Hitting the big 5-0? Forget the party, time to get cheaper home insurance

No one likes the thought of growing old. But what we often forget is the many benefits of having a few more miles on the clock. Bagging a cheaper home insurance deal is just one of the many silver linings.

Insurance companies are a canny bunch. They understand that people over 50 are less likely make claims than younger people and they offer policies that reflect this.

There is a long list of reasons why the over 50s are a safer bet when it comes to insurance. As homeowners mature, they tend to take more care of their house and possessions. Too much time has been spent gathering worldly and precious furniture to risk damaging anything.

Customer in their twenties and thirties are statistically more likely to be living in rented accommodation and can be more reckless with their belongings. They are also statistically more likely to have young children than the over 50s. Young children are a blessing, but they can be a nightmare when it comes to keeping possessions intact and damage free.

Then we come to the claims. Insurance companies have found that over 50s are generally more honest about the value of the contents stolen or damaged.  They also tend to pay for smaller losses out of their own pockets rather than make claims for them.

When it comes to looking after your home, time really is on your side. For those over 50 or approaching the age, renewing house insurance with a provider that offers over-50 home insurance could leave you with plenty of change in your pocket.

Insurance companies such as Castle Cover recognise that homeowners over the age of 50 are lower risk and offer more competitive insurance premiums to reflect this. A customer can pay as much as £155 less per year because of their age.

Home insurance is not the only place that the over 50s can save. They are also likely to be offered cheaper car and travel insurance too because again they are seen as being a lower risk. Those who complain about getting older should think again because their age may just save them a fair few pounds over the coming years.