£100 excess now 7% more popular and £200 excess starting
Defaqto has said home insurance policy excesses have risen over the past 12 months, with the number imposing a £100 excess rising 7%, the Express reports.
Some insurers have applied a £200 excess.
Mike Powell at Defaqto said: “There are two reasons for this. The first is to limit the exposure of the insurer and reduce the number of small claims being made.
Consumers accept higher excesses
“The second, and the more likely reason for the increase, is that consumers are now becoming more accepting of a higher excess. Home insurance has previously had low levels of standard excesses, but they have been gradually increasing.”
The report also shows a new trend in higher compulsory excesses for claims relating to the escape of water, with some being as high as £250.
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