Over 50s home insurance

While some types of insurance can become more expensive as you get older, home insurance for the over 50s can be cheaper.

Insurance providers may see older people as lower risk because:

• They’re less likely to make a claim

• Claims tend to be for smaller amounts.

As with all insurance, though, the price you pay will be based more on your personal circumstances than your age.

Always check any policy carefully before buying, as each insurance provider offers different benefits.

• Access to products and discounts from specialist 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 policyholders aged over 50

• Cover for mobility aids, such as a scooter, electric wheelchair or stairlift

• Cover for the loan of medical equipment

• Cover for loss or damage to plants and garden contents

• Personal possessions cover for carers

• Fixed premiums for up to three years – some providers may offer this if your circumstances don’t change.

You don’t have to switch to specialist over 50s home insurance when you hit your half-century, but there’s no downside to looking 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 because:

• Repairs can be costly if your home is damaged

• Replacing stolen or damaged belongings can quickly add up.

As an older homeowner, you have plenty of options. You can compare:

• Standard home insurance policies

• Policies designed specifically for over 50s or seniors (which could save you money).

Cheap house insurance for over 60s and over 70s is a possibility too:

• Insurance providers may see you as less of a risk

• You may also qualify for policies from specialist providers including Saga

• The oldest age groups are more likely to downsize and a flat or bungalow could be cheaper to insure than a house.

That said, how much you pay for your policy will depend on many factors, including where you live and your claims history. To give you a better idea on cost, you could compare house and contents insurance for over 60s.