Seniors are extra liable to overpayments for House Insurance – PropertyCasualty360
“The housing market, material costs and labor costs increased even before COVID-19. These increases are now reflected in the estimated home replacement cost (Coverage A), which ultimately leads, among other things, to rising insurance premiums, "said Ben Magick of Matic Insurance Services, Inc." While homeowners with lower FICO scores have a disproportionate increase experience, they are better covered and the gap between premiums and coverage A closes. ”(Photo credit: Victor Moussa / Shutterstock)
While they don't have the highest average premiums, older homeowners are the most vulnerable to overpayments for home insurance, according to premium trend research from Matic Insurance Services, Inc, rising home insurance rates.
Policyholders in the 43-55 age group saw the highest average home insurance premiums. However, the average premium for senior citizens does not decrease proportionally. Failure to regularly review home insurance and accept annual premium increases that can add up over time results in seniors overpaying, Matic reports.