Guide to over 50 home insurance
What is Home Insurance?
Home insurance provides financial protection for your property and belongings against fire, theft and natural disasters. There are three main types of cover to choose from which include:
- Buildings insurance – covers the structure of the building including the walls, roof and floor, plus permanent fixtures and fittings such as kitchens and bathrooms.
- Contents Insurance – covers your personal belongings and items you keep in your home such as your clothes, furniture and electrical goods.
- Combined - includes both buildings and contents 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.
Why is home insurance for over 50s cheaper?
Home insurance for the over 50s is usually cheaper as they are considered less of a risk and typically:
- Make fewer claims and for less money.
- Are more experienced in the maintenance and upkeep of their property.
- Are more conscious and proactive with security, installing burglar alarms, secure locks and taking part in local neighbourhood watch schemes.
- Make a more accurate valuation of their belongings and requirements when buying a policy based on years of experience.
- Are at home more, especially when retired, so there is less chance of the property being burgled or vandalised.
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What are the benefits of over 50s home insurance?
Home insurance is generally the same for all ages, however in addition to being cheaper, specialist over 50 providers like RIAS, Age Co and Saga offer additional features specifically suited to older homeowners and retirees. These can include:
- Fixed prices for a number of years
- Higher limits or enhanced garden cover
- Cover for mobility aids such as electric wheelchairs and mobility scooters
- Extended ‘unoccupied home’ cover to cater for longer holidays
- Protection for medical equipment that may be on loan
- Cover for a carer’s belongings.
So, choosing an over 50s specialist insurer can have its benefits, however to ensure you get the best home insurance policy for you, it is worth comparing quotes with a range of providers.
How can I reduce the cost of my over 50s home insurance?
Sadly, as reported in the Consumer Intelligence 2024 Home Insurance Price Index, the cost of home insurance is increasing, especially for those over 50. However, there are still ways you can reduce the price you pay.
Here’s our top tips for cutting the cost of your home insurance:
Compare quotes across a range of insurance providers
Be sure to consider the price, cover levels, additional features and reviews. Checking a company’s Trustpilot, Feefo or Defaqto rating for example will help you understand what customers and independent consumer champions alike think of the product and service provided.
Pay for your cover in one go
If you can afford it, paying for your buildings and/or contents insurance in full is usually the cheapest option as monthly instalments frequently incur additional fees.
Increase your voluntary 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 your cover
Combining your buildings and contents insurance with one provider can be cheaper as well as easier to manage. You may also be offered a discount for having both services with the same insurer.
Increase your home’s security
Many insurers offer discounts for properties with good quality, approved door and window locks, burglar alarms and security lighting.
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 may not always offer you the best level of cover so be sure to read the details.
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How to choose the best home insurance quotes
To choose the best home insurance, you could use a comparison service like the one provided by Over50choices, GoCompare or MoneySuperMarket
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, saving you time and potentially, money.
Alternatively, you can go direct to a specific home insurer.
To get your free online comparison, you simply need to provide:
- Basic details about your home including property type, age, location and security details
- The cost of rebuilding your home
- The value of your contents
- The level of cover you require
As with all insurance, it is important to be honest with the information you provide as any error could invalidate your policy.
What should I do now?
If you are ready to compare quotes, use the free online comparison service to see if you can save money on your home insurance.
Frequently Asked Questions
Do I need home insurance if I move into a residential home?
Typically building insurance will be handled by the retirement home however you may contribute to this through any management fees you pay.
Whether you require contents insurance will depend on the individual retirement home, so you will need to check with them.
Do I need home insurance if I own my own home?
It is not a legal requirement to have buildings or contents insurance however it can give you peace of mind as the cost of rebuilding or repairing your home and replacing your contents can be expensive.
Are there any additional options I should consider?
Depending on the insurance provider, the following options may be included in the policy as standard or added at an additional cost:
- Accidental damage – covers accidents such as spillages and breakages
- Home emergency – covers the cost of some urgent call outs and repairs
- Legal expenses – covers legal costs in the event of a common dispute or claim made against you
- Personal belongings – covers the cost of loss, theft or accidental damage of items taken away from your home
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*51% of consumers could save £209.33 on their Home Building & Contents Insurance. The saving was calculated by comparing the cheapest price found with the average of the next fourteen cheapest prices quoted by insurance providers on Seopa Ltd’s insurance comparison website. This is based on representative cost savings from December 2024. The savings you could achieve are dependent on your individual circumstances.