Lower Insurance Costs for Seniors

Insurance companies have received a lot of bad press of late. They are often featured as money hungry entities that care nothing for the individuals who purchase their policies. To some extent that is correct and it is as it should be. A business exists to make money; their concern for their clients or customers is derived solely from a need to maintain a good relationship that benefits the company.

This doesn’t always work to the detriment of the consumer because what benefit business often benefits the consumer, such as home insurance discounts for seniors. It would be nice to think that insurance companies would give discounts to our older citizens out of the goodness of their hearts, and indeed the insurance carriers would like you to think that is their motivation, but it is not.

The fact is seniors are usually ideal customers for an insurance company. They pay their bills on time and they don’t move as often or insurance shop to the degree that younger policy holders do. So insurance companies want to keep and/or attract older citizens as clients and one way some of them are attempting to do so is by offering lower homeowner insurance rates to seniors.

An insurance company’s attempt to attract first rate customers can be to the advantage of seniors who are willing to shop around for an insurance provider. The company you are already doing business with may offer this discount to new clients but may “conveniently” forget to notice that you qualify for it as well. For this reason it is a good idea to make inquiries with your provider, and if a discount is not available, then start insurance company shopping.

A good place to start looking might be your local senior services center, or in the U.S., the AARP (American Association of Retired Persons). It may take some effort but insurance companies know that seniors file fewer claims then other age groups and make the best customers so eventually you will find the company willing to offer you a discount on your homeowners insurance. They may tie the discount to you be willing to bundle all of your insurance policies with them and that is something you will also want to compare before making your final decision.

Be cautioned, however, against a tendency to let loyalty to your current insurance provider(s) stop you from finding and obtaining the best rates. Loyalty is a good thing but remember in business what looks like kindness is often self-preservation in disguise. You must be your own advocate and do what is best in your own interests. After all, that’s just good business.