As you get older, your risks change. As a result, your insurance needs change. A big change for many seniors is the move into rental properties rather than owning their own home. No matter the type of location—from a large complex of apartments to a duplex—you'll need to have ample renters insurance to provide yourself with financial security in the event of an incident. The key here is not to assume your landlord has the type of coverage you need. You need to invest in renters insurance to protect your specific assets and liability risks.
Many seniors forgo having quality renters insurance policies because they think they are too expensive. On a limited income, they can be problematic if you are not looking for and obtaining discounts. Luckily, seniors often qualify for numerous types of discounts on renters insurance.
- Overall seniors are less risky. As a result, you may need to simply ensure your insurance carrier knows you are a senior, which may help you to obtain a discount. Policies for many seniors over the age of 55 tend to be up to 10 percent cheaper.
- Maintain a good credit score to qualify for lower insurance rates. Many seniors have the ability to do this already.
- Find out if group coverage is available. You may be able to get coverage discounts from various senior-related organizations or local associations you belong to.
- Increase your deductible. If you do not usually make claims and can afford the out-of-pocket deductible, consider increasing it. This helps reduce your premium costs significantly.
- Remain claim-free. By not filing many claims, you become a lower risk for insurance carriers. They may give you a discount as a result.
Renters insurance is not something to overlook in terms of keeping your home and finances protected. Be sure you have adequate property coverage and liability protection to safeguard your assets. By taking a bit more time to select the right insurance company, you can save substantially and gain the peace of mind you desire.
Get the coverage you need. Call Texas Insurance Agency at (713) 921-8000 for more information on Houston renters insurance.
Have you discovered additional ways to cut back on renters insurance expenses? Feel free to share in the comments section below.