“Years At Current Address” – Why Do Insurers Want To Know This?
Caeva O'Callaghan | August 21st, 2023
Home insurance companies need to know how long you’ve lived in your home to better assess any risks. How many years you’ve occupied your property could be an indicator of other factors, which may lower or raise your premiums.
Read on to find out why insurers ask this question, as well as:
- Why does it matter to home insurers how long I’ve lived at my property?
- Is it easier to get home insurance before I move in?
- How does my address affect my house insurance?
Sometimes, it seems like home insurance providers want to know everything about you down to your favourite colour and second cousin’s maiden name. But insurers need to know how long you’ve lived at your address in particular, because it can indicate other factors.
Your age
If you’ve lived at your property for 25+ years and are taking out a home insurance policy, you’re unlikely to be 23 years old.
Home insurance companies want to know how old you are because some insurers discount their policies for customers aged 50 or over. As younger people are more likely to make a claim, insurance companies have researched why this is.
Generally speaking, most people settle down by this age. Kids will have grown up and flown the nest, so there’s little chance of accidental damage. Your insurance might cover you if your grandchildren knock over an expensive vase. However, your university-aged son raiding your fridge on a weekend visit, sadly, is not an insurable risk.
Your age is also a possible indicator of daytime occupancy. Insurers can guess your age from how long you’ve spent at your current address, but it won’t be accurate if you’ve downsized for retirement. This is why this info goes hand in hand with employment status and occupation.
The condition of your home
Maybe you’ve taken tender loving care of your home over the years. Or, maybe you’ve gotten used to your pipes creaking and banging during the night. It could be that you aren’t aware something’s wrong.
The longer you’ve lived in your home, the more likely it is you’ll have needed to do major structural repairs. If you’ve occupied your home for many decades, it’s likely you’ve had to replace the boiler, or entire central heating system. This is a good thing – your insurers will assume the longer you’ve lived there, the more likely the property is properly maintained.
How long you’ve lived at your address isn’t in and of itself an indicator of the age of the property. However, we know your house isn’t post-2005 if you moved in 42 years ago. This could have implications, which is why the length of your occupancy is important to determine other factors.
Previous home insurance
Home insurance is one of those things people like to “set and forget”. It’s easy to just keep it ticking over, rather than shopping around, comparing and switching policies every single year.
However, if you’ve lived at your property a long time, you may be letting too much slide. When was the last time you updated the details of your home insurance? It’s easy to forget that while your buildings cover doesn’t need to change (unless you’ve made renovations), your contents cover often will.
If you’ve bought valuables such as laptops or jewellery, and haven’t told your insurer, you won’t be covered for them if they’re destroyed or stolen. Older people tend to accumulate assets, so if you’ve lived in your house a long time as an older person, your insurer may assume you’ve built up heirlooms and sunk money into your property.
You may have more to insure than you might think if you’ve lived at your property for a long time. On an annual basis, make a note of valuables going in or out, and what this means for your cover.
Home insurance is one of those things people like to “set and forget”. It’s easy to just keep it ticking over, rather than shopping around, comparing and switching policies every single year.
However, if you’ve lived at your property a long time, you may be letting too much slide. When was the last time you updated the details of your home insurance? It’s easy to forget that while your buildings cover doesn’t need to change (unless you’ve made renovations), your contents cover often will.
If you’ve bought valuables such as laptops or jewellery, and haven’t told your insurer, you won’t be covered for them if they’re destroyed or stolen. Older people tend to accumulate assets, so if you’ve lived in your house a long time as an older person, your insurer may assume you’ve built up heirlooms and sunk money into your property.
You may have more to insure than you might think if you’ve lived at your property for a long time. On an annual basis, make a note of valuables going in or out, and what this means for your cover.
If you have any questions on your home insurance call us at QuoteMe.ie
If you are unsure about anything related to your home insurance or are just looking to clarify some points, pick up the phone and call us in QuoteMe.ie. We are experts in Home insurance. We have been providing advice in Ireland for over 30 years. As we say, We know all the angles. We are available for calls between 8.30am and 5.30pm each weekday on 0818 224433 or 042 9359051.
You can also get a home insurance quote online through our online quote system. We compare home insurance in the Irish market from 12 insurers to get you the right cover for your situation.