Renters Insurance for Seniors
Learn how renters insurance gives seniors and their loved ones security and peace of mind.
Do seniors need renters insurance?
| When It's Needed | When It Might Not Be Neccessary |
|---|---|
| You have valuable possessions (electronics, jewelry, antiques, or medical equipment). | You have minimal personal belongings of little monetary value. |
| You regularly have caregivers or aids visit your home, increasing liability risk. | You live in a family member's home where liability is covered by their insurance. |
| You live on a fixed income and want to avoid large, unexpected expenses. | You are comfortable either not replacing stolen or damaged items or replacing them out of pocket. |
| Your landlord or retirement community requires it. | |
| You couldn't afford temporary housing if a fire or other event makes your home uninhabitable. |
What renters insurance covers
Over the years, you've gathered cherished belongings, each with its own story. Renters insurance protects these valuables—whether it's vintage records, heirloom jewelry, or essential medical equipment—from unexpected damage or theft.
If someone gets hurt in your home, you could be held responsible. Renters insurance helps cover liability in such cases, though there are some limitations, especially when it comes to home health care providers.
If a covered event, like a fire, makes your home uninhabitable, renters insurance can help pay for additional living expenses like hotel stays, meals, and other necessary expenses.
If a visitor or caregiver is injured in your home, your renters insurance policy may help cover their medical expenses, regardless of fault.
Who has the cheapest renters insurance for seniors?
USAA and State Farm are known for offering some of the most affordable renters insurance options, with rates averaging around $15 per month, $4 less than the national average. Luckily for seniors, renters insurance is relatively affordable. But to find the cheapest option, it’s a good idea to compare quotes from multiple providers.
| Insurance Provider | Average Yearly Renters Rates | Monthly Rate |
|---|---|---|
| Allstate | $372 | $31 |
| American Family | $289 | $24 |
| Farmers | $246 | $20 |
| Liberty Mutual | $285 | $24 |
| MetLife | $283 | $24 |
| Nationwide | $253 | $21 |
| Progressive | $305 | $25 |
| State Farm | $179 | $15 |
| Travelers | $217 | $18 |
| USAA | $186 | $15 |
Many insurers offer senior discounts for renters insurance, often for those over 55 or retired. Additionally, some providers offer discounts if you bundle your renters insurance with other policies, like auto insurance. It’s a good idea to ask your insurer directly about any renters insurance discounts or special senior rates they offer.
Renters insurance for in-home care
Do I need renters insurance if I live in assisted living or a nursing home?
Yes. Renters insurance is essential, and, sometimes required in assisted living or nursing homes. Senior living communities provide a comfortable and supportive environment tailored to the unique needs of you or your loved ones. While these communities manage primary amenities and overall safety, it's important to recognize areas where you or your loved ones might still be vulnerable. The facility’s insurance covers the building, but it won’t protect your personal belongings. Additionally, you could be liable if someone is injured in your unit.
Each provider evaluates factors like location, property value, and coverage needs differently, so rates can vary. By shopping around, you can a policy that offers the protection you need at a great price.
With The Zebra, you don’t have to handle this process alone. Just give one of our licensed friendly agents a call, and they’ll do the legwork for you, comparing renters insurance options from multiple companies to find the right coverage at a price that works for your budget.
Ross Martin, Insurance writer with 5+ years of industry experience
Renting while between homes
While it protects your belongings from theft, fire, and more, renters insurance also often covers items in storage facilities (usually up to 10% of your property coverage) and provides some liability protection. If a covered event makes your rental uninhabitable, renters insurance covers temporary living expenses, making this transitional period smoother and less stressful.
Talk to one of our friendly licensed agents at 1-888-255-4364. Or, learn what sets The Zebra's independent agency apart.
Renters insurance for seniors FAQs
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About The Zebra
The Zebra is not an insurance company. We publish data-backed, expert-reviewed resources to help consumers make more informed insurance decisions.
- The Zebra’s insurance content is written and reviewed for accuracy by licensed insurance agents.
- The Zebra’s insurance editorial content is not subject to review or alteration by insurance companies or partners.
- The Zebra’s editorial team operates independently of the company’s partnerships and commercialization interests, publishing unbiased information for consumer benefit.
- The auto insurance rates published on The Zebra’s pages are based on a comprehensive analysis of car insurance pricing data, evaluating more than 83 million insurance rates from across the United States.