Many policies include an excess. This is the amount you have to pay if you decide to make a claim on your policy. It’s a way of you accepting a small portion of the risk yourself.
The amount of the excess is specified in your policy.
How does it work? If your home is damaged in a storm, the cost of repairing the damage might be $4000. If you had a $600 excess, you’d pay the first $600 and the insurer would pay the remainder.
Continue reading here. Source: Understand Insurance
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