Can you save money on your home insurance by being over 50?


Feb 13, 2015
Can you save money on your home insurance by being over 50?

If you are aged 50 or over, then the good news is that you may be able to source cheaper home insurance  - simply because of your age. There are several reasons for this:

• Many insurers recognise that homeowners aged 50 plus are less likely to make a claim on their insurance;
• And those that do claim, tend to make them for smaller amounts than their younger contemporaries.

In a nutshell, if you are aged 50 or over, you are viewed as having a more responsible attitude towards your home – which could mean you pay less for your home insurance!

Specialist providers
There are some insurance providers who deal specifically in home insurance cover for the 50+ age group, such as RIAS and Saga, so it may be worth checking them out when getting a quote.

Another benefit of being older and more mature is that many insurance providers recognise that you may have accumulated valuable items over the years, so may offer increased levels of contents insurance for no extra charge.

Shop around
Of course, while this all sounds great, this doesn’t mean that you should automatically assume that the first home insurance quote you get will be the most cost-effective and most appropriate one for you. 

You should still do your research and shop around for the cover, as policy terms, features, benefits and prices can all vary depending on the individual insurer. 

This includes checking both specialist over 50’s home insurance and the traditional ones too, so you can be fully satisfied that you are getting the most suitable deal.

To get started, why not use our over 50 home insurance comparison tool to get an idea of costs? 

Considerations when comparing cover
When comparing the cover, make sure you do so on a like-for-like basis so that you can get a true cost comparison. For example, not all buildings insurance policies cover subsidence as standard – if this element of cover is something that you want, then do check that it is not excluded from the policy.

Also, note that with most insurers, if you buy a combined buildings and contents insurance policy, you are likely to get a discount – but not always! 

Don’t forget to check any excess amounts. An excess is the first part of a successful claim that you are liable for. Most policies have a compulsory excess but if you add a voluntary excess amount on top (so, you elect to pay a higher excess in the event of a successful claim), you could get cheaper cover.

Finally, check the terms and conditions of cover. For example, some policies stipulate that if your home is empty for more than 30 consecutive days, then your existing cover will lapse or become severely restricted. If you are likely to take a long break away from home for business or pleasure reasons and in excess of this amount of time, then you may wish to consider an alternate policy that offers up to 45 days’ consecutive cover.

Keep all these tips in mind when buying your cover and you should get the cover you need at a price that suits your budget.


Ashley Shepherd is an Over 50s Personal Finance Expert

ashley shepherd

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