Home insurance advice for Empty Nesters
Children leaving the nest can be a time that leaves you feeling relieved or saddened. Life, as you know it, will change significantly. Whilst understandably this time brings mixed emotions, it may also bring fresh 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:
Review the value of your possessions – Heirlooms, antiques or art may have increased in value since you purchased them, and so it may be appropriate to get them re-valued. Belongings you have worked hard for merit to have the right level of security.
You may require a reduced amount of cover – If your children have taken their possessions (such as laptops or televisions) with them when they left, you may require less insurance cover than you did previously. You can switch to a policy that better suits your needs and save money at the same time. Review your insurance policy today and see if you could be eligible for a cheaper policy.
You may need more cover – Research by Datamonitor found that so-called ‘early empty nesters’ have more disposable income than previous generations and are able to treat themselves to more luxuries and home improvements. Empty nesters in these circumstances 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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