Home Excess Protection
What is it? When you buy home insurance it’s sold with an excess, that’s the amount you must pay towards the cost of a claim. There are usually two components: a compulsory excess and a voluntary excess. An insurer often sets a compulsory excess, you may then choose to pay an additional, voluntary excess in the event of a claim which usually reduces the premium.
Excess Protect Insurance is a supplementary insurance policy that pays all or part of any excess due in the event of claim under a home policy, up to an agreed level. You can typically arrange Excess Protect Insurance to cover £250, £500 or £1000 of a potential excess payment.
How Does it Work?
Excess Protection Cover is taken when the main home policy is purchased or renewed. If you need to claim under your main policy, you will pay your excess to the insurer and once the claim is settled your excess cover will refund your excess up to the limit of your excess policy.
Example
A client purchases home insurance with a £500 excess and an Excess Protect Insurance with a sum insured of £500. A claim is made for a loss of £2850 under the home policy. The home insurer settles the claim and pays £2350 (the loss less the policy excess). The client then claims back the £500 excess from the Excess Protect Insurance so they are fully reimbursed.
The need to know
Your Excess Protection Policy can cover multiple excess claims up to the total sums insured limit. For example, a £500 Excess Protect Insurance covers you for 2 x £250 excess claims in the policy year or 1 x £500.
Making a claim on your home insurance policy is still a material fact and could affect your renewal premium going forward. Any claims/losses must be disclosed for 5 years with insurers.
Similar excess cover is also available for motor policies, please ask us and we can discuss your requirements. This policy is provided by ALPS – Auto Legal Protection Services Ltd trading as ALPS is authorised and regulated by the Financial Conduct Authority (FCA) under firm reference number 300906. They have over 25 years’ experience providing supplementary insurance covers to personal and commercial clients exclusively through brokers like Elevate.
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