Home Insurance -
Soaring Price of Home Insurance forces the Elderly to move - 16/04/2008
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A recent study by Saga insurance.com/Home-Insurance" title="home insurance">home insurance found that 30% of people move house after retirement. They suggest that they have not chosen to move in search of a better life, rather they have been forced to move as they cannot keep up with escalating living costs.
Asking people due to retire if they had any plans for moving, they found that only 8% planned on relocating after their retirement. That leaves 22% who had no previous plans to move who are moving after retirement.
They are driven from their homes when they find that they cannot keep up with living costs such as home insurance, heating and electricity bills. Therefore they downsize to smaller houses in quieter areas where all the bills will be greatly reduced. Smaller houses are significantly cheaper to heat and power. Home insurance comes down by a sizeable amount from a move to a smaller house in a safer area.
Retirees are most commonly drawn to quieter neighbourhoods with good shopping facilities and friendly neighbours. Quiet, safe areas such as these have the advantage of cheaper home insurance costs as well as security.
In order to assist in the struggle to meet living costs, companies such as RIAS offer home insurance packages exclusively for the fifty plus age range. These companies are able to offer cheaper premiums reflecting the lower number of claims from older clients.
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