Bermuda-based insurance group Hiscox has extended its overseas home insurance offering with two levels of coverage to help UK clients owning one and multiple properties abroad.
Hiscox Holiday Homes, which is aimed for coverage of small risks, will be available for clients who insure their main property with the company, whereas Hiscox Overseas 606 will be available for those owning second property.
The move is based on the company’s estimates that most of the UK’s high net worth individuals have a residential property like ski chalets, villas and apartments abroad.
Hiscox art and private client head Justin Gott explained, "Many choose to insure them locally, although that often requires detailed knowledge of local market practices and contractual obligations as well as the ability to navigate complex insurance documentation in another language.
"That’s precisely why we’ve reviewed, refined and ultimately improved our overseas home insurance offering," Gott added.