More and more Americans are retiring and choosing to sell their homes – and the maintenance that comes with them – in return for the convenience of living in a rental community where maintenance and most other things are someone else’s problem. It’s a logical decision for many people. But along the way, people who have paid for homeowners insurance for decades simply cancel the policy when they close the sale of their home, without giving any thought to how they’ll be protected going forward.
Needless to say, such carelessness invites danger.
If you’re over 55 and downsizing, this will be relevant to you. We’ll use a Harrisburg, PA Renters Insurance policy as an example, but it’s applicable no matter where you live. This is a national problem, and the solution is easy.
Renters Insurance Over 55
Doesn’t The Active Adult Community I Live In Have Insurance?
Sure they do. For the buildings, for their own liability, and for various types of business coverage. But do you know what they don’t insure?
They don’t insure your personal property.
You have a lifetime of stuff accumulated, and you’ve already winnowed it down to the bare essentials and gotten rid of the rest of it before making the move. What would happen if there were a fire because your neighbor got careless when cooking dinner? Would you want to replace all of your property out of your own pocket? Of course you wouldn’t. Moreover, having retired, you have better things to do with the tens of thousands of dollars that it would cost to replace everything you own. You should be using that money to enjoy life, not to recover from disaster.
Why Do I Need Liability When I Have Renters Insurance Over 55?

Renters Insurance Over 55: Protection After Retirement
If you’re downsizing, you’ve just sold a home – probably for several hundred thousand dollars, if not more. You also have your retirement savings, which can be significant. Any person out there who believed that you had caused them bodily injury or property damage would be able to sue you for the alleged loss. You’d have to pay to defend against the suit, and you’d also have to pay for the claim if it was proven. There goes your retirement!
Having renters insurance over 55 means that your policy will defend you against the claim, as well as pay for the loss up to the policy limits. You can get coverage on your policy for liability up to $500,000 in most cases, but for most people over 55 that’s just not enough when factoring in all of your retirement assets. In that case, you can get a renters insurance umbrella that will add liability coverage in increments of a million dollars. The good news is that you’re lower risk than most people who seek that sort of coverage, and it’s already not expensive to begin with. An appropriate policy for renters insurance over 55 and an umbrella might cost less than $300 per year.
If I Have Renters Insurance Over 55, Does It Help My If I’m Displaced After A Loss?
Yes! Your renters insurance policy covers additional living expenses caused by a covered loss. The idea is to help you maintain your standard of living after that loss, until you can get back into your home. This could be short-term hotel expenses, or even longer term rental expenses somewhere else. It can also include the additional costs you incur when staying in a hotel because you can’t use your home. For example, without a kitchen, you’re limited to eating out.
This coverage is part of your renters insurance, and the amount is based on how much personal property coverage you have. It’s generally around a third of the personal property limit on your policy, meaning that you have that much money available for your loss of use and additional living expenses. The fact that the limits are so significant should be a strong indicator to you that these costs add up quickly when you’re displaced.
How Can I Get Renters Insurance If I’m Not Good With Computers Or Don’t Trust Them?
While Effective Coverage makes renters insurance available online to those over 55, we also maintain insurance experts for renters who answer the phones and will take the time to guide you through the process. Please note that our insurance experts are all salaried. That means they’re willing to spend whatever time necessary with you to ensure that your questions are answered and that you’re comfortable with your coverage.
If you’d like, we could email a copy of the policy once it’s issued, but we can also send it by mail if you prefer.
What Does A Renters Insurance Policy Look Like?
The easiest way to describe renters insurance over 55 is that it looks very much like the homeowners policy you’ve probably had for a very long time except that it does not include coverage for the dwelling or structure. You, of course, are not responsible to insure the structure. You are responsible for your personal property, your loss of use, your liability, and medical payments to others. All of those types of coverage are present on the policy.
To find out more about renters insurance over 55, or to get affordable coverage, just call (800)892-4308 or click to get covered - whether you need Harrisburg, PA renters insurance quotes online or coverage anywhere else!
Effective Coverage offers the nation's only completely mobile platform to quote and purchase renters insurance right from your phone or tablet in just one minute. Get an online renters insurance quote today and protect your family.
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