Does my home insurance rate change as I age?



We all know our car insurance rates can be affected by our age but what about home insurance? Sure enough, insurance companies of all sizes trust the data that says older people are cheaper to insure relative to younger property owners. Read our summary below and then contact Capital Insurance today to discover discounts for your own policy.

Mature Owner Discount

The age ranges vary from company to company, but often property owners over 55 are usually eligible for a discount on their home insurance premiums. This is based on insurers’ good experience with older planholders– meaning they have to pay out their policies less often. This could be due to a variety of circumstances, but there is no reason you should not reap the benefits of being a mature property owner.

Other Discounts

Other savings you should consider can be gained by being loyal or bundling with one company, by being mortgage-free, by never having made a claim and many other qualifications. These discounts are not necessarily based on age, but an experienced property owner is more likely to qualify for their requirements.

Are you “over-insured”?

As you age, you may get used to paying the same bills every month. While this can give you peace of mind, you may be overlooking potential savings. If your living circumstances have changed, you could qualify for more affordable insurance policy. Have the kids moved out? Planning to downsize? Passing on heirlooms? All of these and more could possibly lower your premiums.

While “senior” discounts are still common, this concept has evolved a long way from the early bird special at the department store restaurant. In the insurance industry, experience and age are widely considered to be scientific proof that you are less likely to make a claim. You can not only qualify for savings, you are also likely to be approved for special rates for extra coverage and specialty needs. Questions? Concerns? Contact or visit Capital Insurance today!