Consider increasing your voluntary excess
Home insurance excess is the amount you'll have to pay if you make a claim on your insurance. It's usually made up of a compulsory excess and a voluntary excess:
- Compulsory excess is set by the insurance provider and can't be changed
- Voluntary excess is the amount you choose to pay in addition to the compulsory excess.
Increasing your voluntary excess might help reduce your home insurance premium. But you'll have to pay both types of excess if you make a claim, so make sure you can afford the combined total.