Common Questions

Understand Your Insurance Needs

Wanting to protect your home never changes. For many people, their home is their most important asset. Although, as you get older, your insurance needs might change. You may buy a smaller house or move to an apartment. Make sure your policy matches your current needs. Schedule a yearly check-up with your agent to help you with this.

Many things affect the how much home insurance you need to buy, as well as the cost. In this section you can find information about making sure you get the right amount of home insurance.

How much home insurance do I need?

Does home insurance protect all of my possessions?

What is a home inventory?

What kind of insurance do I need if I live in an adult community?

Do I still need home insurance if my house is paid for?

Will having a reverse mortgage affect my home insurance?

Why should I review my home insurance policy every year?

How can I save money when I buy home insurance?

More Help

Learn more about the different types of home insurance on the Beehive. Learn what they do and what you need to protect you and your home.

Deciding how much insurance to buy is hard. The Beehive is here to help. A decision on how much insurance to buy is just a click away!

There are many things that affect the cost of your home insurance. To find out what they are, visit our About Home Insurance page.

Many insurance companies offer older adults discounts on home insurance. The Savings and Seniors section has a list of what they are.

Taking a yearly home inventory can help you keep track of your possessions and the cost of replacing them.

How much home insurance do you need?

The amount of insurance you need depends on your situation. To make this decision, you need to answer three questions.

• Will my policy let me rebuild my home?
• Will my policy let me replace my belongings?
• Will my policy protect my assets?

Your answers will show if your current policy meets your needs. If you need help deciding on coverage, ask your agent. He or she can help you decide how much insurance to buy. Having the proper policy protects you financially, and gives you the comfort of knowing your home is protected.

Does home insurance protect all of my possessions?

Most policies have coverage limits. These apply to everything, from jewelry to computers. If you have valuables, find out if they are fully protected. Read yourpolicy or ask your agent. If they aren’t, you may want to add coverage.

What is a home inventory?

A home inventory is a list of all your belongings. It is a detailed description of what you own. It also contains the price of replacing these items. You can hire someone to do this or do it yourself. How often you do this is up to you. You should also update your list when you make purchases. This will help you decide on the amount of coverage you need.

What type of insurance do I need if I live in an adult community?

Adult communities offer special services for older people. They offer you a home of your own and help when you need it. If the owners carry insurance, and charge you a fee to cover certain expenses, like maintaining the property, you need a co-op policy. If you rent in a similar place, you need a renters policy. If you are unsure, ask your agent.

Do you still need home insurance if your house is paid for?

Will having a reverse mortgage affect my home insurance?

A reverse mortgage is a special type of home loan that lets you convert a portion of the equity in his or her home into cash. Equity is built up over years of making your mortgage payments, and a reverse mortgage lets this money be paid to you. If you have a reverse mortgage, you still need home insurance. Check with your agent to see how a reverse mortgage will affect your insurance policy.

Why should I review my home insurance policy every year?

Because things change. You make improvements to your home. Children move out. Parents move in. All these things affect your coverage. You need to make sure your insurance matches your current needs. Once a year, you should review your policy. During this review, make note of any changes in your home. Ask your agent to help you. This will ensure you and your home are protected.

How can I save money when I buy home insurance?

Many companies offer discounts to homeowners over the age of fifty-five. Once you retire, you are often home more. When you are home, there is less chance of robbery. Also, people who spend more time at home tend to better maintain their property. They fix little problems before they become big ones. This saves companies money in the long run. So, they offer you a discount.