When taking out an AXA Home Insurance policy, you’ll be advised on the minimum excess you’ll have to pay in the event of a loss. The standard excess on our home insurance policy is €350. There are several considerations to keep in mind when adjusting the excess on your policy, so let's take a look in more detail to ensure you set yours appropriately.
What is excess?
The standard excess on an individual home insurance policy is the amount of a claim not covered by the insurance company and that you are responsible for. This means in the event of a loss that is covered under your policy, you are liable for this 'excess' amount.
What is the minimum excess on AXA Home Insurance?
The minimum excess on your home insurance will be advised to you when taking out your policy and you may wish to increase this excess amount, depending on your needs.
What exactly is a higher excess or lower excess?
A higher excess will usually lower the cost of your insurance premium. This can save you money if you never make a significant claim. However, in the event that you need to make a claim, you will be required to pay a larger sum of money.
If you wish to set a lower excess amount you will have an increased insurance premium, however, in the event that you need to make a claim you will have less money to pay. Bear in mind, some policies may have a standard excess amount that you’re not able to lower.
Some other home insurance claim considerations to be aware of in terms of the excess are that:
- Claims for the escape of water or frost damage to any fixed water, drainage or heating installation, plumbing or fixed domestic appliance are subject to a higher excess noted on your policy schedule of insurance.
- Subsidence, ground heave, or landslip claims are subject to a higher excess noted on your policy schedule of insurance.
What should you set your excess as?
The best way to determine what excess to set on your home insurance is to consider your income and disposable capital. If an accident occurs and you need to make a claim, you should consider whether you’ll be able to afford an increased excess amount.
How do I get started with AXA Home Insurance?
You can apply online for a home insurance quote with AXA today. Our policies start from as little as €160 per year. What’s more? If you have a car insurance policy with AXA, you will be entitled to a 5% discount on your home insurance policy. Subject to minimum premium applies.
Minimum premium is €160, price based on an online quote for a 53-year-old in Skibbereen, Co. Cork , 3 bed semi-detached house built in 2019 with electric heating, €255,000 buildings cover, €25,000 contents cover and claims-free for 3 years with a €350 voluntary excess, burglar alarm, smoke detector and lock discounts applied.
