Home insurance for seniors

Older Australians, retirees and pensioners all have different challenges to face in day-to-day life. The right home and contents insurance policy for seniors can let you enjoy your retirement in comfort, with less stress and fewer headaches, knowing that even if disaster strikes, you can keep enjoying your lifestyle.

For peace of mind, it’s important to compare your options before covering your home and its contents with a home insurance policy for seniors.

Home insurance for seniors is similar to home insurance for other Australians. The main difference is that selected insurers may offer discounted policies to seniors cardholders, which can make budgeting a little easier. Even this little bit of relief can make a big difference, especially if you’re on a pension or a similar fixed income. 

Some types of home insurance, and some features and benefits of certain home and contents insurance policies, may be particularly appealing to senior Australians. For example:

• Home and contents insurance can cover not just your home, but the lifetime of possessions it holds, against the risk of natural disasters, fire, theft and more.
• Home-only insurance policies, including landlord insurance, may be necessary if you own one or more investment properties that need coverage.
• Some insurers may offer the option to pay for insurance by the month, which may be easier to budget for on a fixed or limited income.
• If you move into assisted living, you may be able to apply for specialised insurance policies to help provide coverage in this situation.
• You may prefer insurers that offer different levels of customer service. For example, you may be happy to manage your insurance online or over the phone, or you may prefer an insurer with branches you can visit.

Depending on your personal and financial situation and your lifestyle, there may be a few special risks you may need to consider for your home insurance. For example:

• If your adult children store their own possessions in your home, these items may not be covered under your contents insurance policy unless they’re also named on the policy.
• If you’re unable to accurately assess the overall value of your home and its contents, you could find yourself underinsured if the worst was to happen.
• Older homes may require additional cover, as there may be a higher risk of encountering problems needing repairs.
• It may not be easy to source new for old replacements for all of your home’s contents.
• Some high-value individual items in your home (such as antiques, heirlooms, specialised medical equipment or mobility aids) may not be covered by a standard contents insurance policy. To get these covered, you may need to take out separate portable contents insurance.
• If you’re a ’grey nomad’ who regularly travels, cruises or caravans, leaving your home unoccupied for long stretches could risk voiding your home insurance.

Many insurers in Australia, large and small, offer one or more home insurance policies with seniors in mind. These policies may have discounted premiums, or may offer features and benefits suited to seniors.

There are also a limited number of insurers that cater specifically to older Australians and pensioners. While there may be a smaller number of these specialist insurers to compare, limiting your potential choices, the features, benefits and customer service offered by these insurers may be better-suited to your needs once you’ve compared the available options.

Keep in mind that some of these seniors home insurance providers may be owned or underwritten by other insurers. Even if you make a claim with one business, managing and paying out your claim may be handled by the underwriter or parent company. Consider doing some research before signing on the dotted line.

For example:

• Australian Seniors Home Insurance is underwritten by The Hollard Insurance Company.
• Australian Pensioners Insurance Agency (APIA) is part of the Suncorp group, which also owns AAMI and other insurers.
• National Seniors home insurance is underwritten by Allianz.

One of the simplest ways to compare home insurance options for seniors is to use the comparison tables on RateCity. By putting different policies side by side, you can quickly compare the discounts, features and benefits that may be available to you. You can also adjust the filters to narrow down your shortlist to only the home insurance policies that match your specific situation, so you can compare apples with apples and get a better idea of which ones may be better for you.

You can also compare home insurance reviews online from satisfied and not-so-satisfied customers to get a better idea of which insurers offer a standard of customer service that appeals to you. Word of mouth from family and friends can also be a valuable resource when comparing home insurers.

Once you’ve assembled a shortlist of potential home insurers, you can contact them over the phone, online, or in some cases by visiting a branch, and ask for quotes. The more information you can provide about your home, contents, and living situation, the more accurate the quote could be. You may also be able to ask for a senior’s discount at this stage.

When comparing the quotes you receive, be sure to consider not just the cost of the home insurance premium, but the value of the benefits you may be able to access. Based on your comparison, you can select your preferred policy and complete an application with your chosen insurer.