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Age May Have its Privileges
05/15/24
Are you 55 or older? Are you retired? If so, when you purchase a new home you may be able to qualify for lower insurance rates simply due to age. Insurance companies often provide what is called a maturity insured credit (basically an “age discount”) to people who are retired and insuring the home that is their primary residence.
The logic is simple: Retired persons are, on average, more likely to spend more time at home than younger people, and as a result are more likely to detect a problem like a broken water pipe, smoking electrical panel, chimney fire, etc. The sooner those problems are caught the less damage typically occurs – and the less the insurance company may have to pay on a claim.
By the way: If you will work from your new home, like in a home office, ask about a discount. The more you’re home the more quickly you can catch a disaster in the making.
Ready to explore how Sunflower Bank can assist you? Speak to a personal banker at a branch near you, contact a specialist on our Private Wealth team, or find the right financial partner on our Commercial Banking team for your business needs.
This article contains general information only. Sunflower Bank, N.A. is not, by means of this article, rendering accounting, financial, investment, legal, tax, or other professional advice or services. It is not meant as a substitute for such professional advice or services. Before making any decisions related to these matters, you should consult a qualified professional advisor. Investment and insurance products are not FDIC-insured, are not a deposit or other obligation of, or guaranteed by the bank or an affiliate of the bank, are not insured by any federal government agency and are subject to investment risks, including possible loss of the principal amount invested.