The age of the homeowner is not a concern when purchasing homeowners insurance. The insurance company would not be at risk if the homeowner passed away, so they do not need to calculate the age into the cost of premiums. What they will consider, however, are things such as the size, age, and materials the home is built from. With that said, seniors do have some options for keeping the cost of insurance down, such as raising the deductibles or reducing the risk of insuring them or the home.
The basic premium cost will be calculated on the square footage of the home, and that base number will then be used to calculate other factors. A smaller home is less expensive to insure for its size, but a small home built from stone rather than wood is even less expensive. Similarly, older homes can be expensive to restore to their original condition if repairs are required, and will therefore carry higher premiums than a newly built home.
The senior's credit score will also be a factor in the cost of home insurance. Credit scores over 650 will earn discounts on many insurance products, including home and auto coverage. Other personal factors will be considered as well, such as the insured person's education level and the zip code where the home is located. Areas with a high incidence of natural disasters will usually be more expensive to buy insurance in. The same is true of locations with a high crime rate.
The number of insurance claims the senior has filed against the home or other policies will affect the premium costs. To earn discounts on a homeowners policy, keep the number of claims filed as low as possible, retain the same insurance company for several years, and take out multiple lines of insurance with the same company. Loyalty to the company is rewarded because statistics show that multiple policies actually decrease the incidence of claims filed.