Is home insurance cheaper for over 50s?
Insurers base their prices on different factors, for example your claims history and where you live. But generally, over 50s pay less for insurance.
In fact, we found that over 50s could be paying around £28 less for their combined home insurance, with the average insurance price being £222**.
**Based on Confused.com data from September 2021. The average combined policy for over 50s was £222.20. Those below the age of 50 paid an average of £250.07 for the same type of policy.
There could be a few reasons for this:
You’re an experienced home owner, so you’ll have more knowledge of home maintenance.
You've got more experience of buying home insurance. As a result, you'll probably be more accurate when it comes to working out how much buildings and contents cover you need.
You might have invested in home security. Insurers like this because it shows you’re trying to keep your home secure. If your home is ever broken into, you might have evidence on film, which could help if you make a claim.
Generally, over 50s are more honest about what they’ve claimed for in the past.
You might be working part time, or you might be retired so you could be at home more often than if you were working full time.
What are the benefits of over 50s home insurance?
Besides the discounts, there are other benefits to over 50s home insurance. Some of these might include:
A wider choice of cover, thanks to specialist insurers who may have cover options for over 50s that standard home insurers might not have.
Higher levels of cover for both your buildings and contents insurance. For example, you could get a ‘new for old’ policy included at standard. So, if your old washing machine packs up, you could get a new one through your contents insurance policy. The same applies for your buildings insurance policy: if your home was damaged it’s likely you’d get full cover for it with an over 50s policy.
Discounts for security devices because having security devices can help insurers if you need to make a claim, as well as deterring thieves in the first place.
Extended cover for second homes that could cover you if you have a holiday home or unoccupied second home. Some insurers may cover your second home for six weeks or more. A standard home insurance policy may only cover an empty home for 30 days.
Cover for mobility aids like scooters, stair lifts or electric wheel chairs.
What add-ons are available with a over 50s home insurance policy?
Over 50s home insurance is available with a few add-ons that could be useful.
Some may already be included in your home insurance policy or may be added to your policy for an extra cost:
- Accidental damage cover
- Legal protection
- High-value items cover
- Personal possessions cover
- Home emergency cover
- Alternative accommodation cover.
Accidental damage cover can provide cover for any damage that was caused by an unintentional accident. For example, if your grandchildren decided to get creative on your freshly wall-papered living room.
You can also get accidental damage insurance as an add on for your buildings insurance policy. So, if you were working in the attic and you put your foot through the ceiling, your accidental damage policy should cover you.
Legal protection provides cover for any legal expenses relating to your home. It’s useful if you have any legal disputes with your neighbours or tradespeople.
High-value items cover protects individual items in your home that are worth over £1,000. Adding these to your home insurance policy means they should be covered if they’re lost, damaged or stolen.
Personal possessions cover works in a similar way to high-value items cover, but it insures your items worth under £1,000 when they’re away from home. For example, if you were wearing a necklace worth under £1,000 and you lost it while you were out, your personal possessions insurance could cover it.
Home emergency cover provides immediate help for any issues with your home that could affect your health. For example, if your window smashes in a storm your policy means your insurer should be able to organise a quick repair and cover the cost.
Alternative accommodation cover means that if your home suddenly becomes uninhabitable, due to flood or storm damage for example, your insurer will help you find somewhere to stay and cover the costs.
What our home insurance expert says
If you’re over 50, you’re likely to be an experienced homeowner. This can work in your favour because you’ll often find better home insurance prices if you’ve been claim free for a number of years. It’s worth keeping your eyes peeled for insurers that specialise in home insurance for over 50’s to get the best deal.
Home insurance product manager
Need more help?
Usually your buildings insurance will be covered by the retirement home you move into. You could potentially be covering this with the management fee.
They may not provide cover for your belongings though, so you may need to take out a separate contents insurance policy.
It’s worth checking what’s included under the retirement home’s insurance policy before you move in.
One of the benefits of over 50s home insurance is that you can get cover for mobility aids like your mobility scooter or electric wheelchair. This might come as standard on your over 50s contents insurance policy, or it might be an extra add on. Always check your policy documents so you know what’s covered.