The home is a place that contains both possessions and memories – this is particularly the case if you have lived in your home for a number of years. As a place that has undoubtedly watched your children grow from dependent youngsters to adults in their own right, you don’t want to lose what helped shape them.
That’s why cheap house insurance for over 50s is a huge priority, as you may never know how much you lose until it’s too late.
Many people consider home insurance as an unnecessary expense, though there are a number of reasons why you should get it. With good quality insurance from a reputable provider, people can get guaranteed peace of mind and protection from vandalism, theft and any other possible issues relating to damage – even natural disasters and accidents such as flooding and fire can be avoided.
Homeowners over 50 are especially likely to save more money if they choose a policy specializing in their age group, as they tend to be classed as lower risk and pay less as a result.
However, before buying a home insurance policy, people need to bear in mind that they don’t have to insure their home for the price initially paid for it or what it is now worth; the market price of a property includes the land it is on, so if something happens to the home, you only need cover for the cost of repairing or rebuilding the property that sits on the land.
Also be sure to review your policy every now and again in case its value increases or drops. If the value of your home falls, you can lower policy cover and expenditure on it as a result; it’s pointless paying more than required, after all. On the other hand, making changes to a property like loft conversions and extensions will increase the market value of the home, so ensure this is also part of the deal when you get round to it.
This article was provided by CastleCover.co.uk
retirebyforty’s thought: I think home insurance is critical. Even if you own the home outright, you still need protection from fire and other disasters. What would you do if something happens and you don’t have home insurance? The residential home is the biggest asset for many of us and it would be a terrible blow to have no replacement option. I also check my policy every year. Sometime the insurance company makes mistake with the square footage or other issues and I was able to catch it and correct the policy.