Around 18% of the U.S. population is now age 65 or over, and that number only continues to grow. According to the CDC, when a person reaches the age of 65, they still have nearly two decades of life expectancy ahead — a fact which underscores the importance of financial planning for seniors.
Everyday expenses have grown alongside inflation over the last several years, leaving many budget-conscious seniors scrambling to cut spending wherever possible. For some, this could mean cutting back on their insurance coverage, but doing so can be incredibly risky. Insufficient homeowners coverage could leave retirees unable to afford necessary repairs or temporary housing if their home is ever damaged or destroyed.
While age is not a consideration in setting homeowners insurance rates, factors like the insured's location, deductible, claims history, credit score and policy endorsements play a critical role in setting premiums. When deciding where to settle down in their golden years, retirees should research average insurance costs in the state, as they can vary widely.
Rather than sacrificing coverage to save money, seniors should instead explore available discounts when shopping for insurance quotes. Although discounts vary by company, some of the most common include senior, multi-policy, claim-free, and customer-loyalty discounts. Many insurers also offer discounts for home security features, such as cameras, alarm systems and smoke detectors, as well as discounts for homes in gated or HOA communities.
In the slideshow above, we highlight the ten states CareScout determined are the best places for retirees to settle in 2026. These rankings were determined using metrics including each state's cost of living, income tax rate, Social Security income, the size of the 65-plus population, average temperature, available arts and entertainment, access to doctors, Medicaid spending on long-term care and the share of Medicaid beneficiaries with three or more chronic health conditions.
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