Seniors home insurance
How would you cope losing decades of memories? For over-50s, home and contents insurance could be a lifesaver to help rebuild quickly.
While there are no specific policies available just for seniors, as you're getting older you can receive discounts on your home and contents insurance with many providers. Home and contents insurance helps you rebuild your decades of physical memories in the case of fire, flood, storm, a break-in or vandalism.
Compare home insurance for seniors
Is there any difference between a normal home insurance policy and a policy from a seniors insurer?
Every insurance company offers home insurance for seniors, but certain insurers do cater specifically to seniors, such as the Australian Seniors Insurance Agency, APIA and National Seniors Insurance. But is there any real difference between them?
There's no difference between a normal home insurance policy and a policy from a seniors insurer, though some providers do provide a discount for seniors with a seniors card or non-seniors cardholders over 50.
Insurance needs change as you age, so choosing a flexible policy that covers your key concerns is a great way to save money and have piece of mind.
Which home insurers offer discounts for seniors?
There are a few insurers that offer discounts tailored to seniors only, such as Australian Seniors Home Insurance. We would always encourage seniors to do the maths when it comes to seniors discounts and see how good a deal it actually is.
For example, if one insurer offers a 10% discount for seniors and another offers 15% off for anyone who buys online, it might be more cost-efficient to go with the 15% discount, even though it might be tempting to flash your seniors card.
Here's a quick list of discounts offered by some insurers:
This information is correct as of February 2019
What should seniors look for in an insurance policy?
When looking into purchasing a home insurance policy, seniors should consider a few things:
- Do your kids store belongings in your home? Many policies don't automatically include cover for items other people bring into your residence, unless you list their names on the policy.
- Do you travel often? Are you spending your retirement or weekends on the road? If your home is unoccupied for 60–90 days at a time, you may not be covered.
- Do you have an older house? Been in the same place for a few decades? The cost of home insurance is often higher for older homes, as not all insurers are willing to take on the risk of insuring an older home. Plenty of companies will still provide cover, but you may need to pay a bit extra for the cover you need.
- The cost to rebuild your home. Also factor in other costs you may not have thought about, such as accommodation while you rebuild, as some policies cover this.
- Calculate how much your house is worth. Use an online calculator to help you. These calculators will estimate rebuilding costs based on either a rough guide of cost per square metres or elemental estimating, which is a more personalised estimate of the cost, asking several questions about your home.
- Are you considering renovating to make your home more accessible? If your physical needs change, you may need to make adjustments to your home and significant renovations might not be covered. Before work begins, read the PDS and call your home and contents insurer to see what your policy will cover.
- Do you need specialised medical equipment at home? Home insurance may cover damage to or the loss of durable medical equipment (such as assistive devices) under the personal property section of the policy, but you may have to pay extra under some policies to be covered. Some insurers may also ask for documentation from your medical professional.
- Do you live in a risk-prone area? If floods, bushfires and cyclones are common, ensure your home and contents insurance covers these events.
- What do you really want or need covered? Consider personalising your policy to save money. Budget Direct allows you to tailor your cover to your specific needs and Australian Seniors lets you choose your excess for your needs to reduce your premiums.
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