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Over 50s home insurance

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Why is home insurance cheaper for over 50s?

The average price paid annually for home insurance if you're aged between 50 and 64 is £183. That’s almost 9% less than 35 to 49-year-olds, who pay £200 on average.[1]

Home insurance tends to be cheaper as you get older because you’re perceived as less of a risk by insurers because you’re:

  • Less likely to claim, but if you do the amount will be smaller
  • More security conscious
  • Likely to be financially secure
  • Probably going to have more knowledge of home maintenance
  • Going to know more about home insurance, and so your cover will be calculated accurately
  • More honest about the amount you need to claim for
  • Usually at home more often, so you’re less of a target for burglars and have more time for home maintenance

Benefits of over 50s home insurance

Some insurers do specialise in providing over 50s with home insurance, such as RIAS, Saga and Age Co (formerly Age UK). This means you might get access to specialised deals and discounts.

You might be offered a higher amount of contents or building cover or have a longer unoccupied home period so you can take longer holidays.

Some insurers will offer cover for specific items that you’re more likely to have as you age, for example a mobility scooter. Generally though, the cover offered to over 50s isn’t much different to a home insurance policy offered to someone younger.

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If you need to claim on your home insurance - for example, if your building is damaged by subsidence or your possessions are stolen - your free home excess cover will refund up to £250 of your excess.

There’s no hidden charge. But you won't be covered for things like accidental loss such as leaving a laptop on a train or accidental damage, such as spilling wine on your carpet or drilling through a pipe.

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Types of home insurance

Home insurance is made up of two parts: buildings insurance and contents cover. You can buy these individually or together as a combined policy.

If you moved to a new house and would take something with you - such as your kettle or TV - it’s likely included in your contents cover. If it’s something you’d have to leave behind - like your bathroom suite or kitchen cabinets - it’s covered under the building's aspect.

You can also get add-ons to your home insurance cover. These are optional and cost a little extra, but can include:

What details will I need to compare home insurance deals?

  1. Details about you and your property

  2. Your home security features

  3. Your home’s rebuild cost

  4. Contents valuation plus any valuable individual items you want covered

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Frequently asked questions

No, it’s not a legal requirement to have home insurance. However, it’s worth considering for peace of mind as it may be cheaper paying for insurance than having to pay to repair, replace or rebuild your home and its contents.

Buildings insurance may be a requirement of a mortgage though.

Buildings insurance for your retirement home will usually be organised by the owner or organisation of it. You might want to consider contents insurance though, to protect your belongings.

Yes, it usually can, provided your mobility scooter or electric wheelchair isn’t licensed for road use. Some policies will even cover things like stair lifts, hoists ramps and other mobility aids you have in your home - but check the cover to make sure.

If you use your mobility scooter at home, it’ll be covered under contents insurance. Using it outside your home means you’ll have to check it’s included under the policy’s personal possessions cover.

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[1] Average price paid for home insurance by age purchased through GoCompare in September 2022.