Home insurance

Most policies already come with a varying 'compulsory excess' when buying a home insurance policy. It is also very common to have the option to select a 'voluntary excess' to get a discount on your premium, and would be in addition to the 'compulsory excess'.

So yes, it is possible to change the excess on a home insurance policy, but only the 'voluntary excess' amount (up or down) and NOT the 'compulsory excess', and is usually made when you buy a policy or choose to renew.

If you do choose to change the excess, do remember the amount you need to pay should you decide to make a claim on your home insurance will be the total combined amount when adding the relevant compulsory excess and voluntary excess (which applies to all claims).

When getting a policy, the base level of cover automatically insures the items in your home, and can include valuables. Once you leave the home, it will then only be covered if you have specified the item or selected the 'unspecified personal possessions' extension (but can also be called 'All Risks' cover).

Here is the caveat. Insurers place a single item limit for items in the home or taken out of the home (if you have the all risks add-on). As a rule, any single item to be insured worth more than £1,000 is likely to be deemed to pose a greater risk of being stolen (though some insurers have a higher £2,000 limit, so check). 

It typically applies to jewellery, designer watches and electronic goods such as high-end laptops, but can also include high-spec bikes. If you've an item worth more than the policy limit that you want protected, you'll have to call your insurer to list it individually on the policy – and the insurer will usually want proof of purchase and value if you have to make a claim.

Do remember the value at which goods are deemed to be 'specified items' will vary between insurer, and does involve an additional cost if you need to specify any items, or push up the cost of the all risks add-on.