What Sort of Excess Would I Pay on my Home Insurance Policy?

An excess on a home insurance policy is the part of the claim that you, the customer, agrees to pay via your own monies and the insurance company will then cover the remaining amount outstanding on the claim. Excess can vary and it usually depends on which insurance you have taken out, as to what the excess will stand at when you claim. For example the excess on a standard claim could be around £100, which means you would have to stand to £100 at the time of claiming, the insurance company will then cover the rest.

What is standard cover?

A standard home insurance policy, which covers for buildings and contents, usually will insure your property against the eventualities listed below:

•   Smoke damage, earthquake, explosion, lightening and fire.
•   Flood and storm damage
•   Labour and political disturbances as well as strikes, civil commotion and riots.
•   Damage which is caused by vandals.
•   Collision by vehicles, animals (this does not include domestic pets) and aircraft.
•   Attempted break in at the home or theft to the property.
•   Heave, landslide or subsidence
•   Leakage of water and heating fuel leakage.

It is worth noting that not all insurance companies cover for the same, so check out the terms and conditions on the insurance policy prior to committing. If you were to claim for subsidence, then usually there is a higher premium to pay on the excess for this, again check this out with your insurance company.

Standard cover should also cover for:

•   Replacements of contents old for new.
•   Accidental damage to electrical equipment
•   Accidental damage to bathroom fittings and fixed glass within the home.
•   Insurance cover for business equipment
•   Insurance cover for personal money
•   Insurance cover for the contents within a garage or outbuilding.

You can also, usually, add optional extras onto your standard policy, so it works for your individual needs.

Check out the internet or visit www.insurance64.co.uk for more information on home insurance and related products.