Just as auto insurance protects you when you’re on the road, home insurance provides you with financial protection against unexpected events that affect your home. These events, which are often emergencies, can be expensive to repair, which is why it’s important to find a good insurance policy that meets your needs and prepares you for the worst. Good homeowners insurance policies typically cover your residence from disasters such as wind and fire damage, burglary, spoliation, and vandalism.

In the United States, the cost of home insurance varies from state to state and is often based on several determining factors, including the age of the house and the belongings in the home. Because the cost of home insurance can easily add up, it’s important—especially for seniors—to find affordable policies that provide good coverage. In this article, we rank the top five insurance providers in Ohio for seniors looking for discounted homeowners insurance: Cincinnati Insurance, Farmers Insurance, AAA, American Family, and Erie Insurance. If you are not a senior and want to score some great discounts, see our other post about affordable home insurance in Ohio.

Types of Homeowners Insurance Coverage

When you think about homeowners insurance, you might think it’s only for people living in single-family homes. However, homeowners insurance applies to many different styles of homes, including condominiums. Homeowners insurance is for people who want financial protection against damage—no matter the type of residence. In fact, there are four types of coverage designed for various properties and necessities: dwelling coverage, contents coverage, personal liability, and loss of use. Before picking an insurance provider and policy, it’s important to understand these coverage options and determine which ones you need.

Dwelling Coverage Provides Protection for Your Home’s Structural Features

At the least, you will want to make sure that your policy includes dwelling coverage. Dwelling coverage is the foundation for all home insurance policies. It protects the structure of your house, which includes floors, walls, built-in devices, ceilings, and any attached construction, too. Additionally, dwelling coverage protects your home from a variety of risks including hail, theft, vandalism, and fire.

Protect the Valuables in Your Home With Contents Coverage

The next type of coverage you will want to consider is contents coverage. Contents coverage protects items in your home, such as furniture, clothing, and electronics, from any damage they could be exposed to in the event of an emergency. If an incident were to occur, and it’s defined in the policy, you could get money for the value of the damaged items in your home. Contents coverage is especially important to consider if you have valuable items in your home. To determine the exact value of your expensive or irreplaceable items like paintings, family heirlooms, and jewelry, you can get an appraisal.

Personal Liability Is Common Amongst Swimming Pool Owners

Personal liability covers damages that occur from certain accidents when people are in your home. Depending on the insurance policy, personal liability coverage can cover any body injuries, as well as the medical costs associated with the injury. For instance, if a guest is injured by an unexpected event in your residence, you can receive the money to help cover the expenses. Anybody can choose to receive personal liability coverage, but it’s most common amongst homeowners with pools and trampolines.

Loss of Use Coverage Gives You Extra Financial Protection

Loss of use covers everyday expenses surpassing your normal living costs. For example, loss of use covers relocation expenses if you’re unable to live in your home while it’s being repaired or rebuilt—due to a covered loss. This type of coverage may seem like an extra cost that you don’t need—but it’s great coverage to include in your policy if you want as much protection as possible.

5 Ohio Insurance Providers for Seniors Looking for Discounts

The cost of home insurance in Ohio varies based on the insurance provider you choose. The best way to find a reasonable home insurance policy in the state of Ohio is to compare rates from different insurance companies. These five insurance providers—Cincinnati Insurance, Farmers Insurance, AAA, American Family, and Erie Insurance—all offer basic coverage, as well as customizable plans. When finding the right insurance provider, you should also keep in mind that the best approach to determining the kind of insurance coverage you need is to meet with a licensed home insurance professional. This meeting will not only give you a better idea of what you need, but it will also help you avoid extra costs.

Cincinnati Insurance

Cincinnati Insurance

Cincinnati Insurance recognizes the value of an insurance plan. The agents make sure to provide the right coverage and service, at a fair and balanced price. For senior citizens, Cincinnati Insurance ensures they’re getting the most out of a policy by offering cost-saving options, including: 

  • Covering both your home and auto
  • Expanding your deductible
  • Installing a home alarm that is monitored by a central station 
  • Reporting almost no claims

Cincinnati Insurance also offers customizable policies that you can adjust to meet your home insurance needs. For instance, customers can choose to add the Executive Homeowner Policy, which covers personal property, living expenses if you need to leave your property temporarily, and more. You can also elect the Executive Capstone Policy, which includes ransom payments for kidnappings, as well as damage to golf carts. Other options include coverage for owners of condominiums and coverage for those who are tenants.

There are various ways that senior citizens can get discounts at Cincinnati Insurance, including having a good claim history, living a healthy lifestyle, using safety equipment in your home, increasing your deductible, and bundling a home and auto policy.

Pros
  • Affordable rates
  • Customizable policies
Cons
  • Reported bad customer service

Farmers Insurance

Farmers Insurance

Farmers Insurance is an American auto, home, and small business insurance company that also provides other insurance and financial services.  Whatever items that you cherish in your house, Farmers Insurance will cherish it, too. Farmers Smart Plan Home policy uses three customizable packages, which offer plenty of versatility. For instance, you can increase or lower your limits in practically every type of coverage. Additionally, you can add or change coverage. The enhanced policy is not for new homeowners, so this is ideal for senior citizens who have owned their homes for many years. This package is designed for established homeowners because it provides higher policy limits and incorporates additional features. At Farmers Insurance, seniors can enjoy discounts by being non-smokers, installing safety equipment in the home—like an automatic interior sprinkler system, and having a home and auto policy.

Pros
  • Decent personal loan rates
  • Flexibility on packages
Cons
  • Expensive rates

AAA

AAA

AAA was established in 1902 and was formerly named the American Automobile Association. The AAA, based in Florida, has 51 independent motor associations in North America and more than 51 million members. AAA provides many types of home insurance policies for senior homeowners, including dwelling coverage, structural coverage that is not included in dwelling coverage—such as swimming pools, tool sheds, and fences—and personal property coverage for appliances and furniture.

AAA is a great insurance provider for senior citizens because it is a reliable company with good insurance coverage and more than 100 years of experience. There are various ways that seniors can save money on home insurance with AAA, the most notable way being the Mature Policyholder Discount. With this deal, retired customers of at least 55 years of age can receive a 10% discount. Other options to save money with AAA include having an AAA membership, having a hail-resistant roof, and renovating your home.

Pros
  • It provides a lot of benefits and discounts such as DMV services, 24/7 emergency roadside assistance, free travel resources, and more
Cons
  • You have to be a member to be eligible for an insurance policy

American Family

American Family

American Family Insurance is an American private insurance company that’s centered on property, losses, and auto insurance, offering life, homeowners, and health insurance. They also grant investment planning programs such as retirement plans and more.  American Family Insurance provides more than just covering your floors, walls, and ceilings. Senior citizens have a handful of options when it comes to saving money with American Family, including going paperless for payments, having a home under 15 years old, and replacing the plumbing, heating, or electrical system in the last 15 years. Addtionally, American Family offers three different coverage options: dwelling coverage, coverage for other structures, and personal property coverage.

Pros
  • Customizable home coverages
  • Competitive rates
  • Decreasing deductibles
Cons
  • Bad customer service has been reported

Erie Insurance

Erie Insurance

Erie Insurance is a publicly-traded company offering auto, home, business, and life insurance through a system of independent insurance representatives. Since 2019, Erie Insurance Group has been listed 381st amongst the largest public companies in the United States. Seniors can receive discounts on their home insurance by having multiple policies with Erie, installing home security devices, and getting an advanced quote. Additionally, Erie offers the following home insurance coverages, plus more: 

  • Personal Liability Coverage
  • Water Backup Coverage
  • Flood Insurance
  • Service Line Coverage
  • Identity Theft/Fraud Coverage
  • Jewelry & Valuable Items Coverage
  • Computer Coverage
  • Rental Income Protection
Pros
  • Multiple payment methods
Cons
  • Not the easy to file a claim
  • Applications online aren’t available

I’m a Senior. How Can I Receive Discounts on Home Insurance?

Insurance providers are well aware of the significant cost of insurance, which is why the offer discounts and deals to their customers. All people can benefit from saving money on insurance, especially senior citizens. Because they may only be living off of their retirement savings, senior citizens often have to be frugal with their money. But, affordable home insurance doesn’t have to mean that it lacks coverage. By doing research, senior citizens can save money on insurance and still receive the essential coverage that protects their homes. Seniors can find discounts on home insurance by installing home security devices, bundling auto and home insurance policies, and becoming members of an organization.

Home Security Devices Reduce the Risk of Damage and Burglaries

Because home security devices reduce the risk of damage and burglaries, they also reduce the risk of having to make a claim on your home. This keeps your insurance rate from going up. Not only will home security devices such as security alarms and interior sprinklers protect your home, but they will also save you money in the long run. When you have to make a claim because of an incident that occurred at your home, it’s possible that your insurance policy rate will go up. Many insurance providers, such as AAA and Erie Insurance offer their policyholders discounts for having these security devices installed in their homes. Senior citizens should consider putting these devices in their homes to save money on insurance, as well as protect themselves and their valuables.

Consider Bundling Your Home and Auto Policies to Save Money

Insurance providers like to reward loyal customers, which is why they often provide discounts to customers who have auto and home insurance policies active with one company. This is one of the best ways to save money on insurance because almost all insurance providers offer this deal. When you bundle your auto and home insurance policies, not only can you save money, but you can also enjoy the convenience of working with one agent that knows you and your needs best. This also allows you to make all of your payments in one place and streamlines the process of making claims.

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Get The Right Coverage For All Situations

As a senior citizen, you should take into consideration that burglars might target your home. This is why having good home insurance that covers you in the event of a burglary is important. This coverage will still protect your personal property, which means your rates may be much lower than they would be for homeowners insurance.

It will also provide liability protection if someone is injured in your home. If you live in a retirement home or assisted living facility, you should purchase renters insurance and protection for your personal property, which comes with similar coverage limits to the personal property coverage included in a homeowners insurance policy.

As a senior, you deserve to spend your upcoming years relaxing in a low-stress living environment. Your home insurance should give you the peace of mind to do just that. Choose an insurance company known for taking good care of its customers — seniors included — and you won’t have to worry about what happens if something goes wrong at home.

Conclusion

As you grow and you reach new stages of life, your needs change. Home protection should be of the utmost importance to senior citizens, and in Ohio, finding a policy at an affordable price is possible. A complete home insurance policy for seniors is not only about arranging plans for tomorrow, but it’s also about feeling financially secure every day. These five insurance providers—Cincinnati Insurance, Farmers Insurance, AAA, American Family, and Erie Insurance—offer Ohio residents customizable home insurance coverage at affordable prices. Senior citizens can receive various discounts at each insurance company, whether it be for owning a younger home, or bundling with auto and home policies, installing home security devices. With these discounts, you can feel financially protected today and in the future.

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