An insurance excess is the amount of money you choose when purchasing a policy that will be subtracted from any future claims payouts.

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What is an insurance excess?

An insurance excess is the amount of money that will be subtracted from any future claims payouts; it’s your contribution to the covered claim. You can choose your excess amount, which ranges from £100 to £500 for Lemonade Contents insurance.

Let’s say your £1000 laptop was stolen and your excess was £250. If your claim is approved, your insurance company would pay you £700 when you get reimbursed.

Think of an excess as your participation in the damage or loss. You’re saying, “I commit £X to any approved claim for future losses or damages, and my insurance company will cover the rest.”

When signing up for a contents insurance policy, you’ll be asked to choose an excess. At Lemonade, this ranges from £100 to £500 ( £100, £150, £250, £400, £500). The excess is how much money would be deducted on every covered claim.

Please note: Lemonade articles and other editorial content are meant for educational purposes only, and should not be relied upon instead of professional legal, insurance or financial advice. The content of these educational articles does not alter the terms, conditions, exclusions, or limitations of policies issued by Lemonade, which differ according to your state of residence. While we regularly review previously published content to ensure it is accurate and up-to-date, there may be instances in which legal conditions or policy details have changed since publication. Any hypothetical examples used in Lemonade editorial content are purely expositional. Hypothetical examples do not alter or bind Lemonade to any application of your insurance policy to the particular facts and circumstances of any actual claim.