Compare over 50s home insurance deals
If you’re over 50, you may already benefit from cheaper car insurance. But did you know you could also get deals on over 50s home insurance?
Compare quotes and find out why age can be an advantage when it comes to paying less for your policy.
Is over 50s home insurance cheaper?
While some types of insurance can become more expensive as you get older, home insurance can be cheaper for the over 50s.
In general, this is because insurance providers consider older people to be a lower risk as they’re less likely to make a claim. And when they do claim, it’s often for smaller amounts.
As with all insurance, though, the price you pay will be based more on your personal circumstances than your age.
Why are over 50s considered less of a risk?
There are a few reasons why you may find home insurance for pensioners or over 50s is cheaper:
- People in their 50s, 60s and beyond have often been homeowners for years. This means they tend to know more about home maintenance and how to prevent mishaps like burst pipes, which can lead to expensive claims.
- Over 50s may take a more proactive approach to home security, such as installing burglar alarms and joining Neighbourhood Watch Schemes.
- Older homeowners are usually more experienced at buying home insurance. This means they’re likely to check what their policy covers and more accurately calculate the value of their possessions.
- Over 50s are less likely to have very young children living with them, so there’s less chance of breakages and spills.
- Older people tend to be at home more, perhaps because they’ve retired or work from home. As a result, they’re less likely to be burgled during the day.
How much is over 50s home insurance?
The cost of home insurance is determined by several factors, including your postcode, the type of property you live in and the value of your possessions.
Your provider will also take into account how many years, if any, you’ve gone without making a claim when calculating your premium.
What are the benefits of over 50s home insurance?
If you’re over 50, you could benefit from more than just lower insurance premiums. Depending on your policy, you could also enjoy:
- Access to products and discounts from specialist over-50 insurance providers
- Higher levels of contents insurance cover
- A higher maximum limit for buildings insurance cover
- Discounts on home security systems
- Extended cover if your house is empty – some insurance providers will cover an unoccupied home for 60 days for over-50s policyholders
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Cover for mobility aids, such as a scooter, electric wheelchair or stairlift
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Cover for the loan of medical equipment
- Cover for loss or damage to plants and garden contents
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Personal possessions cover for carers.
Always check any policy carefully before buying, as each insurance provider offers different benefits.
Do I need over 50s home insurance?
You don’t have to switch to specialist over 50s home insurance when you hit your half-century, but there’s no downside to taking a look at what’s out there.
Even if you’ve paid off your mortgage, it’s still important to have buildings and contents insurance in place. Footing the bill for repairs or replacements yourself could be very expensive if your home is damaged or your belongings are stolen.
As an older – and therefore statistically wiser – homeowner, you can compare a wide range of home insurance policies, including those aimed specifically at your age group. And you could save money on your insurance premium.
What about home insurance for over 60s?
As with over 50s home insurance, cheap house insurance for over 60s and over 70s is a possibility too. Insurance providers see you as less of a risk and you may also qualify for policies from specialist providers.
And some older people live in flats and bungalows, which can be cheaper to insure than houses.
That said, how much you pay for your policy will depend on many factors, not least the size of your house and where you live. To give you a better idea on cost, you can compare house and contents insurance for over 60s.
How to get cheaper home and contents insurance for seniors
There are several ways to help cut the cost of home insurance. These include:
- Improving your home’s security
- Increasing your voluntary excess – this is the amount you agree to pay towards a claim
- Paying annually instead of monthly
- Estimating the value of your contents accurately, so you don’t pay more than you need to
- Buying your buildings and contents insurance from the same provider – some offer a discount if you get both.
For more tips, read our guide on how to save money on your home insurance.
Bear in mind, however, that the best over 50s home insurance for you may not be the cheapest option. It’s important to ensure the policy you choose has all the features and cover you need to suit your circumstances.
What do I need to start an over 50s home insurance comparison?
To compare home insurance quotes with us, we’ll need to know:
- Some details about you and your home, including where you live and when your home was built.
- Details of your home’s security, including what locks and alarms you have in place.
- How much it would cost to rebuild your home from scratch – read our guide to calculating the rebuild cost if you’re not sure.
- The estimated value of your home’s contents, as well as details of any high-value items that must be listed separately on your policy.
Make sure you’re as accurate as possible when calculating the rebuild cost of your home and the value of your possessions, so you get a policy that suits your needs.
Where can I compare home insurance deals for over 50s?
We compare policies for home insurance in minutes to help you find our cheapest deal. Complete an over 50s home insurance comparison with us today to see if you could save.
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Frequently asked questions
Will I need home insurance if I move into a retirement home?
You should find that buildings insurance, which covers the structure of the building, is handled by the retirement home. You’ll usually see some of the costs transferred to you as part of your management or service fees.
You may need to arrange separate contents insurance to make sure your personal belongings are covered. Check whether the retirement home offers any contents cover before you move in.
What extra cover can I add to over 50s home insurance?
If you’re buying over 50s home insurance, here are some extras to consider. You may find they’re included as standard or available as an add-on for an extra fee:
- Home emergency cover: covers the cost of urgent repairs. For example: if your boiler breaks down in the middle of winter.
- Accidental damage cover: offers cover if you spill red wine on a carpet or smash a valuable vase, for example.
- Legal expenses cover: to cover your costs if you need legal advice for a range of common disputes or for claims that are made against you.
Does being retired affect home insurance?
If you’re retired, you may be offered cheaper insurance based on the assumption that you’re at home more and therefore less likely to make a claim for theft or vandalism. But this isn't guaranteed.
Retirement shouldn’t have a negative impact on your home insurance premium unless you plan on spending winters abroad, for example, and leaving your home empty for long periods of time.
Is there cheaper home insurance for over 80s?
Once you reach your 80s, you may be able to get an even cheaper premium for your home insurance than you did in your 60s and 70s. But this will depend on your personal circumstances.
If you’ve accumulated a lot of valuable possessions over your lifetime, you may need to increase your contents cover. On the other hand, if you’re downsizing you might be able to lower your cover levels.