Senior citizens need to examine their home insurance coverage on a regular basis. Annually is best. As you get older, your risks change. Home insurance should always match the needs of the individuals living in or owning the home.
Review your insurance policy now. Here are a few key things for older homeowners to consider.
Home Values Change
Often, homeowners will buy a home insurance policy when they first obtain their home. However, many homeowners remain on that property for years to come. And few of these long-term homeowners think to adjust the policy or find a new provider. If this sounds like your current scenario, take a closer look at your policy.
- Does the current value of the policy match the current cost to rebuild the home?
- Have you adjusted the policy's value to match current market trends?
- When was the last time you got a new quote for a more accurate policy?
Most often, it is wise to request a new home insurance quote on a yearly basis. You also do not need to wait until your existing policy expires. You can request a quote at any time.
Liability Risk Assessment
It's also a good idea to talk to your home insurance agent about the current risks around your home. You'll likely want to know if there are liabilities, such as concerns with the safety of the property. You also likely want to update your policy to match current trends in claims in your area. Over time, policy needs for liability coverage change.
Discuss Discounts and Savings Opportunities
Seniors can often bundle their home and auto insurance. If you have an existing life insurance plan, health insurance, or even an RV, bundling can cut your costs. Other discounts — such as discounts for being claim free — may exist as well.
Additionally, your policy should match how you use your vehicle. For instance, some seniors may benefit from a policy for limited driving. If you do not drive far or regularly, this policy can help cut your premium costs.
Choosing the right home insurance is a must for everyone. But it's especially crucial for seniors. If you are unsure what your needs are, work with a local agent. It is always a good idea to invest in a plan customized to your current needs.
Prestige Insurance Group, Inc. can help you get covered. Call us at (888) 969-8778 for a fast, free Miami home insurance quote.