Más de 10 años escribiendo sobre seguros y finanzas personales
Ex editora asociada de finanzas de Investopedia
Jess es experta en seguros, banca y otros temas de finanzas personales. Sus artículos han aparecido en numerosos medios de comunicación web, como Investopedia.
7+ years in business and financial services content
Chris is a seasoned writer/editor with past experience across myriad industries, including insurance, SAS, finance, Medicare, logistics, marketing/advertising, and many more.
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While your age can affect your car insurance premiums, it won’t affect the cost of your home insurance. But you might also qualify for certain discounts as a senior that can lower your home insurance premiums. Many insurers offer retiree discounts, claims-free discounts, and loyalty discounts — which is good news if you’re an older homebuyer or homeowner.
But not all home insurance companies offer the same rates, so shopping around is essential. To help get you started, here are some of the cheapest home insurance companies available, potential discounts, and other ways to save as a senior homeowner.
Quick Facts
Allstate, State Farm, and Travelers are some of the cheapest home insurance companies for seniors.
Choosing a higher deductible can help you reduce your home insurance costs because you’re taking on more up-front risk yourself.
Standard homeowners policies typically include coverage for dwelling, personal property, personal liability, and sometimes loss of use and other structures.
Best homeowners insurance for seniors
The cheapest home insurance companies for seniors usually offer inexpensive policies for homeowners of every age. The insurance companies below offer affordable rates and discounts available for senior homeowners. Here’s some more information about each of Insurify’s top picks:
Insurance Company
▲▼
IQ Score
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.
▲▼
Average Annual Premium
▲▼
Best For
▲▼
Allstate
8.2
$1,904
Overall
State Farm
8.2
$1,886
Customer service
Chubb
7.8
$2,365
High-value homes
Stillwater
8.8
N/A
Homes in high-risk areas
Travelers
8.4
$2,085
Older homes
Our editorial team spent more than 350 hours developing the Insurify Quality (IQ) Score and scoring insurance companies. The IQ Score objectively analyzes and calculates a score for insurers using more than 15 crucial criteria. The team weighted criteria by importance to the consumer — factors such as customer reviews and affordability influence the score more than availability and third-party ratings.
We rate each company on a 1 to 10 scale based on five categories: financial ratings, customer satisfaction, affordability, customer support and transparency, and availability. Insurify updates ratings once a year or as more recent information becomes available.
Third-party financial ratings: Insurify uses data from AM Best, S&P, Moody’s, and more to compare insurance companies’ credit and ability to pay out future claims.
Customer satisfaction: To calculate this score, Insurify analyzed more than 55,000 customer reviews across 155 car insurance companies. We also consider third-party ratings from J.D. Power, the National Association of Insurance Commissioners, and Trustpilot.
Affordability: Our data scientists analyzed more than 90 million real-time auto insurance rates from our partners across the U.S., as well as available discounts, to calculate an affordability score.
Customer support and transparency: This measures coverage options, ease of claims filing, and the insurer's transparency surrounding discounts, coverages, and claims process.
Availability and reach: Insurify scores availability and reach by identifying the number of states in which insurers offer coverage and company size by market share.
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.
8.9/10
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
833
$300,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $300,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$134/mo
$500,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $500,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$192/mo
Allstate offers affordable homeowners insurance rates compared to its competitors. It also offers many discounts that seniors could benefit from. You can save by taking advantage of Allstate’s loyalty discount, multi-policy discount, and responsible payment discount.
If you have questions about a homeowners policy, you can reach Allstate customer service through several channels, including phone, chat, and email.
Pros
No banned dog list
Several available discounts
Cons
Below-average customer satisfaction rating in the J.D. Power 2023 U.S. Home Insurance Study
Above-average number of National Association of Insurance Commissioners (NAIC) complaints
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.
9.3/10
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
842
$300,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $300,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$141/mo
$500,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $500,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$205/mo
State Farm is among the best home insurance companies for customer service. It offers 24/7 payment and chat support, online claims filing, and a broad network of thousands of agents across the U.S. Its accessible customer service representatives are readily available to answer any payment or policy questions that may arise.
Pros
Above-average customer satisfaction rating in the J.D. Power 2023 U.S. Home Insurance Study
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.
6.5/10
A.M. Best
A.M. Best analyzes an insurer’s financials, operating performance, business profile, and other factors to generate an opinion-based rating of a company’s financial and credit strength. Ratings range from A++ (exceptional) to D (poor).
A++
$300,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $300,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$150/mo
$500,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $500,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$234/mo
If the market value of your home is relatively high, a policy from Chubb could be worth considering. This insurer offers higher-than-average coverage limits, including up to $100 million in personal liability insurance protection. You can also get extended replacement cost coverage, which ensures you can rebuild your home to its original state even if expenses exceed your coverage limits.
Pros
Below-average number of NAIC complaints
Multiple home insurance discounts
Cons
Mostly negative customer reviews on Trustpilot
Below-average customer satisfaction rating in the J.D. Power 2023 Home Insurance Study
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.
4.4/10
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
Not rated
A.M. Best
A.M. Best analyzes an insurer’s financials, operating performance, business profile, and other factors to generate an opinion-based rating of a company’s financial and credit strength. Ratings range from A++ (exceptional) to D (poor).
A-
Stillwater offers standard homeowners insurance coverage options, including dwelling, other structures, personal property, personal liability, medical payments, and loss of use insurance. But homeowners living in high-risk areas vulnerable to theft or severe weather can also get scheduled personal property coverage and water back-up coverage for added protection against theft and sump-pump failure.
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.
9.0/10
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
829
$300,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $300,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$130/mo
$500,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $500,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$203/mo
If you own an older home, a home insurance policy from Travelers could be worth considering. This insurer offers relatively low rates, and seniors can take advantage of its many discounts, including protective device discounts for installing things like smoke detectors and home security systems.
Besides opportunities to save, Travelers also gives you access to reports on your home’s history through OpenHouse, so you can get insight into renovations and work done on your older home before you buy.
Pros
Below-average number of NAIC complaints
Several home insurance discounts
Cons
Mostly negative customer reviews on Trustpilot
Below-average customer satisfaction rating in the J.D. Power 2023 Home Insurance Study
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4.8/5
Cost of home insurance for seniors by state
Your age won’t affect the cost of your home insurance, but your location will. Insurance rates vary depending on local crime rates, total population, risk of natural disasters, state regulations, and other factors. If you live in a higher-risk area, you’ll often pay a higher rate.[1]
Here, you can see how general home insurance rates fluctuate from one state to the next. All average rates shown are for policies with $300,000 in dwelling coverage and a $1,000 deductible.
State
▲▼
Average Monthly Rate
▲▼
United States average
$2,377
Alaska
$1,116
Alabama
$3,939
Arkansas
$3,368
Arizona
$1,961
California
$1,782
Colorado
$4,072
Connecticut
$1,764
District of Columbia
$1,203
Delaware
$1,207
Florida
$10,996
Georgia
$2,426
Hawaii
$1,150
Iowa
$2,120
Idaho
$1,636
Illinois
$2,050
Indiana
$1,866
Kansas
$3,437
Kentucky
$2,476
Louisiana
$6,354
Massachusetts
$1,863
Maryland
$1,670
Maine
$1,322
Michigan
$1,840
Minnesota
$2,332
Missouri
$2,706
Mississippi
$4,312
Montana
$1,778
North Carolina
$2,110
North Dakota
$2,519
Nebraska
$3,962
New Hampshire
$1,225
New Jersey
$1,267
New Mexico
$3,362
Nevada
$1,224
New York
$2,257
Ohio
$1,342
Oklahoma
$5,444
Oregon
$1,232
Pennsylvania
$1,306
Rhode Island
$2,036
South Carolina
$3,082
South Dakota
$2,562
Tennessee
$2,470
Texas
$4,456
Utah
$1,369
Virginia
$1,600
Vermont
$918
Washington
$1,437
Wisconsin
$1,462
West Virginia
$1,392
Wyoming
$2,159
Factors that affect homeowners insurance costs
The top factors influencing your home insurance costs include:
Home age and condition
Home security features
ZIP code
Amount of coverage
Chosen deductible
Home insurance discounts for seniors
Many insurers offer special discounts on home insurance policies. Discounts vary by company, but some common discounts that might appeal to you include:
Bundling discounts: You can find bundling discounts from many insurance companies. With these, you get a percentage off your premiums for having multiple insurance products, such as home and auto insurance.
Customer loyalty discounts: Many insurers also offer customer loyalty discounts if you’ve held a policy with them for several years.
Retiree discounts: You could get a home insurance discount specifically for retirees.
Home security and safety discounts: It’s also common to see discounts for installing certain home security and safety features, such as smoke detectors, burglar alarm systems, or sprinkler systems.
Claims-free discounts: You could get a discount for your clean claims history if you have few or no past homeowners insurance claims.
Other ways to save on homeowners insurance for seniors
Besides discounts, you have several other ways to save on home insurance. Here are some options if you’re looking to save money on coverage:
Comparison shop. Premiums vary by insurer, so getting multiple home insurance quotes can help you find an affordable policy.
Increase your deductible.Your deductible is the amount you pay before your home insurance covers you. Common deductibles are $500–$2,000, but opting for a higher deductible generally means lower prices.
Reinforce your home. Home insurance companies sometimes offer discounts when you use certain products or materials to reinforce your home, such as metal roofing or storm shutters.
What home insurance for seniors covers
If you’re an older adult comparing coverage, here’s what you can generally expect from a standard homeowners insurance policy:[2]
Dwelling coverage
Dwelling coverage protects the structure of your home and covers repairs or replacement if a covered peril damages it, such as fire or severe weather.
Other structures coverage
Other structures coverage protects other buildings on your property, such as detached garages or sheds.
Personal liability coverage protects you if someone injures themselves at your home and you’re found at fault. It can cover their medical expenses and other related costs.
Loss of use coverage
Loss of use coverage can pay for temporary housing if your home is seriously damaged or destroyed and you need to relocate while repairs are being made.
What homeowners insurance for seniors won’t cover
Homeowners insurance for seniors doesn’t cover everything, unfortunately. Insurers typically have certain exclusions, such as wear and tear, flood damage, sewer backups, and damage caused by neglect.
For example, if your home is damaged due to a water leak because your 45-year-old roof is in disrepair, your home insurance likely won’t cover the cost of repairs.
Make sure to ask your insurance agent about any applicable exclusions before purchasing a policy.
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How much home insurance do seniors need?
A good rule of thumb is to set your dwelling coverage at a limit at least equal to the cost of replacing your home after a catastrophic event. The Insurance Information Institute also recommends that you purchase a minimum of $100,000 in personal liability insurance, though you might prefer additional protection just in case.[3]
But the amount of home insurance you need will depend on your home’s value and features, whether or not you have additional structures on your property, the value of your personal items, and your preferences.
It’s also common to see the terms actual cost value and replacement cost value as you shop for dwelling or personal property coverage.
Actual cash value: Opting for actual cost value might result in lower rates but offer less protection, as this is the value of your home and possessions after depreciation.
Replacement cost value: Replacement cost represents the market value of your house and possessions; depreciation doesn’t factor into the equation. Choosing replacement cost coverage is a good idea because it gives you more protection.
Extended replacement cost: You can even opt for extended replacement cost protection for additional peace of mind. This coverage ensures you can repair or replace your home, even if the expenses exceed your policy limits.
Cheapest homeowners insurance for seniors FAQs
If you’re still wondering about the cheapest homeowners insurance for seniors, check out the additional information below.
Is homeowners insurance more expensive for seniors?
No. Age doesn’t factor into home insurance rates, so your coverage won’t be more expensive if you’re a senior citizen. In fact, it’s possible more discounts could be available to you, such as retiree or customer loyalty discounts, effectively lowering your costs.
Which company has the cheapest home insurance for seniors?
State Farm and Allstate are among the cheapest home insurance companies for seniors. But your rates will vary depending on your location and other factors, so comparing homeowners insurance quotes is important as you shop for home insurance coverage.
Does your homeowners insurance go down when you turn 65?
No. Your homeowners insurance rates won’t decrease at age 65; they’ll likely stay the same regardless of your age. But you could potentially access more discounts if you’re an older adult. For example, you could benefit from loyalty or retiree discounts, if available.
Which state is cheapest for homeowners insurance?
Vermont is the cheapest state for homeowners insurance, with residents paying an average rate of $924 per year for coverage. Alaska is the next cheapest, with annual average home insurance premiums of $1,120.
Jess is a personal finance writer who's been creating financial and business content for over a decade. Her work is published on Investopedia, MoneyWise, NextAdvisor, The HuffPost, and more. Prior to freelancing full-time, Jess was an editor at Investopedia, The Balance, and FinanceBuzz. Connect with her on LinkedIn.
Jess has been a contributor at Insurify since September 2022.
7+ years in business and financial services content
Chris is a seasoned writer/editor with past experience across myriad industries, including insurance, SAS, finance, Medicare, logistics, marketing/advertising, and many more.
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Allstate
State Farm
Chubb
Stillwater
Travelers
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