Is over 50s home insurance cheaper?
Our research shows that over 50s pay around £40 less for their home insurance than younger homeowners2.
Average cost for over-50s
Average cost for under-50s
2Based on Confused.com data from January - June 2023. The average combined buildings and contents home insurance policy for over 50s was £205.76. Those below the age of 50 paid an average of £246.33 for the same type of policy.
There are several reasons for this:
- Over 50s are typically more experienced home owners, so are likely to have more knowledge of home maintenance and upkeep.
- They're usually more experienced at buying home insurance. So, they're likely to be more accurate when estimating how much buildings and contents cover they need.
- They're more likely to have invested in home security. Such measures may help deter thieves. They can also help the claims process by providing evidence of break ins.
- Over 50s are more likely to work part-time or be retired, meaning they spend more time at home. This means less opportunity for burglars or vandals to strike.
How can I get cheaper home insurance?
Although home insurance is generally cheaper for homeowners over 50, there are still ways you can save.
Pay annually rather than monthly. It almost always works out cheaper to pay annually for your insurance if you can. This is because insurers add interest when you choose monthly payments. You could save 6%3 by choosing to pay annually.
Increase your voluntary excess. This is the amount you have to pay towards any claims. Typically, the more you're willing to pay, the lower your insurance could cost. Just make sure you set it at a level you could afford if needed. The most common excess with our customers is £2503. Setting your excess at this level could save you 11%3 on your insurance compared to having no excess.
Compare quotes and shop around. Even if your renewal price hasn't increased much from last year, you might still find a better deal by shopping around.
Consider a combined home insurance policy. It usually works out cheaper to buy combined buildings and contents insurance rather than buying separate policies from different providers. Choosing a combined policy could save you £1623 compared to buying separate buildings and contents insurance.
Build your no-claims bonus (NCB). Every year you go without making a claim on your home insurance, you get a year added to your NCB. Insurers offer a discount for your NCB. The more years you have built up, the bigger your discount could be.
Improve your home's security and you could see cheaper prices. Having secure door locks and a burglar alarm can reduce the risk of burglary.
3Based on Confused.com data January - June 2023
What are the benefits of over 50s policies?
Over 50s cover often comes with a range of benefits you don't normally see on a standard home insurance policy.
Depending on your policy details, these can include:
- Higher levels of cover as standard, with extras you might normally pay for included at no extra cost. Single item limits may be higher too.
- Extended unoccupied home cover for longer than the usual 30 days, making it easier to spend time away from home.
- Cover for mobility aids like scooters, stair lifts or electric wheelchairs.
You might also have a wider range of insurers to choose from. There are specialist providers who only offer insurance to over 50s, such as Saga and RIAS.
You aren't limited to these specialist policies either - you can buy a standard policy too, and you might still pay less than younger homeowners.
When you get a quote, we'll show you prices from both specialist and standard insurers. So you can be sure you're making the right choice and getting the best price available to you.
What add-ons are available with an over 50s home insurance policy?
Many of the optional add-ons available with over 50s cover are the same as those for standard home insurance policies. Some may already be included in your policy or it may be added for an extra cost
- High-value items cover protects individual items in your home that are worth over £1,000. These items might not be covered by your standard contents insurance policy as they often exceed the single item limit.
- Home emergency cover provides cover for any issues within your home that could affect your health or safety. For example, if a broken boiler leaves you without heat or hot water.
- Accidental damage covers you for unexpected, unintentional damage. It's available for both contents and buildings insurance. Contents accidental damage covers things like carpets, furniture and fixtures. Buildings accidental damage covers the structure of your home itself.
Personal possessions cover insures your belongings when you take them out of the home. This can include things like laptops, phones or expensive jewellery.
Alternative accommodation cover means that your insurer will help you find somewhere to stay and cover the costs if your home suddenly becomes uninhabitable.
What our home insurance expert says
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Types of home insurance
protects your home and its contents from those unexpected accidents.
protects the permanent fixtures and structure of your home.
protects your thatched roof home against theft, loss and damage.
protects your household belongings against theft, loss and damage.
can protect you and your rental property against unexpected costs, like building or content damage, as well as any disputes.
covers your belongings against loss, damage and theft while in your rental property.
can offer some protection for your home and belongings if you live in a flood risk area.
can be tailored to cover the building, content or both depending on whether you own or rent your flat.
Home insurance guides
Our collection of UK home insurance statistics for 2023, such as average UK home insurance costs, UK home insurance market share and property insurance claim statistics.
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