Empty Nesters Home Insurance Tips
Your children leaving the nest can be a time that leaves you feeling exhilarated or sad. Life, as you know it, will change considerably. Whilst understandably this period brings mixed emotions, it may also bring new opportunities.
Change in circumstances will probably alter your personal insurance needs, including home insurance. Here, we take a closer look at how your needs may change:
Discount Eligibility - If your children are away at university you may be eligible for a student discount on your home insurance. Alternatively, you may be entitled to some senior discounts, and it is always worth checking what is available in your circumstances.
You may need less cover - If your children have taken their possessions (such as laptops of televisions) with them when they left, you may need less cover than you did previously. You can switch to a policy that better suits your needs and save some money in the process. Review your insurance policy today and see if you could be eligible for a cheaper policy.
You may need extra cover - Studies by Datamonitor established that so-called 'early empty nesters' have more disposable income than previous generations and are able to treat themselves to more luxuries and home renovations. Empty nesters in these conditions may therefore require and extra level home contents cover.
Downsizing - If you are downsizing from a large family home to one which better suits your scaled-back lifestyle, your home and buildings insurance needs will undoubtedly change. Re-assess your policy to ensure you are not paying more than you should be.
Re-assess the value of your possessions - Antiques, heirlooms or art may have increased in value since you purchased them, and so it may be appropriate to get them re-valued. Possessions you have worked hard for deserve to have the right level of protection.
Change in circumstances will probably alter your personal insurance needs, including home insurance. Here, we take a closer look at how your needs may change:
Discount Eligibility - If your children are away at university you may be eligible for a student discount on your home insurance. Alternatively, you may be entitled to some senior discounts, and it is always worth checking what is available in your circumstances.
You may need less cover - If your children have taken their possessions (such as laptops of televisions) with them when they left, you may need less cover than you did previously. You can switch to a policy that better suits your needs and save some money in the process. Review your insurance policy today and see if you could be eligible for a cheaper policy.
You may need extra cover - Studies by Datamonitor established that so-called 'early empty nesters' have more disposable income than previous generations and are able to treat themselves to more luxuries and home renovations. Empty nesters in these conditions may therefore require and extra level home contents cover.
Downsizing - If you are downsizing from a large family home to one which better suits your scaled-back lifestyle, your home and buildings insurance needs will undoubtedly change. Re-assess your policy to ensure you are not paying more than you should be.
Re-assess the value of your possessions - Antiques, heirlooms or art may have increased in value since you purchased them, and so it may be appropriate to get them re-valued. Possessions you have worked hard for deserve to have the right level of protection.
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