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Excess on your House Insurance

How to lower your house insurance by increasing your excess

Increase your excess as this is a way you can reduce the cost of your insurance. Take note though - that if you have to make a claim then you will be expected to fund the value of the excess yourself. If you raise it too much you might find you don't have savings to cover the excess.

Excesses start at zero and go up! You can have £1000 excess but that means you would have to fund the first £1000 of any claim yourself.

Generally the more you increase your excess the cheaper the policy is.

Obviously this is of help to the insurance company and that's why it's cheaper. If you do not have £1000 in savings then this could well be a false economy and leave you vulnerable if you need to claim.
Set the excess as something sensible for you, but adjust it within the quote to see how much of an effect it has one the policy cost. Some websites make this easy to do and you can tweak the excess to get the right settings for you.

Advantages of increasing excess

reduces cost of your insurance policy. If you don't make a claim then this is good!

Disadvantages of increasing excess

You have to fund the amount of excess when you make a claim. You may not have the money available if you have a large excess.

Remember if your excess is £1000 then you will have to fund the first £1000 of any insurance claim yourself.

Other information

Excess Protection - you can get additional insurance to cover the cost of the excess if you have to claim. This isn't widely offered.

But for a £1000 payment to you of excesses the cost of insuring it is only £50.88

As long as the saving on your insurance is more than the £50.88 charge then you're going to save money.

There is no limit to the number of claims you can make in a year on this policy but you cannot exceed your annual cover limit. So if your limit is £1000 you can make two excess claims for £500 in a year but if your limit was only £500 you'd only be able to make one claim through this policy.

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