Retirees and Home Insurance – Is it Essential?

The biggest investment you’ll make in your life is your home, which is one of the main things you will be able to enjoy once your work-life balance is completely life oriented. Once your career has ended, your love for your house shouldn’t. It’s still essential to provide your safe space with the protection it deserves.

“Around 74% of pensioner households in 2022–23 owned their home without a mortgage, while 4% owned with a mortgage; 17% of pensioners were social renters and only 5% private renters.” – Institute for Fiscal Studies (IFS).

Once retired, it’s likely your mortgage has been paid off. However, Home Insurance should still be a necessity, rather than a product that’s no longer needed.

Trends in UK Home Insurance Claims

The most common claims in the UK according to GoCompare can be seen in the chart below.

How Do I Combat Risks to My Property?

Theft from your property can be reduced if the occupants are home more often, with accidental damage away from your house also likely to be more infrequent now the homeowner doesn’t make consistent trips to work. Installing security cameras also reduces the risk of theft significantly.

Storm damage can prove costly, so having more time to prepare for storms can help to keep your house safe and prevent claims from happening. Accidental damage can be avoided following years of experience owning a home. Because of this, insurers can see you as a lower risk and may reduce your Home Insurance costs.

If you’re retired and an escape of water happens, you don’t have to worry about working around your job constraints. You can have someone come out as soon as possible, restricting the damage and reducing the risk of significant harm to your property.

However, there is a simple way to supress the stress caused by these incidents.

Home Insurance for Retirees – An Essential Investment

Despite not legally needing cover once you’ve paid off your mortgage, it’s not an area you should sacrifice to save money. Ultimately, by paying a small fee each month – you ensure you avoid any potential significant expenditures.

Investing in a quality insurance product is the perfect way to protect your home and the years of hard work that have helped to pay off your mortgage.

At Source, we have a team of experts, the Customer Experience Team, which are specially trained to help find you a quote that fits your needs.

Keep your house safe! Give us a call today on 02920 265 265 to find your ideal insurance policy.

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