Although having an excess on your home policy is a common occurrence, it often doesn’t really hit home until your customer has to make a claim and finds out they are several hundred pounds short.
 

There is a simple remedy. Excess Protection insurance. 17 million households take out home contents and buildings insurance and only a fraction will be fully protected with excess protection cover.
 

This is a simple and cost-effective way to guarantee peace of mind. Consumers may not have heard of excess protection; but it is easy to explain that by buying an additional policy, at reasonable cost, they will receive 100% reimbursement of a claim. Customers buy an Excess Protection Policy in addition to their home insurance policy. It may be possible to achieve a lower premium on the home policy by increasing the excess amount, which is then insured, while ensuring they are better protected.
 

Guide the client to select the annual level of cover which meet their anticipated claims - £300, £500, £1,000 or £2,000 and then they can claim back any insurance excess charges during the period insured, up to that limit.
 

For a claim to be valid the main policy must pay out and the claim must be greater than the excess amount. For example if your client chooses a £1000 excess, and the repairs came to £900, they will be liable to pay the £900. It is important that you explain to your clients that it is an excess reimbursement product.

 

Benefits
 

• Peace of mind knowing that the full amount of the claim will be repaid

• Total cover where cost of replacement or repair is higher than the excess

• Possibility of saving money by  accepting a higher excess, leading to a lower premium.