15 Clever Ways Seniors Can Save on Home Insurance

For seniors and those living on a fixed income, any bill should be seen as an opportunity to cut costs and save money. Whether it's a cable bill, phone bill, or saving on car insurance, there's often a way to negotiate the amount you're spending monthly.

For home insurance, you could make upgrades and changes to the security, safety, and condition of your home. You might also leverage your location, professional or personal affiliations or make changes to your actual policy.

Here are 15 ways to save more money on your home insurance so you can decrease your monthly fixed costs while keeping yourself and your home protected.

If you've ever made upgrades to your home to help protect it from extreme weather, then your insurance company may extend a discount for disaster preparedness. 

Features like storm shutters and shatterproof glass make you less susceptible to storm damage, and that's attractive to insurance companies.

Roofs are an insurer's worst nightmare. They leak. They're prone to damage in storms. They can be decimated by a falling tree. 

But, if you have a brand new roof, presumably, it's stronger. Some insurance companies will give you a discount based on the age of your roof.

Installing security and safety systems to protect your home could make you eligible for a discount on your homeowner's insurance. 

This discount could apply to anything from installing smoke detectors or sprinklers to mitigate your fire risk or getting an alarm system on your doors and windows.

If you're over 55, retired, and insuring your primary residence, you could receive a discount of up to 25%. 

This is because, statistically, insurance companies can safely assume you're home more often than someone who is away at work every day. Being home means you're more likely to catch something wrong with your home before major damage occurs.

Did you know proximity to a fire department or even a fire hydrant is seen as beneficial by insurance companies? 

Their formula assumes that if you're close to the fire station, it's likely a fire would be put out quickly, and there would be less damage. That translates into a lower insurance premium.

Because gated communities are often seen as more secure, some insurance companies will offer a discount for those who live behind the gates. This could amount to a 5% to 20% credit on your premium.

If you've been claim-free for a certain period of time, your insurance company could offer you a discount of up to 20%. Their thinking is, if you haven't needed to make a claim yet, there's less chance you'll make one in the future.

Living in a community with a homeowners association comes with perks, such as added security or community maintenance. 

This is a smart homeowner money move and makes you a lower-risk candidate for homeowner's insurance, and it could qualify you for a discount of up to 10%.

If you have gas or water shutoffs that are on a smart system or a smart thermostat, that could qualify you for a discount on your homeowners insurance. 

These upgrades can keep your home operating smoothly and prevent damage in the case of a shutoff.

Upgrades to your home, including to your HVAC system, are a reason to ask for a discount on your homeowners insurance. A new HVAC system is less likely to leak or cause major issues in your home, meaning you're less likely to file a claim.

Whether you're a veteran or the spouse of a veteran or the child of a veteran, you could qualify for a discount on your homeowners insurance. Be sure to ask your insurer if you qualify.

You've probably heard that bundling insurance saves you money. If you have policies for your home, auto, or life insurance with the same company, you may get a discount. 

When your home insurance comes due, call your auto insurance company and see how much you might save if you also insure your home through them.

Many insurance companies reward policyholders who've been with them for many years, and by the time you reach senior age, there's a good chance you've had enough time to be a long-standing customer. Ask for a loyalty discount.

Make sure your fire and burglar alarms are actively monitored by a company that will send emergency personnel out as soon as the alarm goes off. This could qualify you for a discount on your insurance because the insurance company knows any issues will be addressed right away, mitigating damage.

Increasing your deductible means you'll pay more if something does happen, but it could be worth the tradeoff if you want to pay less on a monthly basis.

What does this look like if you have a claim? If you increase your deductible from $1,000 to $2,000, it means that on a $10,000 claim, you'll have to pay $2,000 out of pocket with $8,000 reimbursed instead of paying $1,000 and getting $9,000.

When you're living on your retirement savings and Social Security, you're probably being careful with your money. And you definitely want to avoid wasting money and overlooking ways you can save.

The most important thing is knowing what to ask for and having the information ready to prove you qualify. Insurance companies may not approach you to offer discounts, so do your research and advocate for your own bottom line.