Buying a Home
Age May Have its Privileges
Are you 55 or older? Are you retired? If so, when you purchase a new home you may be able to qualify for lower insurance rates simply due to age. Insurance companies often provide what is called a maturity insured credit (basically an “age discount”) to people who are retired and insuring the home that is their primary residence.
The logic is simple: Retired persons are, on average, more likely to spend more time at home than younger people, and as a result are more likely to detect a problem like a broken water pipe, smoking electrical panel, chimney fire, etc. The sooner those problems are caught the less damage typically occurs and the less the insurance company may have to pay on a claim.
By the way: If you will work from your new home, like in a home office, ask about a discount. The more you’re home the more quickly you can catch a disaster in the making.