Benefits of AARP home owner's insurance include extended replacement cost coverage, new replacement cost coverage for possessions and a lifetime guarantee for renewals. Policyholders can also add optional benefits, such as increased coverage for green rebuilding, replacement coverage for mechanical or electrical breakdowns and blanket coverage for valuable items, according to AARP.
In addition to these benefits, AARP homeowners insurance through The Hartford offers special discounts and credits. By insuring homes and automobiles with the AARP Auto and Homeowners Insurance Program, policyholders receive up to a 20 percent discount on home insurance rates and up to an additional 10 percent on auto insurance coverage, states AARP. AARP homeowners insurance also reduces the premiums for policyholders who are retired or work less than 24 hours per week. This credit only applies to coverage for primary residences.
The lifetime guarantee of coverage renewal is conditional on the policyholder being age 50 or older, having coverage for at least 60 days and paying premiums when they are due. Also, policyholders must be insuring the home for at least 80 percent of its rebuilding value and not knowingly increasing the home's hazard level. This benefit is not available in Hawaii, Michigan, New Hampshire and North Carolina, reports AARP.