There are perks to being older and wiser when it comes to home insurance.
Did you know you can get great deals on home insurance if you’re aged 50 or over?
So make the most of your glowing reputation as a mature and responsible citizen with Confused.com’s guide to home insurance for the over-50s.
What’s different about home insurance for the over-50s?
Many insurance companies recognise that people over 50 make fewer and smaller claims.
What’s more, if they do make a claim, they tend to be more honest about the true amount lost.
So, those of you who have hit the half-century mark are generally seen as a lower risk in the eyes of insurance companies - particularly if you live in an area with a low crime rate.
As a result, you’ll pay lower premiums on your home insurance policy.
The benefits of being over 50
Companies specialising in the 50-plus market may offer you a guaranteed discount on your current policy or a small lump sum to entice you away from another provider.
As well as the standard cover offered by your home insurance supplier, other benefits may include:
Higher buildings and contents cover
New for old replacement on damaged or stolen items
Discount on home security systems
Protection when your home is unoccupied for a few weeks in a row
But don’t switch to the first insurance provider that comes knocking. Make sure you do your research to get the best policy for you.
Check you're adequately covered
If you’re over 50, it’s likely you have a lot more to lose than a first-time buyer in their 20s.
If you have collected a significant amount of contents over the years, such as antiques or family heirlooms, it’s important to make sure you’ve insured them to their worth.
Remember, it’s not just your home and its contents you need to insure, there’s your garden and any outbuildings as well.
If you’ve spent hours creating your own private paradise, shelling out hundreds of pounds on exotic plants and shrubbery, make sure it’s covered by your policy.
You wouldn't want to have to use your savings to replace a collection of tools or an expensive lawnmower that’s been stolen from the garage or shed.