OVER 50s HOME INSURANCE

Over 50s home insurance costs explained

People sometimes ask, is over 50s home insurance cheaper? It can be, but before we tell you why, it might first be helpful to explain what the cost of your insurance premium actually pays for.

The biggest share of the money you pay for over fifties insurance goes into the pot to pay policyholders when they make a claim. And when claims costs increase, the price of insurance has to increase too. Your money also goes towards insurance premium tax, business running costs and profits, and regulators like the Financial Conduct Authority.

Price isn't the only factor you should consider when looking at the cover you need to protect your home and its contents. However, insurance providers tend to consider people over 50 a lower risk when it comes to providing home insurance, as they are less likely to make a claim, and claims tend to be for lower amounts.

Like all insurance premiums, the price you pay will reflect your personal circumstances, such as your location, the type of property you live in and your claims history. But some more general factors are at play when it comes to cheap over 50s insurance for your home:

• People in their 50s often have long experience of being a homeowner, and that experience helps them know what it takes to maintain and upkeep a property to avoid common problems such as burst pipes that might result in claims.
• With a history of home insurance and having possibly made claims in the past, older homeowners have been through a claims process before and can be more accurate about valuing and claiming for their possessions.
• People tend to become more security conscious as they age, making sure their property is left secure at all times, introducing additional security measures such as burglar alarms and taking part in active Neighbourhood Watch Schemes.

When you are specifically seeking cheap house insurance for over 50s, be sure to check the policy details carefully to make sure you select a policy that will give you the best over 50s home insurance for your specific needs.

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What types of over 50s home insurance are there?

Over 50s home insurance is made up of two types of insurance:

• Buildings insurance – protects the structure of your home. This includes things like the roof and walls, and permanent fixtures and fittings, like doors and windows. In the event of a successful claim, this will cover repair or rebuilding costs, subject to policy excesses
• Contents insurance – This provides cover against the damage, theft and loss of personal possessions. This can include belongings you leave at home or ones you take out and about with you too.

You can get separate cover in different policies, or you can get combined cover in one over 50s buildings and contents insurance policy.

Saga offers two levels of cover targeted at over 50s, Saga Plus and Saga Select.

Saga Plus is a three-year fixed-price home insurance with added extras, and comes with our claims promise that most claims won’t affect your fixed price (T&Cs apply).

Saga Select is our no-nonsense cover for when you need a little less cover but the same great service.