Seniors First Initiative: Homeowners Insurance for Seniors 55+

Seniors First Initiative Homeowners Insurance

Introduction

The Seniors First Initiative is a government-backed program that provides affordable homeowners insurance to low-income seniors aged 55 and older. The program was created in 2012 as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Eligibility

To be eligible for the Seniors First Initiative, you must meet the following requirements:

• Be 55 years of age or older
• Own and occupy your home as your primary residence
• Have an annual income that is at or below 150% of the federal poverty level
• Reside in a participating state

Benefits

The Seniors First Initiative provides the following benefits:

• Affordable homeowners insurance premiums
• Coverage for up to $250,000 in dwelling coverage
• Coverage for up to $100,000 in personal property coverage
• Deductibles as low as $500

How to Apply

To apply for the Seniors First Initiative, you must contact your state's insurance department. You can find a list of state insurance departments on the National Association of Insurance Commissioners website.

Participating States

The Seniors First Initiative is available in the following states:

Conclusion

The Seniors First Initiative is a valuable program that can help low-income seniors afford homeowners insurance. If you are a senior who meets the eligibility requirements, we encourage you to contact your state's insurance department to learn more about the program.

Here are some additional tips for seniors who are shopping for homeowners insurance:

• Get quotes from multiple insurance companies.
• Compare coverage and premiums before you buy.
• Consider bundling your homeowners insurance with other policies, such as auto insurance.
• Ask about discounts for seniors.
• Make sure you understand the terms of your policy before you sign up.

Resources

• National Association of Insurance Commissioners
• Consumer Financial Protection Bureau
• Federal Emergency Management Agency