Over 50's home insurance cover - UK House Insurance

With some home insurance deals, the over 50s get a raw deal. For instance, as you get older, your life insurance premiums go up, and your private medical insurance premiums go up. Even your travel insurance premiums go up, due to the increased likelihood of you needing medical attention on holiday.

But the over 50s do get some good insurance news from those providers of home insurance. For, both buildings and contents insurance is cheaper for older people.

There are a variety of reasons for this - all of them related to risk. Older people spend more time at home, as they are more likely to be retired. Thus, they have suffered less from burglaries. In addition to this they have been found to be more honest and make a lower number of fraudulent claims. Also, they have a record of looking after their possessions more carefully.

This lower risk should result in lower premiums. But don't take that for granted. You need to shop around, as not all insurers give such reductions.

Recent research by the insurer Berry Birch Noble has shown that over 90% of people over 50 have stuck with the same insurance policy that they took out when they arranged their mortgage. That could have been many years ago, and it is likely that these 90% of people are not receiving competitively priced insurance. It has been found by further research that mortgage linked insurance policies that have been sold by building societies and banks could be up to 30% more expensive than the cheapest deals.

At a time when the cost of home insurance is continually rising anyway due to the increasing severity of subsidence and flooding claims combined with the rise in insurance premiums caused by the worries left over from 9/11.

The over 50s do have some particular requirements suited to their lifestyle that need to be discussed with insurers. For instance, because in general older people spend more hours in their home than people who go to work, they will also tend to take longer holidays. This has been recognized by some insurers, who will allow you to have cover for when you are absent from your home for more than 30 days. You must tell them though that you are likely to do this. An insurer who simply doesn't allow this is not an insurer who wants to insure the over 50s, so leave them well alone.

Before you ask for a quote, jot down your requirements and think about them. For instance, if your children have left home, you are probably less likely to have to claim for accidental damage. But if they have children themselves, you may need your accidental damage cover! Any grandparent should confirm this is true.

 

 

 

 

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