Benefits of Buying Home Insurance After the Age of 50
Most types of insurance become more expensive for you when you get older. However, home insurance is an exception to this.
This means that home insurance are cheaper for older people. This is probably because as people get older, usually they become wiser while dealing with issues around their home and hence insurers believe that homes of older people are less risky to insure.
Here are some guidelines for you for home insurance after the age of 50.
1. When insurers go through your insurance application, they mainly think on how risky it might be to insure you, your property or your possessions. The amount you’ll have to pay and the level of cover you’ll be provided depends mainly upon the level of risk involved.
2. When it comes to other types of insurance like life or car insurance, unfortunately the data used by insurer to determine the risk doesn’t always portray the full picture, and due to this, several people are unfairly shortchanged.
3. E.g. they find it difficult to get life insurance because of being too old or they have to pay higher car insurance premiums because of being too young.
4. However, when it comes to home insurance, you may notice that you can get a better deal for being over 50 or 60 years of age. Insurers usually find a statistical pattern among the over 50s and 60s which reveals that they are quite unlikely to make a claim.
5. This is probably because older people are more experienced about taking care of their home or also maybe because they are less likely to have parties at home all the time, i.e. events that can easily break a home.
6. Statistics even shows that when older people eventually do make a claim, they tend to make smaller claims than younger people. Thus, an older individual may make a claim to repair a small leakage in the wall, whereas a young individual is more likely to make a bigger claim to solve a subsidence issue.
Are You in Need of Over 50s Home Insurance?
7. Some insurers exclusively provide home insurance exclusively to people over 50, 60, 70 and even 80; thus, it’s never too late to consider buying home insurance.
8. Home insurance is mainly of two types – buildings insurance and contents insurance. Insurers often provide more flexible options for both these to people over 50 and 60.
9. Besides getting a better deal on your home insurance, being over 50 might also get a much higher level of cover for both – buildings insurance and contents insurance – than if you were younger. Some insurers even offer a ‘new for old’ policy, under which if your old appliance was damaged, you’d get compensation for buying a brand new one.
10. What’s more, insurance of unoccupied homes is more expensive. However if you are over 50 or 60 and travel often, you can get a better deal on home insurance only because you are above 50 or 60.
11. Home insurance policy becomes certainly better for over 50s and 60s than for younger individuals. But don’t fail to go through the terms and conditions, and check whether the policy really works for you before buying it.