Updated: May 16, 2025
Advertising & Editorial Disclosure
Homeowners insurance rates for seniors aren't based on age but on your home’s location, coverage level, credit score and other factors.
State Farm is the cheapest homeowners insurance option with dwelling coverage limits of $100K, $250K, $500K, $750K and $1M.
Home insurance costs for seniors vary, depending on dwelling coverage and deductible amount. On average, a policy with a $250K in dwelling coverage and a $1,000 deductible costs $2,614 per year.
State Farm offers the most affordable premium for seniors: $1,026 per year or about $85 per month.
Many factors affect which company is cheapest. The sections below show the best rates for seniors by coverage limits, home age and type, credit score and location.
While State Farm is the cheapest overall home insurance provider, seniors can get competitive rates from Nationwide and Farmers.
Check the table below to compare home insurance quotes from the most affordable providers.
| State Farm | $85 | $1,026 |
| Nationwide | $103 | $1,236 |
| Farmers | $104 | $1,242 |
| Allstate | $121 | $1,449 |
| Travelers | $306 | $3,674 |
*Note: The rates above are for a standard policy with $100K in dwelling coverage and $50K in personal property coverage.
For seniors, State Farm provides the most affordable home insurance, with $100K in dwelling coverage at an average of $85 per month.
Your cheapest provider may change based on your dwelling coverage limits, as these partly determine your premiums. Find which companies offer seniors the most affordable home insurance based on your preferred dwelling coverage below.
| State Farm | $85 | $1,026 |
| Nationwide | $103 | $1,236 |
| Farmers | $104 | $1,242 |
| Allstate | $121 | $1,449 |
| Travelers | $306 | $3,674 |
*Note: Although State Farm is one of the most affordable home insurance providers for seniors across many dwelling coverage limits, your rate may differ based on your unique factors.
Where you live greatly impacts your home insurance costs. Areas with a high risk of weather damage or theft have higher premiums. Seniors living far from emergency services or in places with strict building codes may face higher claims costs.
Check the table below to find the most affordable home insurance companies for seniors in your state based on your desired dwelling coverage.
| Alabama | State Farm | $1,715 |
| Alabama | Farmers | $1,825 |
| Alabama | Allstate | $1,896 |
| Alabama | Nationwide | $1,996 |
| Alabama | Travelers | $7,047 |
State Farm offers seniors the best rates for homes built around 2000, averaging $85 monthly. Nationwide is cheaper at $42 per month if you've recently moved.
Use the table below to find the most affordable provider based on your home's age, frame type, roof type and preferred dwelling coverage.
| Frame | Composition | State Farm | $1,026 |
Besides your home's age, the roof type and construction method greatly impact your premiums. Tile roofs resist fire better than shake-treated ones, which may cost less to insure. Shake-treated roofs break more easily. Frame homes have a higher fire risk, while masonry construction offers better windstorm protection.
These factors, combined with the age of your home, affect your likelihood of filing claims and influence your rates.
Nationwide offers seniors with poor credit an average monthly rate of $173. State Farm works best for seniors with excellent credit.
Insurance companies view credit scores as a measure of financial responsibility. Higher scores suggest you're less likely to file claims and better at managing risk.
Check the table below for the cheapest provider based on your credit score and desired dwelling coverage.
| Excellent | State Farm | $828 |
| Good | State Farm | $1,026 |
| Fair | State Farm | $1,407 |
| Below Fair | Nationwide | $1,635 |
| Poor | Nationwide | $2,069 |
*Note: Insurers cannot use your credit score to determine your rates in some states, such as California, Hawaii or Massachusetts.
Generally, people 60 and older have credit scores between 746 and 760. Their long credit histories, cash savings and other benefits from years of working help build good credit.
Maintaining good credit pays off. People with good credit save an average of $4,437 yearly on home insurance costs compared to those with poor credit. These savings especially help seniors living on fixed incomes.
Seniors looking for affordable home insurance can cut costs by comparing quotes from different insurers and asking about discounts. Knowing average costs helps you spot the best rates.
Securing good home insurance is vital for seniors with unique needs or budget concerns. Several discounts are tailored specifically for seniors:
Available when you reach a certain age, which varies by insurer
You may get a discount if you've had no claims in the past five years.
Most insurers offer discounts when combining home and auto, health or life insurance. Shop around to find the best bundles.
Installing fire or burglar alarms may qualify you for discounts.
Home insurance costs depend primarily on your deductible amount and coverage limits.
A policy with $100K in dwelling coverage and a $500 deductible costs an average of $1,635 yearly, while the same policy with a $2,000 deductible costs $1,360 yearly.
You pay the deductible out of pocket before insurance covers a claim. Higher deductibles mean lower monthly premiums, an important consideration for seniors on fixed incomes.
Coverage limits are the maximum amounts your insurer will pay for a specific incident. The table below shows how rates change based on coverage level and deductible.
| $500 | $1,635 |
| $1000 | $1,518 |
| $1500 | $1,441 |
| $2000 | $1,360 |
Age doesn't affect insurance rates for seniors. Price depends on coverage level, home location and age, credit score and other factors.
While finding affordable rates matters, good value is equally important. Different companies offer various advantages, from better coverage to superior customer service.
Seniors can find cost-effective home insurance policies that best meet their needs by comparing options.
Getting quotes based on your profile and needs helps you accurately estimate your home insurance rates.
MoneyGeek's home insurance calculator provides quotes from multiple companies, helping you compare rates and narrow your options. Enter your basic information below to start.
MoneyGeek’s home insurance calculator will give you a ballpark estimate of your cost — It's free to use, requires no personal information and we won't send you any spam.
Rates updated:
May 16, 2025
Although MoneyGeek partners with some of the companies we recommend, our content is written and reviewed by an independent team of writers, editors and licensed agents. Learn more about our editorial policies and expert editorial team.
Seniors can save on monthly premiums by comparing quotes from different companies. MoneyGeek analyzed average costs across various dwelling coverage levels and individual insurance needs to help seniors find affordable home insurance.
State Farm offers the most affordable policies for seniors, averaging $85 per month. Your cheapest option may vary based on your home's location, coverage needs and age.
We answer frequently asked questions about home insurance below to help you find the best rates and deals for seniors.
State Farm is the cheapest home insurance company for seniors, with an average rate of $85 per month or $1,026 per year.
The best home insurance for seniors depends on your specific needs and circumstances. Compare quotes and offers from multiple companies to find the best deal.
Seniors looking to save on home insurance can check their eligibility for discounts, such as senior, claims-free, bundling and protective device.
Why Trust MoneyGeek?
MoneyGeek analyzed quotes from multiple insurance companies across the U.S. using a profile that reflects the average homeowner. By considering different locations and companies, we aim to give a reliable estimate of what homeowners can expect to pay — showing why they should compare rates.
Methodology
MoneyGeek evaluated homeowners insurance carriers using insights and premiums from Quadrant Information Services official databases.
Homeowner Profile
For our analysis, we created a sample homeowner with these characteristics:
Homeowners Insurance Coverage Details
Unless specified otherwise, we used these coverage limits for our quotes:
We also gathered data for policies with broader coverage to find the best companies for expensive homes, increasing limits to $1M in dwelling coverage, $500K in personal property coverage and $1M in liability coverage.
About Mark Fitzpatrick
Mark Fitzpatrick, a Licensed Property and Casualty Insurance Producer, is MoneyGeek's resident Personal Finance Expert. With over five years of experience analyzing the insurance market, he conducts original research and creates tailored content for all types of buyers. His insights have been featured in publications like CNBC, NBC News and Mashable.
Fitzpatrick holds a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He's also a five-time Jeopardy champion!
Passionate about economics and insurance, he aims to promote transparency in financial topics and empower others to make confident money decisions.
