How is seniors’ home insurance different from other policies?

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 this 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 a policy is fit for purpose and whether you’ll be paying extra for features you don’t need – or if you won’t be covered for events you do need.

How can I find the best senior home and contents insurance 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. Some insurance providers also offer policies specifically for seniors, such as Australian Seniors home insurance or National Seniors insurance.

It’s always worth considering what type of insurance coverage may best suit your lifestyle, financial situation and personal goals. For example, some seniors choose to purchase additional coverage against the risk of injury or accidental damage.

However, some insurers may want to see certain measures in place before they’ll approve a seniors home insurance policy, 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
• Install handrails for support in bathrooms and passageways, and may need to replace tiling that is likely to be slippery.
• 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 features to look out for when comparing different insurance policies:

• Legal Liability Cover: If you often have family and friends stopping by, having coverage for injuries to visitors can be useful in case of any unfortunate accidents. It could 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. A higher excess often means a lower premium, and vice versa.
• 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 it can be uncomfortable to discuss, home insurance for the elderly can sometimes include coverage for funeral expenses, so your loved ones can be better prepared for when the time comes.

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