Over 50s Home Insurance
If you’ve been insuring your home for many years, letting your over 50s home insurance policy renew year after year may seem like your easiest option. However, by doing this you could end up paying £100s more per year than you need to for home insurance. Use this guide to avoid unwanted price rises when it’s time to renew your policy – and get the right cover for your needs as your circumstances change.
Not all insurers will treat you equally – some will be keener for your business as you get older, offering specialised home insurance for over 50s. Statistics show that if you’re in this demographic you’re more likely to be careful and make fewer, smaller claims, as well as live in areas with lower crime rates. Consult our 4 step guide to make sure you’re rewarded for this with lower premiums
Get quick quotes from main comparison sites and the providers they miss
The golden rule here is to remember that you are in control – there are many home insurers competing for your business, and you should compare providers to find the cheapest home insurance for you avoid hefty increases on your renewal date. Start by getting quotes from at least two comparison sites to increase your chances of getting the best deal. Then get additional quotes from the major insurance brands and over 50s home insurance providers who aren’t featured on the comparison websites. Quotes from a price comparison sites often apply default excess amounts when quoting. These can be quite high and then they frequently invite you to increase your excess for a larger discount. Please remain alert to the total excess that would apply to your claim: the cheapest policy on comparison sites may not be the best for your needs, and could offer very basic cover. In addition to the total excess, check the policy terms carefully to ensure you’re getting quoted for the cover you need.
Insuring valuable assets? Compare High Net Worth home insurance companies
Speak to specialist high value home insurance providers
Most standard contents insurance (whether targeted at over 50s or not) will have a limit on both the individual and collective items. As a consequence, if your home rebuild costs or contents valuations are higher than the limits available via comparison sites, you should consider a bespoke policy as offered by High Net Worth (HNW) home insurance specialists. These can be purchased either directly from insurance companies or via a broker. You can arrange cover by contacting high net worth specialist brokers who will deal with the insurance companies on your behalf, and recommend which underwriters best suit your needs. The British Insurance Brokers Association (BIBA) holds comprehensive information on specialist brokers and offer a telephone based and online broker location service. Fine art and antiques are also covered directly by specialist providers.
Seek expertise for valuable assets
These companies have expertise in valuable items such as antique furniture, books, shotguns, jewellery, fine wines and fine art as well as properties with extremely high specifications to the finishes. They understand the different risks and the need for a bespoke policy and will be able to tailor your policy to fit your needs. High Net Worth insurance need not have a particularly high entry threshold as individual item values can very quickly mount up. Some policies can start from £30,000. Due to the nature of the cover required, security and storage are very important considerations when seeking a HNW policy. It’s important to be able to provide provenance and precise valuations for the items to be covered.
How to reduce the cost of high value home insurance
As well as obtaining quotes from several providers, you can reduce the cost of the premium by:
- Improving security at the property
- Installing a safe
- Taking a higher excess
- Reducing the scope of cover – limit the cover to your property only
- Asking for buildings cover to be combined with the contents.
Still seeking cover for non-standard risks (e.g. thatched property or a listed building)? Try specialist providers
You may have trouble getting your home insured via the normal routes outlined above for the following reasons:
- Property unoccupied for long periods
- Flood risk
- Subsidence risk
- Listed building
- Thatched roof
- Adverse claims history
Insurance companies usually treat these risks differently so your application probably won’t fall into the ‘standard’ box that online comparison forms are designed for. In this case there are specialist insurers and brokers you can contact directly. If you’re having trouble finding suitable home insurance, or just prefer to research and buy over the phone, a good starting point is BIBA’s “Signposting” service (BIBA is the British Insurance Broker’s Association). They can put you in touch with a suitable and reputable broker for your particular needs. Contact them on 0870 950 1790, or use BIBA’s online search facility.
7 Tips to reduce costs when buying home insurance over 50
There are many habits and actions you can take so that insurers consider you less risky and to reduce your premiums when looking into 50 plus home insurance. We’ve included some ‘quick fixes’ as well as some more in-depth tips to help keep your premiums low year after year:
Being over 50 isn't what it used to be. More of us are living longer, healthier and more active lives, and even delaying retirement out of choice or for financial reasons.
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