The excess is the amount you are required to pay towards the cost of an insurance claim (you may have heard it called a ‘deductible’ elsewhere). The size of the excess is agreed when you take out the policy and it is usually the same regardless of the value of the claim.
For example, if the cost of settling the claim is £1,000, and you had an excess of £150, you would be required to pay £150 and the insurance would pay £850 towards the claim (and if this were a cash settlement you’d receive £850 rather than £1000 in cash).
When buying Contents Insurance, you will be asked to choose the value of excess you want on the questionnaire.
Please note that the excess could be higher for certain types of claim, like Escape of Water. Make sure you read your Quote Summary document to see if this is the case for your policy.