Over 50s Home Insurance - Is it Cheaper?

Over 50s Home Insurance is likely to save you money on your home insurance due to the lower perceived risk involved with the over 50s.

However, that doesn't mean that you have to head off to a specialist over 50s Home Insurance site to get the best deals. Those site are probably using standard Insurers anyway. You see, most insurers calculate their premiums based on a variety of factors, one of which will be your age.

The reason the insurers are able to offer lower prices on your home insurance is because you're more likely to be careful with your home and your possessions and less likely to exaggerate or make up insurance claims. Many insurers exclusively cover better-risk over 50s Home Insurance customers so you can usually get a better price.
 
Like ordinary Building and contents insurance, cover for over 50s Home Insurance can be calculated in two ways. In the past, the re-build value of the property had to be known, unfortunately, unless you are re-mortgaging and the valuer gives you the re-build value you are not likely to know this. Nowadays, more and more insurers will give you a notional amount of up to £300,000 to unlimited. £300,00 is usually adequate for most properties and this is the most popular amount.
 
Normally over 50s Home Insurance will give you the following benefit

'New for old' replacement of damaged items

No claims discounts

Discount if you have home security measures

Garden cover

Ability to vary the amount you have to pay in the event of a claim

Identity Theft Assistance Service - To offer a support service if you believe you are a victim of this type of crime

Accidental damage insurance

Personal possession insurance

Whether you are looking for over 50s Home Insurance or not you should look at other ways to help you reduce your premiums further. So it makes sense to take basic precautions to protect your home, not least for your own security. Fitting some or even all of the following may also be necessary conditions for your cover depending on the area you live in, and even when they're not essential, insurers sometimes give you extra discounts.
 

The door you use to leave and enter your home (the final exit door) should be fitted with a mortise deadlock with a minimum of five levers or a three-point multi locking system, depending on the type of door you have.

Ground floor and other accessible windows. Fit with key-operated window locks. This includes all windows which can be reached from a flat roof, such as a garage roof.

Other external doors (except patio doors) must be fitted with barrel bolts top and bottom.

Also if the door is partially glazed, you need to fit key-operated locks.

Patio Doors. Fit any uPVC lock barrel replacement doors with a three-point multi-locking system.

Other patio doors should be fitted with key-operated bolts top and bottom.

You may qualify for extra discounts if you have also installed a NACOSS or SSAIB approved intruder alarm covered by an annual maintenance contract or if you live in a Neighbourhood Watch area.

So, will you save money of over 50s Home Insurance? Well, yes and no, other factors being equal the older you get the cheaper your insurance becomes, but you don't necessarily have to go to a specialist site to get it. Your best bet it to use an Insurance Broker as they don't usually charge a fee and they often have access to policies that aren't on the Internet. Also they are able to advise you about what you should be looking for and the pitfalls to avoid.

Colin Warburton is a qualified UK Mortgage and Insurance Broker and a Network Marketer. If you are looking for a Residual Income, Colin can show you how to get prospects to come to you. You haven't got the time to waste dealing with people who aren't interested in whatever you have to offer.