In some situations, you may be able to save on your home insurance costs if you are older. Homeowners who are older may be less likely to file a claim against their policy. This may help to reduce costs. And, you may no longer have a mortgage in place. This, too, reduces your costs. When should you consider asking for a discount on your policy if you are older?
Does Being Older Matter?
In many ways, being an older homeowner could work in your favor. Those who are older may qualify for discounts for seniors. Not all insurance companies offer them, but those that do may provide significant cost reductions. This could help you save money without any reduction in the amount of coverage you need. It is a good idea to ask about discounts like this as you approach the age of 55 to 60. Even if just one owner reaches this age, it might help.
Did You Pay Off Your Loan?
Many people reduce how much home insurance they carry as they get older because they pay off their mortgage. Your mortgage company generally requires you to maintain a comprehensive policy. This helps protect their investment in your home. But, once you pay off the loan, you may not need as much coverage. Is it wise to reduce your coverage?
One of the things you should consider is protecting your investment. You worked hard to pay off your loan. Reducing the amount of coverage you have may not be ideal. Storms can occur at any time. You may need liability coverage to protect you from injuries others suffer on your property. The value of your home is not lower. Removing all home insurance coverage is rarely ideal. But, you may want to reassess your policy. Be sure it fits your home’s current value.
Look for Other Discounts, Too
As you get older, your auto insurance rates are likely to fall. You may no longer be carrying as much need for life insurance. You may wish to get a new quote for home insurance along with these existing policies to keep your costs lower. You may qualify for more than a few discounts. Even if you buy multiple policies from the same company, a bundling discount may apply.
As you take into consideration the various ways you could save money, work with your Dallas home insurance agent. Learn what all of your savings options are especially as you approach 55.