Compensation & Insurance: Property Insurance - FAQ
What is an excess?
- An excess is an amount of money that a policy holder must pay for each incident when making a claim if they have chosen a policy with an excess.
- The amount of excess that must be paid is listed on the Product Disclosure Statement.
- For example, you might make a claim to be reimbursed (given money) for a television worth $1,000.
- However since your excess is $200 you must pay $200 of this amount and the insurer will pay the remaining $800.
Read some more FAQS from our Property Insurance section