Excesses for buildings and contents insurance

lovemilk

How much do you normally put voluntary excesses at for buildings and contents?


Thank you for your help....

kingstreet

When I do quotes for clients, I automatically quote with £100 excess on both buildings and contents cover and full accidental damage.

Once they've had a chance to consider the cost, we can then look at higher excesses and/or the removal of the AD cover.

weejonnie

I would normally ask the customer what excess they would like on the policy and make a recommendation based on the information provided. If the customer was unsure, I would look at the market with no voluntary excess (knowing that most policies have a £50 or £100 excess as standard), and then make a recommendation from policies with similar excesses based on what I know of the cover provided, our relationship with them and the claims experience our customers have had.

I know that many people are finding it hard to budget insurance premiums but if they have to make a claim e.g. for escape of water, then suddenly having to find £250 or £500 is going to hurt even more.

(The savings are probably not that great - probably reducing combined premiums down from £150 to £120 by taking a £250 excess)

Wammer

lovemilk wrote: »

How much do you normally put voluntary excesses at for buildings and contents?


Thank you for your help....

Whatever you think you will be able to afford should you need to pay it.

There have been numerous posts on here from people who opted for a high excess, and presumably lower premium, then when disaster strikes they say they can't afford the excess.

That said, I believe that insurers deduct the excess from any payment they make so it may not be much of an issue.