Homeowner's Insurance Guide for Seniors
Adequate homeowner's insurance protects your parent's biggest asset. Learn what coverage seniors need and how to save.
Homeowner's insurance is essential protection. Here's what caregivers should know about coverage for aging parents.
What Homeowner's Insurance Covers
- Dwelling: Structure of the home
- Other structures: Garages, sheds
- Personal property: Belongings inside
- Liability: If someone is injured on property
- Additional living expenses: If home is uninhabitable
Coverage Gaps to Watch
- Flood damage: Requires separate policy
- Earthquake: Often separate coverage
- Sewer backup: May need endorsement
- Valuable items: May exceed policy limits
- Home business: Not covered by standard policy
Review Coverage Regularly
Check annually that:
- Dwelling coverage matches rebuild cost
- Personal property coverage is adequate
- Liability limits are sufficient
- Deductible is appropriate
Ways to Save
- Bundle with auto insurance
- Raise deductible if they have emergency savings
- Ask about senior discounts
- Install security systems
- Shop around every few years
- Maintain good credit
Special Considerations for Seniors
- Medical payments coverage for visitor injuries
- Coverage for live-in caregivers
- Umbrella policy for additional liability protection
- Coverage for mobility equipment
Filing Claims
- Document damage with photos
- Keep receipts for emergency repairs
- File promptly
- Keep records of all communications