- An excess is an insurance term for the sum of money you'll need to pay if you have to make a claim.
- You must pay your excess before we can deal with/settle your claim.
- Your total policy excess is comprised of your compulsory excess and voluntary excess or any other excesses that may apply to your policy for a specific type of claim.
To see how much excess you'll have to pay in the event of a claim just take a look at your Policy Schedule.
Compulsory excess
- This is a sum of money that you must pay in the event of a claim.
- You can find out how much you would have to pay on your Policy Schedule.
Voluntary excess
- You choose your voluntary excess when you buy your policy with us.
- This means if you have to make a claim, you'll need to pay your compulsory excess plus the voluntary excess amount chosen by you when you bought the policy. (Please note that other excesses may apply - please see below).
So, why would you pick a higher excess? Usually, the higher voluntary excess you choose, the cheaper your premium will be. Remember though, if you choose a higher excess, you'll have to pay this in the event of a claim.
Escape of water excess
If you make an escape of water claim, you'll have to pay an excess of £500 plus a voluntary contents or buildings excess.
Subsidence excess
The standard excess for subsidence is £1000 but if your area is deemed to be particularly prone to subsidence this excess may increase.