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Home Insurance for Seniors
Written by
Tina Sendin
Edited by
Ellie Garran
Reviewed by
Adrian BennettOur Home and Contents partners
iSelect does not compare all providers in the market or all policies offered by our partners in your area. Not all policies or special offers are available to all customers. Learn more.
What is home insurance for seniors?
Who says homes can’t age as gracefully as their owners? Whether you’re jet-setting in your retirement, or a homebody who finds simple joys in perfecting the garden, your space should keep up with your lifestyle.
Home insurance is an important safeguard for you as a homeowner. It protects your property while keeping up with the demands of your senior years. Think unexpected damages from bushfires or if someone runs away with your golf cart.
Some providers offer plans that seem like they were made for older Aussies. These options are all about flexibility and affordability, making them an excellent fit for things like downsizing or working off a retiree budget.
What are the different kinds of home insurance policies for seniors?
Home insurance should fit you like a glove, covering the essentials while skipping those you don’t need.
Home and building insurance
This type of coverage protects the physical structure of your property, including the walls, roof, garage, built-in fixtures, and even outbuildings (like sheds and stables). If your property is your pride and joy, this type of coverage is your safety net against storms, fires, or accidental damage.
Contents insurance
This covers your personal belongings inside the home like furniture, electronics, and valuables. Some insurers even design policies with seniors in mind, adding coverage for things like medical equipment or heirloom pieces.
Combined home and contents insurance
For absolute peace of mind, a combined home and contents insurance policy can cover both your property and belongings. This all-in-one package generally covers the repair or replacement of both your home and contents and can even include debris removal and extra rebuilding costs, plus provide temporary accommodation.
Why is home insurance important for seniors?
Here are some reasons why a home insurance policy is worth thinking about now more than ever.
Financial protection
Life throws curveballs, like storms or fires, just as much as grandkids might send a cricket ball flying straight through your window. They can all leave you with a hefty repair bill. The right insurance means you won’t be facing those costs alone.
Flexibility for changing lifestyles
Maybe you’re thinking about downsizing or rebuilding your house in case of a wildfire or storm. A solid home insurance policy can ride along with the various seasons of your life.
Coverage for unique needs
Some policies offer additional protection, like coverage for motorised wheelchairs or mobility scooters. Others also consider the type of property – a wooden home tends to be more expensive than one made mostly of brick.
What should I consider when choosing home insurance as a senior?
Affordability and fixed budgets
Many Australian retirees are living on pensions.1Australian Bureau of Statistics – Retirement and Retirement Intentions, Australia With fixed income, affordability is often a top priority. Look for policies that balance comprehensive coverage with a premium your budget can afford.
Downsizing or relocating
If you’re an empty-nester who has recently downsized, ensure your insurance reflects the size and value of your new home and contents. Smaller homes might require less coverage, reducing costs.
Specific coverage needs
Do you own antiques, collectables, or valuable appliances? Policies catering to seniors often address these unique requirements, ensuring everything you value is covered.
Easy claims process
The home insurance claims process can often be hard yakka. Choosing an insurer with a solid reputation can save you from unnecessary stress.
Is home insurance cheaper for seniors?
Most likely. You may find that home and contents insurance or basic policies are more affordable as you downsize.
Some providers might also offer age-based discounts or incentives for retirees. For example, insurers might view a retiree spending more time at home as reduced risk, since a house is less likely to be targeted for theft or vandalism when it’s often occupied.
Helpful tip:
It’s always a good idea to ask your insurer if you’re eligible for any senior or retiree discounts.
Adrian Bennett
General Manager for General Insurance
What factors affect the cost of seniors’ premiums?
There’s no getting around it – lots of things can impact the cost of your home insurance premiums. Here are some of the main factors to keep in mind.
Location
Where you live can make a big difference. If your home is in an area prone to floods or bushfires, premiums are likely to be higher.
Type of cover
The more protection your policy offers, the higher the cost. Comprehensive policies give you peace of mind but tend to come with a bigger price tag.
Home security
Adding extra home security measures, like alarm systems or gated access, can really help lower your premiums.
Age of home
Older homes have their charm but can be pricier to insure. The reason? Structural risks and expensive repair work can add up.
How can seniors save on their premiums?
There are plenty of ways older Aussies might get to keep home insurance costs down without cutting corners on coverage. Here are some of them.
Ask about age-based discounts
Did you know many insurers offer special discounts for retirees and seniors? They’re not always advertised, so it’s worth asking when you’re getting a quote. Simply asking the question could lead to big savings.
Bundle different policies
If you need to insure both your home and car, consider bundling them with the same provider. Most insurers give you a delicious discount for keeping everything under one roof.
Consider a higher excess
Choosing a higher excess – the amount you pay out-of-pocket for a claim – can lower your premiums significantly.
Shop around
It pays to compare! Savvy homeowners take the time to explore what other providers are offering. Using comparison tools online can uncover deals you might not find otherwise and help you save each year.
Maintain a claims-free record
Some homeowners try to reserve claims for bigger expenses so they can enjoy those no-claim discounts down the track. In fact, most insurers reward customers who don’t make frequent claims with lower premiums.
Where can I compare options?
At iSelect, we do the hard yards for you. If you’re looking to switch, we can provide a range of policies and providers to help you start a comparison of home insurance options.
Get started on comparing home and contents today!
Save time and effort by comparing a range of home and contents insurance policies with iSelect
iSelect General Pty Ltd (ABN 90 131 798 126. AFSL 334115) has partnered with Compare the Market (ABN 83 117 323 378. AFSL 422926) to compare a range of home insurers and policies. Not all providers in the market or all policies offered by the partners are compared and not all policies or special offers are available to all customers.
A number of our participating general insurance brands are arranged by Auto & General Services Pty Ltd ACN 003 617 909 on behalf of Auto & General Insurance Company Limited 111 586 353, both of which are related entities of iSelect Limited. Our relationship with those companies does not impact the integrity of our comparison service. Click here to view iSelect’s range of providers.
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