emergency accommodation: In the unfortunate event that your house needs to be renovated, rebuilt or undergo repairs, your insurer may cover the cost of temporary housing. Ask your insurer if there are any conditions or expense limits when making such arrangements.
- Funeral Expenses: While no one likes to prepare for death, the sad reality is that older people tend to be more vulnerable to the inevitable. Home insurance for the elderly can sometimes include coverage for funeral expenses.