Homeowners who are over 50 are considered a better risk than youngsters as they are seen to be more security conscious. The over 50s are less likely to try and make a fraudulent claim, and more likely to be at home more during the day. Chances are they are likely to have a better no claims history, which means their premiums come down in price.
There are companies such as Saga, RIAS and Age UK that specialise in providing insurance for the Over-50s. This means more choice of home insurance from a wider range of providers.
Why have Over-50s insurance?
Statistics show that people who are over 50 are low risk as they do not make as many insurance claims than their younger counterparts. The value of these claims tends to be much lower too.
In recognition of this some companies offer discounts or a small lump sum as a new policy bonus.
There are added benefits for the Over-50s with specialist insurance that includes higher contents cover. This takes into consideration the likelihood of people over 50 having accumulated more valuables.
Policies may also have maximum buildings cover to cover large family homes.
Other benefits may include 'new for old' clauses for items that are stolen or damaged and discounts on security systems that are on the providers approved list. There may also be enhanced cover for your home when it is unoccupied while you are away on holiday.
If you have a mortgage on your property, buildings insurance is compulsory.
Buildings insurance isn't compulsory if you own your home outright, but it is wise to have it as well as contents cover.
It is always worth having both building and contents cover as you will not get full protection with just one or the other. Most claims will involve both. For example, if your home was burgled and entry was gained by damaging a door or window, this would be covered by your building cover and any items taken are covered by your contents insurance.
Insurance companies will often offer discounts when customers take out both building and contents insurance on a joint policy.
Get the right amount of cover
People often underestimate how much their possessions and property are worth. There is nothing worse than having to make a claim and finding that you do not have enough cover.
It is hard to estimate the value of your possessions. Large homes will have a lot more possessions than smaller homes. It is therefore worth going through your home room by room and cost up how much it would be to replace everything there. Things like furniture, carpets, curtains, and clothes should be included. There are home contents calculators available online that can help you with this.
Find out what the upper limit is for single high value items such as jewellery or antiques. If your policy cannot cover a high value item, you may have to insure it separately.
Sheds and outbuildings are often overlooked. Ensure any items of value such as tools and bikes are covered.
If you own a large family home make sure you get the maximum amount of contents insurance available so you are not under-covered.