Argus lowers minimum age for low-cost home insurance

The Argus Group today announces that it has lowered the age eligibility for Home Essentials, its low-cost building and contents insurance product for seniors. Home Essentials is now available for seniors 60 years and older, five years earlier than the original age eligibility. It is endorsed by Age Concern as the product meets the needs of Bermuda’s increasing senior population.

Offering coverage for a wide range of significant damage including flood, fire, burglary, hurricane and escape of water, Home Essentials focuses on the various benefits that could be considered necessary for seniors. As a result, Argus is able to offer the product at an affordable rate that is 20 to 30 per cent below the standard rate for home insurance. The product first launched in February 2012.

According to the Department of Statistics’ population projections, which are based on the 2000 Population and Housing Census, 13,004 Bermuda residents fall into the 60 years and older age category in 2013.  This is a number that is growing year over year as the “baby boomers” prepare to retire.

John Doherty, Executive Vice President of Property & Casualty, The Argus Group, says: “We are pleased to be able to lower the eligibility age for Home Essentials. The product is designed to provide retirees with affordable coverage as many of our seniors are on a fixed income after retirement. The number of retirees in Bermuda is growing and we want to help them keep expenses in perspective, where possible. With Home Essentials, our goal is to offer a product designed for making the transition into retirement from an insurance perspective easier and worry free”.

As a special offer, Age Concern members can purchase the Home Essentials product from the age of 50. Individuals who are interested in joining Age Concern should call 238-7525.

Claudette Fleming, Executive Director of Age Concern, recognises that Home Essentials is a valuable and affordable product for seniors: “Seniors need to ensure that they are protected with insurance; however, standard premiums can be very costly. Home Essentials fills this need and will provide seniors with peace of mind knowing they don’t have to worry about their house or contents should there be any damage. By lowering the eligibility of the product and offering it to Age Concern members at 50 years of age, a greater number of seniors will qualify and be able to share in the benefits”

Argus is a certified LINK partner with Age Concern. LINK is a programme developed by Age Concern to connect seniors to services that meet their needs.

Further information on Home Essentials is available by contacting the Argus Customer Service Centre on 298-0888 or by email at [email protected].