Living on a fixed income is hard. Pensions don't increase and 401k and other retirement plans rarely rise. Even Social Security payments only see small increases from year to year. For seniors who cannot afford increasing bills, saving money is vital.
Homeowner's insurance rates are one area where increases regularly occur. As a home ages, it's more likely to have massive issues occur. An older electrical panel and wiring may wear out and cause a fire. An older roof is more likely to let water in and lead to mold. Homeowners can keep bills from increasing by looking for ways to claim a rate reduction. Here are five of the easiest to ask about.
Is the Mortgage Paid Off?
If the mortgage is paid off, elderly homeowners often try to cut expenses by dropping homeowner's insurance. A company would rather keep the homeowner than lose the yearly premiums.
Are There Smoke and Carbon Monoxide Detectors on Every Floor?
Insurance companies offer safety discounts, too. If there are smoke and carbon monoxide detectors on every floor, a discount is given. Things like deadbolts and security systems also lead to discounts.
Is There a Discount for Auto Pay or Lump Sum Payments?
Many insurance companies offer discounts if a homeowner sets up automatic payments or pays the premium in one lump sum each year. Savings can be substantial, so it's worth looking at if saving money is a goal.
Have Group Discounts Been Looked At?
AARP is one of the best-known ways to get discounted group insurance. Homeowners would need to get a membership with AARP. Once that's completed, there are discounts for homeowner's insurance and many others. AARP members qualify for discounts on health insurance, dental insurance, prescriptions, auto insurance, and life insurance.
If a group discount doesn't work, bundling insurance policies also leads to discounts like a group discount. Getting life insurance, auto insurance, and homeowner's insurance from the same company saves a buyer money.
How Often is the Homeowner at Home?
After retirement, it's likely that the homeowner is at home all day. This leads to discounts because if something happens, it's going to get caught quickly and lessen the potential damage.
For seniors who need help, a caregiver may be considered as that person at home for the discounted rate. Caregivers don't reduce privacy or independence, instead, they complement a person's desire to live at home and not have to move to a supervised setting. Learn more about caregivers and the services they offer by calling a home care agency today.
IF YOU OR AN AGING SENIOR ARE CONSIDERING IN-HOME CAREGIVERS IN KUNA, ID, PLEASE CONTACT THE CARING STAFF AT HOME HELPERS HOME CARE OF BOISE. CALL US: (208) 322-2668.
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