Renter’s Insurance for Seniors Guide
Renter’s insurance for seniors can have an incredibly significant impact on our peace of mind. It can help us feel secure at a relatively inexpensive price. In addition, it can cover your belongings, reduce other insurance costs, and may even provide liability insurance to boot.
If you’ve been thinking about renter’s insurance for senior living, or are required by your landlord to have it, there is no time like the present to jump in. After all, with the cost of covering $20,000 in belongings averaging only $165, you’ll feel relieved to cross this off your To-Do list.
Here are some of the things to consider in finding the best renter’s insurance for seniors for your specific situation.
Best Practices for Choosing Renter’s Insurance for Seniors
Researching about the different policies for home insurance for seniors is the key to finding and having the plan that is best for you.
Understand What Renters Insurance Covers
While each policy is unique, standard policies may cover personal property, liability, medical payments coverage and additional living expenses.
Personal Property
This is just as it sounds. You can select coverage for your furniture, rugs, clothing, jewelry, dishes, and electronic equipment. You can select if you want replacement cost coverage or actual cash value (ACV). The replacement cost offers better coverage, as your items may have depreciated since the time you purchased them.
Some renter’s insurance for senior living also provide coverage for high-value items such as jewelry that may be included in a special schedule.
Liability Insurance
In addition to the property, renter’s insurance for seniors can cover you if you’re sued for injuries, property damage to someone else or paying for legal costs. This can come in handy if someone falls in your apartment, your dog bites someone—and you get sued.
Medical Payments
Coverage is often included to pay for small medical bills such as a guest slipping in your apartment or home.
Living Expenses
If you can’t live in your home and need to cover living arrangements because of a problem covered by the policy, this can come in handy. It can pay for costs such as hotel fees, restaurant meals and even pet boarding expenses. This may also come under the title of “loss of use.”
Extra Coverage
As you investigate renter’s insurance for senior living, you may also be able to add extra coverage for peace of mind. These include flood insurance, earthquake damage and personal cyber insurance. Talk with your insurance provider to explore what could help you cover costs in the event of these potential damages. While you’re at it, make sure you cover all your bases with a life insurance plan for seniors.
Top Renters Insurance Providers In Your State
The Benefits of Bundling
Some providers of renter’s insurance for seniors offer bundling options. Be sure to check out discounts that may be available if you bundle renter’s insurance with your auto insurance plan for seniors. This can lower your bills and make it easy should you need to file a claim.
American Family
The average American Family renter’s insurance is $149 a year and is available mostly in the Midwest and the Pacific Northwest. Renters appreciate the diminishing deductible option, where your deductible reduces each year you don’t have a claim. They also offer bundled options, and you can use a renter’s calculator to review costs.
Lemonade
At an average of $154 a year, Lemonade is a popular choice in 29 states. Consider price breaks for living in a gated community, having protective devices, and being a loyal customer. Watch out for dangerous dog surcharges for specific breeds.
USAA
At an average of $140 a year, USAA is a popular choice among veterans and people with a military affiliation. Their bundles allow you to save up to 10% if you bundle your homeowners or renter’s insurance with your auto insurance.
Chubb
The average Chubb renter’s insurance is $166 and is available nationwide. Check out Chubb for potential discounts for living in a gated community, being a long-standing customer, having building security, having a burglar alarm, and more. Offering comprehensive protection, be sure to investigate coverage for your rental home and auto.
Erie Insurance
Erie offers discounts for bundling auto and renter’s insurance. You can get customizable policy bundles however, services and product offerings vary per state. Be sure to check out age-based discounts and explore several ways to save such as having safety equipment.
Amica
Check out bundled discounts as well as Amica’s loyalty policy discount. If you’ve been claim-free for three years, you may qualify for a premium reduction. Discounts vary per state, and service is not available in Alaska or Hawaii.
Allstate
Allstate offers a policy discount of 10 - 25% for eligible policyholders over 55 years old who are not actively seeking full-time employment. Discounts are available for bundled policies and for renters who choose to have insurance payments automatically withdrawn from a bank account. It is a top choice for retirees.
State Farm
State Farm has one of the best ratings, most affordable prices, and great claims service. The average payment is about $217 per year for a standard policy. Be sure to check about reducing your premium by bundling with another policy. Rates vary based on where you live.
AARP Hartford
The Hartford offers renter’s insurance for seniors with additional discounts to AARP members. Explore special discounts if your building has security services such as a gated complex or uniformed guards. You can get a renters insurance policy the next day after you get your quote.
Investigate Senior Specials
As you’re exploring renter’s insurance for senior citizens, start by talking with your family, friends, and neighbors. Gather their input and compile a list of recommendations. You’ll get real-life insights about discounts for coverage, customer service and customization tips.
The best way to make sure you’re getting the best price is to compare quotes from multiple insurance companies.
Special Rates for Seniors
Check with your insurance provider to get the best coverage at the best rate. When you’re shopping for renter’s insurance as a senior citizen, take a close look at AARP Hartford, Allstate, and Amica. You may find that the combination of affordability and customer service puts these at the top of your list.
Senior Deals & Discounts: How To Get It Cheaper
You can often save money on renter’s insurance by asking for discounts. In addition to senior discounts, be sure to look for discounts such as:
- Multi-policy discount for bundling insurance such as auto insurance.
- Installing low-cost protective devices such as a fire alarm, burglar alarm and deadbolt locks.
- Payment discounts such as paperless billing, enrolling in auto-pay or paying your premium in one sum.
- Discounts for not making any claims for renter’s insurance.
Assistance Club Summary
Are you ready to get “Renter’s Insurance” off your To-Do list? Use these easy tips to shop for quotes, compare options and get your policy.
Find the coverage that is best for you and get the peace of mind you deserve.
Learn more about the other kinds of insurance policies seniors should have at Senior Assistance Club.