Posts Tagged ‘Home Contents’

Contents insurance for the over 50s

Friday, April 4th, 2014

contents insuranceHome contents insurance is often sold along with home insurance but it can also be bought as a stand-alone policy, which is useful if you rent rather than own your home. It is not a legal requirement but it is a wise choice.

Contents insurance will pay for damage to or loss of your personal possessions such as furniture and belongings while they are located in your house. Many policies will also cover loss of possessions while you are away from home but you will often have to pay extra for this. Some will also cover possessions stored in sheds or your garden.

It pays, of course, to read the small print when selecting cover for your home contents, particularly as the protection on offer varies from company to company. Some will offer certain types of cover as standard, whilst others will not. Tedious as it can seem, always read the terms and conditions before you buy. If not, you could be in for a nasty surprise when the worst happens and you want to make a claim.

Cover for your home when it is unoccupied
The over 50s are more likely to leave their homes unoccupied for weeks at a time than any other age group. Retirement allows them to take lengthy holidays abroad and to visit their families for extended periods of time. When you are looking for an appropriate insurance policy for your home contents, take care to choose one which will offer cover for your home contents while you are away if you suspect this will apply to you. Not all will and none are likely to offer it as standard.

Discounts for the over 50s
The over 50s can, of course, select any form of buildings contents insurance cover but it is possible to find insurance that is designed with them specifically in mind. This comes with certain advantages because there are often discounts available for the over 50s. The most common reason for an insurance claim is accidental damage and insurance companies are well aware that the over 50s are far less likely to make claims for accidental damage and loss than students or families with young children. Consequently, many, although by no means all, will offer discounts if you are in this age bracket. It certainly pays to shop around, comparing premium prices.

If you are unfortunate enough to file an insurance claim which your provider rejects you can appeal. The Financial Ombudsman service will look into your claim with you and contact your insurance company if they believe that you have a case for complaint.

Making a claim
Do make sure that you have complied with the security demands of your policy before you make a claim. For example, have you fitted window locks, smoke detectors, an alarm system if required? Consider the excess you will have to pay. On most policies this will be in between £100 and £200. If you are only claiming a small amount, it could be that you end up with very little money from your insurance company who will increase your premiums because they consider you higher risk, having made a claim.