The over 50s get cheap home insurance quotes because providers believe they fewer and smaller claims – and when they do they are more likely to be honest about their losses.
Insurers think the higher your age, the lower the risk, because you are more likely to look after your home and possessions than younger homeowners.
They also stack their deals with discounts or extra benefits to tempt you to switch insurers.
So the trick for the over 50s is never simply renew your existing policy – shop around the comparison sites for the best deal.
Those extra benefits may include:
- Higher levels of buildings and contents cover
- New for old replacement of lost, damaged or stolen belongings
- Extra unoccupied home protection because the over 50s often spend longer away from home with family and friends
The extra insured values reflect that over the years, the over 50s are likely to have moved up the property ladder to a more expensive home and will probably have accumulated more valuables.
Many over 50s also take up hobbies and pastimes that involve expensive equipment to fill the time when they retire, like camera gear.
Try buying cheaper home insurance by bundling cover – look for deals that bundle buildings and contents cover together.
Don’t think inside the box about home insurance – many over 50s spend a lot of time tending and enjoying their gardens. Tot up the value of tools, like mowers and hedge cutters, while not forgetting garden furniture.
Add in what’s kept in the garage as well – not including the car, which will be covered by your motor policy.
Don’t get caught up in chasing down the cheapest over 50s home insurance – the best policy offers the right cover at the right price and that might not necessarily mean the cheapest you can find.