We’re making a change to our Escape of Water excess
We regularly review our Home insurance products. As a result, we’ve taken the decision to increase the Escape of Water excess on the AXA Personal Lines products; AXA Extra, AXA Buy to Let, and AXA Exclusive to £500.
Why are we doing this?
The performance of these products is not where intended and we’re taking steps to maintain our competitiveness in the market. By increasing the excess, we’re able to target only those customers claiming, rather than all our customers. This change will be happening across both Buildings and Contents covers.
What does this mean?
The Escape of Water excess on all existing AXA Home products will increase to £500. Starting with AXA Extra from the 1st of November 2023, then Buy to Let from the 1st of January 2024, and finally AXA Exclusive will likely to be in the first quarter of 2024.
| Product | Current Escape of Water Excess | New Escape of Water Excess | Date of change |
|---|---|---|---|
| AXA Extra | £350 | £500 | 1st November 2023 |
| AXA Buy to Let | £250 | £500 | 1st January 2024 |
| AXA Exclusive | £250 | £500 |
TBC - First quarter of 2024 |
What does this mean to my customers?
All new policies and renewals for AXA Extra on or after the 1st of November 2023 will have a £500 Escape of Water excess. The same will apply to Buy to Let on or after 1st of January 2024, as well as AXA Exclusive during the first quarter of 2024. However, existing policies will still be on the previous excess up until they renew.
All customers will receive a notice of change from AXA Insurance, to ensure they’re kept informed of the situation.