Voluntary excess level home insurance warning issued

Wed, 22 Feb 2012

People considering their home insurance options have been warned of the dangers of increasing the voluntary excess level on their policy.

MoneySupermarket has noted individuals who go down this route to reduce the price of their premium may find the approach costs them more in the long run.

Peter Harrison, insurance expert at the price comparison website - which was established as an offline business in 1993 before being launched online in 1999 - noted attempts to limit the money spent on household insurances can be a balancing act, as people are keen to get the right protection for their individual needs.

The industry figure observed: "Upping the voluntary excess level on your home insurance premium might not always save you the money you would expect."

He pointed out consumers need to bear this in mind when trying to find the best fit with regard to policy and price, adding it is necessary for people to set their voluntary excess at a level they are able to meet.

In addition, individuals need to consider any compulsory excesses that may also be required by the insurer .
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