Product review: Hiscox 606 Home Insurance

Product: Hiscox 606 Home Insurance

Underwriter: Hiscox Underwriting Limited

Commission paid: Variable

Coverage: High net worth (HNW) household

Minimum premium: £750 + IPT

Excess: £500 buildings and contents, nil excess for fine art and jewellery

Contact: www.hiscox.co.uk/broker/contact

Key benefits

▶ Unlimited cover for buildings and general contents available with no overall cap on the amount insured.

▶ Worldwide cover for theft, loss and accidental damage to your clients’ possessions anywhere in the world with possessions being replaced on a ‘new for old’ basis with no reductions in value for wear and tear.

▶ Specialist help and support if you and your family are involved in an incident not necessarily resulting in a loss. For example, following traumatic or stressful events such as aggravated assault in an attempted burglary or identity fraud.

▶ Public liability and employers’ liability cover of £10m each.

▶ Alternative accommodation costs following a covered loss or physical damage for up to three years.

▶ Drones covered against accidental loss or damage. Liability for injury disease or property damage caused by a drone covered up to £1m.

▶ Home upgrade following flood or escape of water claims – up to 10% of the agreed claim but no more than £5,000.

▶ Travel, personal cyber and renovation and extensions cover can be added.

Verdict

Paul Hollands, private client director at ICB Group, comments: “We have been recommending the Hiscox 606 policy to many of our clients, over a number of years, as we have always found them to be very flexible in their approach to underwriting and will tailor the product to suit our clients’ needs.

“In terms of cover, Hiscox have recently updated their policy wording which is now market leading in the HNW insurance arena. Their relaunched policy wording provides unlimited cover for buildings and general contents for most clients along with many other enhancements. Annual travel can also be added as an optional extra which is commonplace within the HNW market.

“In my opinion the new updated wording has been well thought through, especially as they have taken into account new and emerging risks, such as drones and personal cyber risks which have become topical recently.

“Overall it is an excellent choice and is one of the best HNW products available in a very competitive market. I would also highly recommend the Hiscox claims service which is excellent and is a fantastic selling point.”

Overall rating **** (4/5)