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The truth is, home insurance is vital for every homeowner, but even more so for seniors and for several reasons. First, although you may no longer have a mortgage on your home that would require homeowners’ insurance by the lender, it is still a very wise idea not to let that policy lapse. Besides, as a senior, you are almost always entitled to a discount available only to seniors.
That makes it so much easier to fit it into a fixed income at this stage of your life. So, what are some of those critical reasons you should have home insurance as a senior? You are probably already aware of a few of them, but it never hurts to be reminded why this is a necessary expense.
1. Even Small Repairs Seem Humungous
There was a time in your younger years when you could make a few repairs that would otherwise cost a small fortune—for example, a sudden storm bringing down your gutters or toppling a tree across your lawn. You’d get out the ladder, a saw, and a few tools, and you’d have the repairs made within days.
Today, you’d not make it one step up the ladder without losing your balance, and that’s why home insurance is necessary to pay those covered expenses. Make no mistake, home insurance is always vital, but even more so when you are of an age where it’s your only go-to for heavy repairs like those mentioned above.
2. Seniors Make Easy Targets for Vandals
Sadly, seniors are easy prey for vandals. There is no rhyme or reason why some people get their kicks out of terrorizing others. Unfortunately, that seems to be the ultimate reason why you may find a rock thrown through your front picture window or damage to all those lovely little statues and hardscaping you have on your front lawn.
These kinds of acts of vandalism have progressed so far that it isn’t only Halloween; you need to watch for the costly ‘pranks’ you are victimized with. Unfortunately, you can fall victim to vandals 365 days a year, and vandalism is a loss covered on most, if not all, home insurance policies.
3. Unaffordable Replacement Costs on a Senior Budget
Replacement and labor costs are one of the main reasons why any homeowner of any age would want to carry home insurance, but it is even more crucial for seniors. Even with a bit of a nest egg in the bank from your pensions and 401k you’ve contributed to for many years, replacement costs can quickly eat away at all those years of working hard and saving for your golden years.
Once again, it really is vital to think about ways to cut your costs so that you can live a quality of life otherwise unaffordable. If you sink all your savings into fixing or replacing things that are covered on home insurance, why throw good money after bad? You may not be required to carry homeowners’ insurance by a lender, but common sense dictates you should at this stage of your life.
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