What is over 50's Home Insurance?
Statistically, insurance customers over 50s and 60s will make fewer claims. This may be due to increased life experience allowing them to better maintain their home or the reduced risk of parties or risks being taken in the home. Whatever the cause, the older you are, the less likely you are to claim. Furthermore, those over 50 who need to make a claim often make much smaller claims than younger people. In addition to this, studies show that people aged 50 and over tend to be more honest when making a claim. Younger people are statistically more likely to exaggerate the extent of the damage to make the most of the claim.
Due to the lower chance of an expensive claim, insurers will often reward those over 50 with cheaper insurance quotes. Our team of specialist brokers are available to offer quotes on home insurance over 50. This does, of course, depend entirely on your specific requirements. For example, if your home is over £500,000, you may need to investigate high net worth home insurance.
Home insurance for the over 50's is a growing part of the household buildings and contents insurance market and as the UK population gets older, insurance companies have realised that this rapidly increasing market represents a very good risk. It seems that those aged 50 plus tend to make fewer insurance claims than other age groups and if they do make a claim and with their overall 'life experience', they are more familiar with the process of dealing with insurance companies and brokers, ensuring that any household insurance claims will be settled more quickly and cheaply.
Why use over 50's Home Insurance?
Whatever stage of life you’re at, a comprehensive home insurance policy ensures you’re protected when an unfortunate situation occurs. Much like car insurance and life insurance, your age can have a significant influence on the quote you receive. With buildings insurance, it’s usually cheaper.
There is a wide selection of insurance companies, brokers and online insurance websites that all cater for home insurance over 50, and it does, of course, pay to shop around. There can be a wide variation in the premiums quoted, the terms and conditions applied to a particular home insurance policy, and the levels of cover can also vary - new for old insurance cover, for example, is now widely considered to be the standard level of buildings and contents insurance cover. Still, it is wise to check that you are comparing eggs with eggs and are finding the best over 50 home insurance for you.
What does over 50's Home Insurance cover?
The main areas covered under a 50+ home insurance policy include:
- Buildings insurance: This covers damage to your home’s physical structure, its fixtures and often its fittings, commonly including roofs, chimneys, walls and windows.
- Contents insurance: This covers your possessions, such as furniture, clothing and electricals. It is common for each item to have a maximum claimable value, typically £1,000. If you have any items worth more than £1,000, please visit our high-value contents insurance page.
- Accidental damage: whether to the buildings or contents of your home, it is usually possible to extend your home insurance policy to include accidental damage.
- Legal expenses: most home insurance policies either include or allow you to extend cover to include protection against legal costs in the event of legal action against you as a homeowner.
- All risks cover: cover for your personal items - watches, jewellery, electronic devices - while they are away from your home, can often be included under your home insurance policy.
Frequently asked questions
Am I legally required to have a home insurance policy?
It’s not a legal requirement to have aged over 50 home insurance, just like any age group, unless your home is mortgaged and your mortgage provider has insisted that buildings insurance is taken out as a condition of providing the mortgage. However, it’s worth considering for the peace of mind as it may be cheaper paying for insurance than having to pay to repair, replace or rebuild your home and its contents.
What if I have an annexe or granny flat?
This ia a more specialist area of home insurance and fortunately QuoteRack can help you to compare quotes for annexe insurance.
How can QuoteRack help?
QuoteRack works closely with insurance brokers who can offer you access to specialised schemes offered by niche insurance companies looking to provide Home Insurance for the over 50's.