Is home insurance cheaper for over 50s?

When it comes to buying insurance, it’s a well-known fact that your age can affect the outcome of certain insurance quotes. This is especially true when it comes to travel or life insurance, but what about home insurance? How much can age affect a home insurance policy when the risk is largely related to your home’s location, construction, and type of roof? In order to shed some light on these questions, we’ve done some research on several different comparison websites and compared their home and contents insurance quotes.

Home insurance

Firstly, we focused on home insurance quotes without contents cover, using three different ages to get a detailed view of how quotes can change. We looked at quotes for people born in 1950, 1965 and 1985 – aged 65, 50 and 30 respectively. We based the quote on a standard 1970s semi-detached property in good condition; the only detail that changed was the age of the policyholder.

Looking at a range of home insurance quotes from several different (and well-known) insurance companies, the results were very positive – the cost of insurance for 65 year-olds was the cheapest. Insurance for the over 50s was the second cheapest, unfortunately leaving the 30 year-olds with the most expensive quotes. Our research showed a 22-23% increase in price between the cheapest home insurance quotes and the most expensive.

In summary, even with the exact same type of home, insurance seems to be cheaper if you are over 50. But what happens when contents insurance is added to your policy?

Home and contents insurance

With home and contents insurance, we used several different quote comparison sites and kept all building, location, construction and security details the same.  The only detail that changed was age, which we kept to 30, 50 and 65, again for consistency.

Once again, there was a clear difference in quote price. While a handful of insurers showed little difference between their quotes, the majority offered savings of 17% to 35% for the over 65 year-olds, compared to the quote for a 30-year old. Many of these home and insurance quotes came from house-hold name brands.

In summary

Overall, it’s great news for over 50s who are looking to buy home and contents insurance. Even though travel and life insurance may become more expensive the older you are, home and contents appears to do the exact opposite – it’s cheaper for the over 50s. This discount on insurance may be based on the simple assumption that the over 50s are more financially secure, security-minded or responsible. It may also be based on the reduced presence of children in the property. In any case the saving is clear, which is good news if you’re in the market for a new quote!

If you are over 50 and need home or contents insurance, you can get a competitive quote online from Insure4Retirement in just a few moments. Or, if you’d rather speak to someone, call us free today.