Guide to over 50 home insurance
What is Home Insurance?
Home insurance is comprised of two elements. Buildings and contents insurance:
Buildings insurance covers the structure of the building, for example the walls, roof and floor. It also covers permanent fixtures and fittings such as kitchens and bathrooms.
Contents Insurance covers your personal belongings and the things you keep in your home such as your clothes, furniture and electrical goods.
Think about it this way. If you imagine turning your house upside down and shaking it, everything that fell out would come under your contents insurance cover and everything that remained intact would be covered by your buildings insurance.
If you own your own home, you will need to have buildings insurance in place as part of your mortgage agreement. Unfortunately there are no such requirements for contents insurance which is why some people get caught out.
Depending on your requirements, you can choose to get an individual quote for either buildings or contents insurance or a combined quote for both.
What are the benefits of over 50s home insurance?
Although over 50s home insurance is generally the same cover as home insurance for all ages, it is typically cheaper and can offer additional benefits. Specialist over 50 insurers such RIAS, Age UK - now known as Age Co and Saga home insurance offer additional features specifically aimed at older homeowners and retirees.
For example, over 50s can benefit from extended ‘unoccupied home’ cover to cater for longer holidays, or protection for medical equipment that may be on loan or cover for a carer’s belongings.
And although the cost of home insurance is on the rise, according to the Consumer Intelligence Home Insurance Price Index, over 50s can still benefit from lower home insurance bills.
Why is home insurance for over 50 year olds cheaper?
Home insurance is cheaper for over 50 years olds for a number of reasons. Firstly over 50s are less likely to claim and if they do, the cost of the claim tends to be smaller and more conservative compared to younger claimants who may exaggerate the amount they are claiming for.
Older homeowners are also considered a safer option as they are viewed as being more financially secure and security conscious. Plus they are typically at home more frequently giving burglars less opportunity and capable when it comes to maintaining the home.
How can I get cheaper over 50s home insurance?
Over 50 home insurance may be cheaper than insurance for younger homeowners but there are still ways you can reduce the price you pay. Comparing home insurance quotes across a range of insurance providers can help you find the best deal - choosing the right level of cover at the best price.
Here are some things to look out for when comparing over 50 home insurance:
- Watch out for additional costs if paying in instalments. Paying for your buildings and contents insurance in full is usually the cheapest option in the long run.
- Look at the excess. Some insurers give you the option to increase your excess (the amount you pay for a claim) in order to reduce the premium.
- Combine buildings and contents insurance as it can lead to cheap home insurance. You may be offered a discount for having both services with the same insurer.
- Protect your no claims bonus.
- Limit your risk of claiming by increasing your security.
- Don’t over insure – it is important to ensure you have sufficient buildings and contents cover but having too much may unnecessarily inflate the amount you pay.
Remember though, cheap home insurance quotes may not always be the best so make sure you read the details.
How to choose the best home insurance quotes
To choose the best home insurance for over 50 year olds, you can either use a comparison service like the one provided by our partners Quotezone, or perhaps GoCompare or MoneySuperMarket or go direct to a specific home insurer.
A benefit of using a comparison service like ours is that it will automatically compare home insurance quotes with a range of leading UK insurers.
It is also helpful to read home insurance reviews before choosing a particular company to check that existing customers are happy with the service they provide.
Compare home insurance quotes
*51% of consumers who received a quote for Home Building & Contents Insurance through this service provided by Seopa Ltd in September 2023 were quoted less than £165.27. The price you could achieve is dependent on your individual circumstances.