Do You Really Need Home Excess Insurance?

It is quite often the case that a householder chooses not to make a claim on the insurance for which they have paid, because of their having to contribute what might be a substantial sum in the form of excess.

An excess is the first part of any claim you need to pay for yourself and may vary according to the type of claim you make on your home insurance. It might be £50 or £100 on loss or damage to an item covered by your home contents insurance or maybe as high as £1,000 suggests the Association of British Insurers, if you are making a building subsidence claim.

Home Excess Insurance

Whether you are a homeowner and have both building and contents insurance or a tenant with just contents insurance, therefore, you might think twice about making a claim if you know there is an excess to pay.

Home excess insurance is a way of indemnifying yourself against such liability. If you need to make a claim and need to pay the relevant excess, a simple and straightforward, standalone excess insurance policy promptly arranges your reimbursement of that charge.

Our home excess insurance from Bettersafe, therefore, may help to put to rest any anxiety about making a claim on your home insurance because you know that the excess you pay is going to be reimbursed.

Save On Home Insurance Premiums

Home excess insurance might do a lot more than give you this confidence and reassurance in making a claim, it might also help you to save money on the cost of your home insurance too.

Although a certain amount of excess may be imposed as a condition of your home insurance, you may be able to reduce the cost of your premiums by agreeing to accept a further, voluntary excess. Since the excess represents an uninsured risk and you are therefore shouldering a greater risk by agreeing to a higher excess, the insurer covers a lesser risk and may reduce the cost of premiums as a result.

By agreeing to a higher excess, therefore, you typically pay less for your insurance.

This is precisely what home excess insurance may give you confidence and security in doing. Since any amount of excess may be protected by the excess insurance policy, you may be certain of its reimbursement – provided of course that you arrange sufficient excess insurance to cover that amount.

Strictly speaking, therefore, you might not need home excess insurance, but without it, you may find yourself having to contribute the excess to any successful claim you make and risk losing the opportunity of reducing the cost of the premiums on the underlying home insurance.