London, UK (27 June, 2016) – Specialist insurer Hiscox has launched a new renovation and extension insurance product, designed to help protect homeowners undertaking sizable building works on their property.
The product is available to all Hiscox home insurance policyholders, whether they are a direct customer or come to Hiscox through a broker. It can be added to the policy for a set period of time and removed once works are completed, with no interruption to the underlying home insurance policy. By providing comprehensive insurance for buildings, contents and materials while works are carried out, it will give homeowners the right level of protection for higher value building projects.
Justin Gott, Head of Art and Private Client at Hiscox UK, explained: “Home renovations or extensions can reduce the protection offered by a typical home insurance policy. Not everyone realises this, and that can cause an additional and unnecessary headache during what is already a stressful time. This is what the Hiscox Renovation and Extension Insurance product helps to mitigate, offering a seamless approach to insuring the existing property and everything in it, as well as the works themselves.”
The Hiscox Renovation and Extension Insurance product covers the following associated risks:
• The existing structure – your home remains fully insured against damage and loss.
• Your possessions – the items in your home or temporarily in storage because of the works.
• Alternative accommodation – if your property becomes uninhabitable due to loss or damage from the building works.
• Building materials and equipment – those that are on-site but not yet fitted to the property e.g. kitchen units.
• Works in progress – the sections of the property that are still under construction.
• Public liability – if an accident happens as a result of your building work, for example, a roof tile falling and hitting a passer-by.
For more information visit https://www.hiscox.co.uk/home-insurance/renovation-and-extension-insurance/ or contact your Hiscox underwriting representative.
For further information please contact:
Lucy Hensher +44 (0)20 7448 6619 [email protected]
Notes to editors
About The Hiscox Group
Hiscox is a global specialist insurer, headquartered in Bermuda and listed on the London Stock Exchange (LSE:HSX). Our ambition is to be a respected specialist insurer with a diverse portfolio by product and geography. We believe that building balance between catastrophe-exposed business and less volatile local specialty business gives us opportunities for profitable growth throughout the insurance cycle. It’s a long-standing strategy which in 2015 helped generate gross premiums written of £1,944.2 million and a profit before tax of £216.1 million.
The Hiscox Group employs over 2,200 people in 14 countries, and has customers worldwide. Through the retail businesses in the UK, Europe and the US, we offer a range of specialist insurance for professionals and business customers as well as homeowners. Internationally traded, bigger ticket business and reinsurance is underwritten through Hiscox London Market and Hiscox Re.
Our values define our business, with a focus on people, quality, courage and excellence in execution. We pride ourselves on being true to our word and our award-winning claims service is testament to that. For more information, visit www.hiscoxgroup.com.
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