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Policy excess

The mortgage definition for Policy excess:

The amount you will have to pay when you make a claim. For example, this may be the first 100 of a 1000 claim for damage caused by a fire.

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Excess

Excess
Applies to an insurance claim and is simply the first part of any claim that must be covered by yourself. This can range from 50 to 1000 or higher. Increasing your excess can significantly reduce your premium. On the other hand, a waiver can sometimes be paid to eliminate any excess at all. Always check the excess in your policy.


Insurance excess

Insurance excess
Applies to an insurance claim and is simply the first part of any claim that must be covered by yourself. This can range from 50 to 1000 or higher. Increasing your excess can significantly reduce your premium. On the other hand, a waiver can sometimes be paid to eliminate any excess at all. Always check the excess in your policy.




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