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Aged 50 or over? Here's how to get the best deal on your home insurance.
People over 50 can often find even cheaper home cover because the statistics that insurers use to price policies show that they make fewer claims.
What's more, their claims tend to be smaller than those made by younger people – and they can usually be counted on to be honest about the amount they have lost.
They also have more choice as they can access insurance offered by over-50s specialists such as Saga, RIAS and Age UK, which may offer a guaranteed discount or a small lump sum as a welcome bonus.
Insurers often reward customers who take out buildings and contents cover on a joint policy
If you are over-50, this guide will help you to make the most of the discounts out there and ensure that you have the right cover at the cheapest possible price.
The discounts mentioned above are not the only way that insurers reward over-50s for their “low risk” status.
In recognition of the greater amount of valuables they are likely to have collected over their lifetimes, for example, people over the age of 50 are often offered higher contents cover.
And as people in this age group often have large family homes, the maximum buildings cover available may well be higher too.
Other potential benefits include a “new for old” policy when it comes to replacing damaged or stolen possessions, and discounts on insurer-approved home security systems.
As many retired people take advantage of their free time to travel, the protection on offer when your home is unoccupied may also be greater.
If you own a property on which you have a mortgage, then buildings insurance is compulsory – whatever your age.
Even if you own your home outright, however, it is sensible to have both buildings and contents cover in place.
Neither one alone will give you the protection you need, not least because any claims may involve both types of insurance.
If, for example, your home was flooded, you would have to claim for any damages to fittings and fixtures such as electrics or a fitted kitchen through your buildings insurance, while a claim for damage to goods such as televisions and furniture would be made through your contents insurance.
What's more, insurers often reward customers who take out buildings and contents cover on a joint policy with attractive discounts that you can take advantage of too.
As anyone who has had to make a home insurance claim in the past knows, it is important not to underestimate the value you put on your property and possessions.
Over-50s with large homes and lots of possessions should therefore take advantage of the higher maximum amounts available.
However, the worth of your contents in particular is notoriously easy to underestimate.
It is therefore sensible to go from room to room counting up the cost of replacing everything from your carpets to your clothes before entering a figure into the MoneySuperMarket search engine.
If you have any highly valuable items, such as jewellery, antiques or family heirlooms, you should also ensure that they would be covered by the single item limit on the policy and consider insuring them separately if not.
And don't forget about the furniture, plants and tools in your garden.
Equally, however, it is important to check what you are covered for to ensure that you do not end up paying twice for the same insurance on another type of policy.
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