Cheapest Homeowners Insurance for Seniors (2024)

FAQs

What is the best affordable home insurance for seniors? ›

State Farm provides the most affordable home insurance policies for seniors, with rates averaging $85 per month. It's important to note that home insurance rates are not based on your age — instead, costs vary depending on factors such as your home's location, coverage and the age of your home.

The best auto insurance company for seniors is Geico because it has the cheapest premiums for senior drivers, according to WalletHub's analysis. Geico also earns high marks from WalletHub editors for its variety of coverage options, ease of use, and multitude of discounts.

Guardian Life Insurance is our top pick for older seniors because it is one of a handful of insurers we've reviewed that issues policies up to age 90. It offers no-exam policies up to $3 million in coverage, though seniors might face significant rates for higher coverage amounts.

Zebra tip: Some insurers offer discounts specifically for senior citizens. If you are retired, your homeowners insurance policy may assume you will be home more often, therefore decreasing the risk of a break-in.

Auto-Owners and USAA are the cheapest home insurance companies on average, according to Bankrate's research.

State Farm is the largest provider of homeowners insurance in the U.S., with $19.7 billion in direct premiums written in 2020.

For example, homes that are closer to a staffed fire station tend to have lower premiums because in the event of a fire, it will likely be put out in a timely manner, minimizing the overall damage and cost to your insurer.

Quotes from AARP through The Hartford are cheaper than rates offered by Allstate and State Farm, which are some of the most popular auto insurance companies in the United States.

Up to 20% Savings for Members

You can customize your coverage with benefits and services designed especially for AARP members, including “New for Old” Protection and Disappearing Property Deductible^†. Plus, you could save up to 20% when you bundle your home and auto policies.

A unit of Colonial Penn coverage is the life insurance benefit amount you receive for $9.95 per month. Your age and gender determine the exact amount of insurance coverage a single unit provides. The older you are, the more units you will need to purchase in order to get an adequate death benefit.

Which insurance is provided to most Americans at age 65? ›

Medicare is the federal health insurance program for people who are 65 and over. If you are under 65, you may be eligible to get Medicare earlier if you have a disability, End-Stage Renal Disease (ESRD), or ALS (Lou Gehrig's Disease).

Medicare Part A (hospital insurance)

You're eligible for Part A at no cost at age 65 if 1 of the following applies: • You receive or are eligible to receive benefits from Social Security or the Railroad Retirement Board (RRB).

USAA, Allstate, and Chubb top our list of the best homeowners insurance companies for older homes based on their affordable rates and excellent coverage add-ons.