When taking out AXA home insurance, 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 this excess, so let's take a look in more detail to help ensure you set yours correctly.
What is the minimum excess on AXA home insurance?
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. The minimum excess will be advised to you and you may wish to increase this amount.
Home insurance has other claim considerations to be aware of:
● 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 to a higher excess noted on your policy schedule of insurance.
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.
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.
