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Home Excess Protection

Home Excess Protection, everything you’ll need to know.

We’re building on the knowledge base for Excess Insurance as we have a host of new Excess products on our site. ‘Excess’, in insurance terms is the difference between the pay out and the full cost of fixing the insurance problem. Excess insurance sits alongside your main policy to help cover the whole cost of the claim. There’s a lot of Excess products but in this blog we look at Home Excess Protection Insurance.

Firstly, what is Home Excess Protection?

Home Excess protection is an additional cover that refunds the excess that you have to pay if you make a claim under your main home insurance. Whether your claim relates to contents or buildings or both, you will have to pay an excess which means when settling your insurance claim your insurer will ask you to pay the excess amount which you agreed to pay when setting up the policy.

What type of Excess do you have to pay?

When taking out a policy you will usually have two excess options: –

Compulsory excess – When getting a quote from the insurer you will see that the majority of insurance providers will have a compulsory excess amount, which is normally set and therefore not negotiable. However, some insurers will set a minimum compulsory excess and ask you if you wish to pay a higher amount, usually giving you further set choices… £50.00, £100.00, £150.00 and so on.

Voluntary excess – This is an amount of excess that you can control whether you want it or not. Some customers will add extra voluntary excess on top of the compulsory excess as this can reduce your premium, but make sure you pick an amount that you can afford if you do have to make a claim. Again some insurers will give you set amounts to choose from.

Home Insurance Excess

How does excess protection work?

Paying excess for an insurance claim can be expensive, but Excess Protection is an insurance policy that pays the excess costs.

Let’s say your home insurance has an excess of £500, and you have roof damage following a storm and the damage costs are £3,000. You will have to pay £500 towards the claim, and your insurer will pay the rest…£2500…. in order to fix the roof. With Excess Protection you can claim the excess (£500) you paid to get the work done.

So, for the £500 excess example, if you paid £100 for your Excess Protection cover, you have saved yourself £400 from the claim. This obviously will save you paying larger amounts and helps to control costs.

What is the benefit of having Home Excess Protection?

The main benefit of having Home Excess Protection is you will not have to pay out at all, should you make a claim under your main home insurance policy so it gives you peace of mind financially.  Often these claims happen when you least expect them and the repair work, as example roof damage following a storm, needs to be carried out immediately to put your home back together so it’s not something you can budget for, to complete the work you will need the cash immediately to pay the excess.

So if you’re concerned about being able to afford to claim, Home Excess Protection is the one for you.

Here at Bestprice we offer Home Excess Protection from just £1.83 a month.

Click on this link https://bestpricefs.co.uk/excess-insurance/ and get a quote today.

We also provide other types of Excess Protection products:

Motor Excess – Provides cover for your motor excess on one motor insurance policy.

Multi-vehicle Excess – This provides cover for your motor excess on up to three vehicles within one household

For further information click on this link https://bestpricefs.co.uk/excess-insurance/