Over 50s home insurance

As we get older, we may notice the costs of certain cover going up. But when it comes to buildings and contents insurance, it’s usually the opposite. Why is this? And are there any benefits to over 50s seeking home insurance?

Is over 50s home insurance cheaper?

Compared to other types of home insurance, cover for over fifties can be cheaper.

Some general reasons as to why home insurance for over fifties is often cheaper includes: -

• Experience with home maintenance: Typically, people in their 50s and over have experience of being a homeowner, and as such, tend to be more knowledgeable about home maintenance and upkeep, including how to avoid incidents which can lead to expensive claims.

• We tend to become more security conscious as we age: Homeowners over 50 are more likely to invest in home security measures such as installing burglar alarms, fitting locks on all windows and doors, and taking part in active Neighbourhood Watch programs.

• Past claims experience: Over fifties will likely have made at least one home insurance claim in the past. The experience of having gone through the claims process before means they are likely to provide more accurate information when valuing and claiming their possessions.
  
  Over 50s are also less likely to make a claim. Even when they do, it will be for smaller amounts compared to younger homeowners.

But it's important to remember that the exact price you'll pay for your insurance will depend on your circumstances, including the type of property you live in, its location, and your previous claims history.

What are the benefits of over 50s home insurance?

Generally speaking, the cover offered to over 50s will not differ greatly to a standard home insurance policy. However, a number of independent and recognised home insurers offer bespoke over 50s home insurance, meaning you may have access to certain deals and discounts.

For example, you may get a higher amount of buildings or contents cover, or given a longer period of time for which your home can remain unoccupied.

Some insurers will also offer cover for specific items that you’re more likely to have as you age, for example a mobility scooter.

What types of over 50s home insurance is there?

Like standard home insurance, over 50s cover has two types of insurance:

Buildings insurance

Designed to protect the structure of your home, such as the walls, roof and floors. It also covers permanent fixtures and fittings, for example fitted bathrooms, kitchen units, doors and windows.

If you make a successful claim, your buildings insurance will cover repair or rebuild costs, subject to your policy excess.

Contents insurance

Covers for the loss, theft, or damage to personal possessions that are not part of your property’s structure or building. 

Combined buildings and contents insurance

Buildings and contents insurance is available separately, or can be combined and rolled into a single policy. Most building and contents home insurance policies will also include alternative accommodation cover as standard.

Optional extras for over 50s

Home insurers also offer a range of optional extras which you can add-on to your over 50s home insurance.

Any add-ons you choose will increase the cost of your insurance, so consider carefully whether or not you need them.

Accidental damage cover

Provides protection against one-off, sudden accidental damage made to your building or contents. For example, spilling red wine on a new white sofa.

Personal belongings away from home cover

Provides cover for personal items you have with you, either in or outside the home. This include items such as smartphones, laptops, jewellery, and watches.

Home emergency cover

Provides assistance for urgent repairs needed in the home.

Your insurer will arrange for a tradesman on their panel to come to your home and fix your emergency. Often has a 24-hour line you can call for assistance any time of the day or night.

Legal expenses cover

Can cover certain legal costs if you have a case that goes to court.

Legal expenses cover can provide assistance with issues relating to unfair dismissal, injury from an accident that was not your fault, or disputes involving faulty goods or services. It will also usually include access to a 24-hour helpline.

Will home insurance provide cover for a mobility scooter?

Over 50s home contents insurance won't always include mobility aids such as a mobility scooter or electric wheelchair as standard. Coverage for a mobility aid will depend on whether or not it is registered for road use.

Mobility scooters and electric wheelchairs fall into two categories: -

Class 2

Class 2 mobility scooters and wheelchairs can only be used on the pavement. They have a maximum speed of 4mph.

Class 2 scooters and wheelchairs do not need to be registered with the DVLA (Driver and Vehicle Licensing Agency). You do not need a driver's license to use one.

Some insurers may cover a class 2 mobility scooter or powered wheelchair as part of their contents insurance.

Class 3

Class 3 mobility scooters and wheelchairs are roadworthy, with a maximum speed of 8mph.

Although they don't require a driver's license, all class 3 mobility scooters and wheelchairs must be registered with the DVLA.

Class 3 mobility aids are not usually covered by contents insurance, so you may need specialist mobility scooter insurance.

I live in a retirement home. Do I still need home insurance?

If you live in a retirement home, buildings insurance will usually be the responsibility of the owner or organisation in control of the property. However, you may have to contribute towards this as part of built-in management fees. It's always worth checking your retirement home’s insurance policy before moving in.

And, if you don't need buildings insurance, you may still want to consider contents insurance for your personal belongings.