The insurance industry has experienced significant upheavals, especially post-COVID-19. According to Matt, it's akin to "chaos," with carriers struggling to manage the shifting landscape. This turbulence has resulted in increased premiums across all types of insurance, including homeowners and auto policies.

For seniors, who often prefer consistency and have long-standing relationships with their insurance agents, it's essential to periodically review existing policies. Matt emphasizes the importance of understanding current coverages and assets to ensure they align with one's needs. This includes homeowners insurance, auto insurance, and considering factors like retirement savings and checking accounts.

1. **Higher Deductibles**: One effective way to lower premiums is by opting for higher deductibles. Seniors, typically having more substantial savings, can afford higher out-of-pocket expenses in case of a claim. This approach can lead to significant savings on premiums.

2. **Umbrella Policies**: Depending on individual circumstances, an umbrella policy might be beneficial. This provides extra liability coverage beyond standard homeowners and auto insurance, offering additional peace of mind.

3. **Proper Asset Coverage**: It's crucial to ensure all assets, including homes, automobiles, and personal belongings, are adequately covered. This involves evaluating and possibly increasing liability limits to protect against potential high-cost claims.​

Matt explains the importance of liability insurance in case of accidents involving guests or strangers on your property. For personal accidents, ensuring adequate medical coverage through health insurance is vital, as homeowners insurance won't cover personal injuries.

Seniors often hire help for tasks like gutter cleaning or lawn mowing. To protect oneself, Matt advises:

- Vetting the service provider thoroughly.

- Requesting an insurance certificate from the provider, ensuring they have liability and workers' compensation coverage.

- Having your name and address listed as an additional insured on their policy to confirm coverage is current and adequate.​

When seniors move to smaller homes, villas, or retirement communities, new insurance policies are necessary. For villas, homeowners are typically responsible for the interior, while the exterior is covered by the association. In retirement facilities, a renter's insurance policy is usually sufficient to cover personal belongings and liability.

For senior drivers, maintaining full auto insurance coverage is crucial. Matt suggests:

- Utilizing driving apps provided by insurance carriers to ensure safe driving habits are rewarded with lower premiums.

- Avoiding state minimum liability limits, which might be inadequate for covering potential claims.

- Considering higher liability limits, as they are relatively inexpensive compared to the coverage they provide.

Seniors who spend extended periods away from their primary homes need to inform their insurance agents. In Missouri, for example, a home unoccupied for over 30 days can void the policy. Agents can adjust the policy to ensure continuous coverage during such periods.

Insurance is a complex yet essential aspect of financial planning, especially for seniors. By staying informed and regularly reviewing their policies, seniors can ensure comprehensive coverage while managing costs effectively.

For personalized advice, seniors can reach out to Matt Hall at Farmers Insurance, either by phone at 636-410-7633 or via email at mhall@FarmersAgent.com.

We hope these insights help seniors and their families navigate the often-confusing world of insurance. By taking proactive steps, you can maintain robust coverage and achieve peace of mind. Stay tuned for more tips and advice tailored to seniors and their unique needs.