The Best Home Insurance for Seniors in 2023

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January 5, 2023 amie-clark Author: Amie Clark | January 5, 2023
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Lemonade - Lowest Premiums

Overall Rating:

4.6 / 5
What We Like ↓
Progressive - Wide Range of Policies

Overall Rating:

4.3 / 5
Call for best price:
(855) 933-2095
What We Like ↓
AARP - Designed for Seniors

Overall Rating:

4.0 / 5
What We Like ↓
Allstate - High-Premium Option

Overall Rating:

4.8 / 5
Call for best price:
(855) 933-2095
What We Like ↓
American Family - Best for Businesses

Overall Rating:

4.2 / 5
What We Like ↓
State Farm - Best for Rentals

Overall Rating:

4.6 / 5
What We Like ↓
Nationwide - Best Personal Property Protection

Overall Rating:

4.5 / 5
 What We Like ↓
The Best Home Insurance for Seniors How We Chose Our Favorites Our Top Picks Cost of Home Insurance for Seniors

A good home insurance policy is a necessity at any age. As you get older, however, you may be more particular about your coverage, wondering how to distinguish between the plans that will protect you from costly home damages and the ones that could leave you high and dry.

We compiled this list of the best home insurance for seniors to make sure you have a policy that will keep your hard-earned money safe as you (and your house) get older — regardless of your needs or financial means.

FYI: To learn more about the importance of insuring your home, read our guide to home insurance for seniors.

How To Find Senior Townhomes

The Best Home Insurance for Seniors

How We Chose Our Favorites

 

  • Cost of premiums: Since cost is a major factor in your decision-making process, we used it as a basic measure of a policy’s value.
  • Coverage limits: Since a plan’s cost should be proportional to its coverage limit, we made sure to include plans with practical coverage limits that can be expanded.
  • Riders availability: Since every home is different, the ability to add riders to a plan is a major advantage we considered.
  • Financial strength: Insurance companies can only pay out if they’re still around, so we included a company’s financial stability in our assessment of its policy’s value.

The Best Home Insurance Providers for Seniors

Lemonade - Lowest Premiums

Lemonade Logo
4.6 / 5
What We Like Most:
  • Low premiums
  • Fraud-protection service
  • Missing-item coverage
  • Smooth application process

Overview

Lemonade may be a newer option in the world of home insurance, but it backs up its lack of seniority with ultra-low prices. The company’s plans are easily accessible online, with systems in place to get quotes and sign up for a policy without talking to an agent. That may be Lemonade’s main drawback, however, if you prefer to do your insurance dealings with a real agent.

Lemonade offers robust coverage for missing items that you can add to your policy for a fee. It also has a modern fraud-protection setup that comes with every plan.

We recommend a Lemonade home insurance policy for seniors who are comfortable managing their policy online and who value getting the cheapest possible rates.

Pros
  • Low premiums
  • Fraud-detection service
  • Easy signup procedure
  • Missing-item coverage
Cons
  • Online-focused systems
  • Young company

Progressive - Wide Range of Policies

Progressive Car Insurance Logo
4.3 / 5
Call for best price:
(855) 933-2095
What We Like Most:
  • Offers rideshare insurance
  • Pet protection
  • Gap insurance available
  • Easy-to-use website

Overview

Progressive is one of the nation’s most well-known providers of home and auto insurance. The company brings its industry experience to bear on its easy-to-use website, which features a robust price-comparison tool. It allows you to compare Progressive’s rates to those of other companies, which is a level of transparency we appreciate.

The customer reviews back up that confidence, with many citing Progressive’s extended coverage options as a big selling point. Progressive offers the ability to expand your policy to include other structures, personal liability, personal possessions, medical expenses, and loss of use.

Progressive’s online systems do not allow you to get a final quote without speaking to a representative, which may be inconvenient for some. The company also offers numerous plans, which can be overwhelming. That’s why we recommend Progressive for homeowners who like to compare numerous plans to find specific coverage benefits at the most competitive rates.

Pros
  • Competitive price rates
  • Price-comparison tool
  • High customer satisfaction
  • Frequent discount offers
Cons
  • Incomplete online process
  • Too many choices
Call to order Progressive: (855) 933-2095

AARP - Designed for Seniors

AARP logo
4.0 / 5
What We Like Most:
  • AARP members guaranteed acceptance
  • Administered by Delta Dental Insurance Company
  • Choice of PPO and HMO plans
  • Large nationwide network

Overview

AARP home insurance policies are available exclusively to its members. AARP offers low prices, as well as robust bundling options that provide discounts for people who buy both home and auto policies.

AARP policies also offer discounts for safety devices such as burglar alarms, for retirees who work less than one day per week, and for being a claims-free customer.

AARP membership fees, however, can change based on your home insurance status. Check with your policy provider to learn how your AARP status will affect your policy and membership rates. Otherwise, we recommend AARP home insurance for members who want a senior-specific policy, especially as a bundle.

Did You Know: To learn more about AARP, read our guide: Is AARP Worth It?

Pros
  • Senior-specific policies
  • Bundling options
  • Safety and claims-free discounts
  • Competitive prices
Cons
  • AARP membership required
  • Membership rates can fluctuate

Allstate - High-Premium Option

Allstate Logo
4.8 / 5
Call for best price:
(855) 933-2095
What We Like Most:
  • Discounts for seniors
  • Accident forgiveness
  • Excellent customer service
  • Roadside assistance

Overview

Allstate offers coverage in all 50 states, in addition to providing a robust network of local agents who may serve your area. The company’s coverage options are diverse and feature numerous optional coverage additions, such as coverage for water backup and discounts for energy efficiency. It also offers theft and property damage add-ons.

Allstate offers a monthly subscription for identity protection, including online monitoring and a 24/7 customer-service line. All these features come at a premium, however, because Allstate has some of the highest policy prices in the industry.

We recommend Allstate homeowners insurance for people who could get the most use of their add-ons and agent network while being able to afford their high premiums.

Pros
  • Wide range of plans
  • Extended network of agents
  • Diverse add-ons
  • Identity-protection subscription
Cons
  • High rates
  • No family discounts
Call to order Allstate: (855) 933-2095

American Family - Best for Businesses

American Family Insurance Logo
4.2 / 5
What We Like Most:
  • Numerous discounts available
  • Below-average rates
  • Equipment failure discount
  • Strong financial stability

Overview

American Family is one of the most financially stable home insurance providers on the market, frequently featured on lists of the best value in dwelling and personal property coverage. The company offers standard add-ons such as liability and loss-of-use coverage, but it also has unique options such as coverage for equipment breakdown on the property and hidden water damage.

That makes American Family a great choice for homeowners who have an active farm property or other home-based business. It offers a wide variety of coverage discounts, such as customer loyalty, smart payments, and generational discounts, as well as reasonable introductory policy rates.

The main drawback is that American Family’s coverage is available in only 19 states, so it won’t be a viable option for most homeowners.

Pros
  • Diverse coverage discounts
  • Equipment and water damage coverage
  • Financial security
  • Competitive prices
Cons
  • Serves only 19 states
  • Getting a quote takes longer than average

State Farm - Best for Rentals

State Farm Logo
4.6 / 5
What We Like Most:
  • Available in 45 states
  • Competitive pricing
  • Over 19,000 local agents for personalized service
  • Bundled savings

Overview

State Farm has a huge network that includes coverage in all 50 states, as well as over 20,000 local agents who can help customers find a plan that works for them. State Farm’s standard plan includes typical add-ons such as personal liability, medical, additional living expenses, and personal property insurance.

State Farm also offers discounts for bundling home and auto insurance, as well as an optional replacement plan for damaged structures and items. In some western states, State Farm even offers free wildlife defense services to policyholders in danger zones. The company doesn’t seem to offer a discount for bundling multiple home policies or as many riders as other companies.

Homeowners in California, Arizona, Washington, Colorado, and Oregon should check State Farm’s unique coverage options. Anyone in the country could consider State Farm for its extremely competitive rates and wide coverage options. It covers not only owned homes but also condos and rentals.

Pros
  • Low rates
  • Bundling options
  • Comprehensive national coverage
  • Coverage for different home types
Cons
  • No multi-policy discounts
  • Fewer riders than average

Nationwide - Best Personal Property Protection

Nationwide Logo
4.5 / 5
What We Like Most:
  • Cruise insurance plan
  • A+ credit rating from A.M. Best
  • Pre-existing condition coverage period of 60 days
  • Can be purchased 24 hours in advance

Overview

Ironically, Nationwide is available in only 45 states, so it will be out of reach for some homeowners. Those within its network, however, enjoy relatively cheap premiums with some unique features, including a built-in credit card theft and fraud protection service for security-minded homeowners.

The company’s add-ons include a better roof replacement policy and a robust personal property replacement plan, which offers replacement cost coverage that includes reimbursements for item depreciation. That means even its basic policy pays for new items rather than for the item’s current condition, which is common with other providers.

Nationwide’s financial strength is rated highly, and its customer satisfaction ratings are also generally high. As long as you don’t live in the states Nationwide doesn’t serve (including Massachusetts and New Jersey), Nationwide is a great match for security-minded seniors looking for a deal on property protection.

Pros
  • Fraud-protection system
  • Competitive rates
  • Home rebuilding coverage
  • Missing-item reimbursement
Cons
  • Some states fall through the cracks
  • No discounts for bundling

Cost of Home Insurance for Seniors

According to the National Association of Insurance Commissioners, the average home insurance policy cost $1,249 in 2021, which is about $104 per month. As people age, their needs for home insurance change in terms of their priorities for personal liability coverage, home improvement discounts, and unique add-ons. Home insurance, however, does not cost more for one age group than another, since age is never used in the rating or pricing system of a reputable provider’s policies.

The main factors that influence a policy’s price are its coverage limits and coverage type, with many policies having a range of additional coverage available for customers who need it. Location, the type of home, and potential discounts also influence the final rate.

Bottom Line

The most important thing a homeowner can do when choosing a home insurance policy is compare rates from different providers. We created this breakdown of seven of the most promising providers so you can compare their features with your needs.

Remember that no provider should change its rates based on a customer’s age. Some providers offer policies tailored for seniors, but most work with the same coverage options for all ages. Compare rates to find the best policy for your needs and the needs of your home.

To learn more about insurance policies for seniors, read our guide to insurance for seniors.

amie-clark
Written By
Amie Clark

Amie has been writing about senior care products and services for the last decade. She is particularly passionate about new technologies that help improve the quality of life for seniors and their families. Seeing her parents and grandparents age made Amie ask herself, “Would this be good enough for my loved ones?” In her spare time, Amie enjoys outdoor adventures and spontaneous road trips. Learn more about Amie here