Home insurance provider Hiscox is predominantly popular among high-net-worth individuals, due to the ‘unlimited’ cover offered by its combined buildings and contents insurance.
While not the cheapest on the market, Hiscox is an attractive prospect to those looking for a bespoke policy to cover several valuable items.
Background to Hiscox home insurance
Known for its specialist insurance, Hiscox is popular among homeowners with valuable contents to protect, such as antiques, jewellery and art collections. It provides home insurance for more than 60,000 UK households, along with cover for more than 150,000 businesses.
Its policies are underwritten by Hiscox London Market, via the Lloyd’s insurance market, while its customer service model is built around providing a superior service in the event of a claim.
The extent of the policy and their customer feedback contributed to their '2nd overall' result in our Top 10 home insurance rankings.
Overview of the cover provided by Hiscox home policies
Hiscox offers one overall home insurance policy – unlimited cover – along with separate policies for contents insurance and buildings insurance.
Its unlimited cover claims to offer a higher level of protection than most home insurance policies, paying up to £15,000 for any individual item that has not been listed, while there is no set upper limit for total buildings and contents cover.
Instead, Hiscox asks policyholders to state how much cover they require when obtaining a quote, including listing individual items worth more than £15,000 – such as antiques, art and jewellery. This means that items worth less than £15,000, like electronics equipment, does not have to be listed separately within the policy.
It is worth noting, however, that not all cover is unlimited; certain claims, such as losing money away from the home, retrieving lost data and tracing a leak, have a maximum upper limit. Bicycles are covered away from the home up to £3,500 per bike.
Other features of Hiscox unlimited cover include an actual rebuild cost following damage to your home, which takes into account any increase in property value between taking out the policy and making a claim.
In addition, Hiscox customers can add further features, such as home emergencies cover.
This gives policyholders access to a 24-hour helpline in the event of home disasters such as blocked drains or burst water pipes. Hiscox will arrange emergency repair up to £1,000, without any excess to pay.
There is also the option to select further legal expenses protection, accidental damage and loss cover, and protect no claims discounts. Second home and holiday home cover is available as well.
How much does home insurance from Hiscox cost?
Although Hiscox has a reputation for being one of the more expensive insurance providers, the exact price of your premium will be dependent on the overall cost of your contents – including how many individual items worth more than £15,000 you would like to be included within the policy.
Further factors will also play a part – such as the location of your property, the age and condition of the building, and any additional cover elements, such as legal expenses protection or a protected no claims discount, that you wish to include.
The policy excess will have an impact on premium costs, too. Hiscox has a standard excess of £500; increasing this could lower the price of the policy overall. However, it’s important to bear in mind that you will need to pay this excess in the event of a claim, so it’s wise to set it at an affordable level.
As with any insurance policy, the only way to obtain a truly accurate price is to get a home insurance quote from Hiscox.
Remember: it’s not always about getting the cheapest price. It’s about getting the right cover to protect your home and possessions in the long-term.
What Hiscox home insurance customers say
The Hiscox website contains a number of positive reviews from satisfied customers, collected and managed for Hiscox by independent third party company, InsightNow. Comments include ‘great communication’, ‘the staff are always very pleasant and personable’, and ‘professional, courteous and understanding’.
In fact, 99.43% of customers who have made a claim would recommend Hiscox to their friends and family, giving the insurance provider a 4.5/5 InsightNow rating.
However, Hiscox does not score quite so highly on independent review website Review Centre, where it has received a 2.7/5 star rating. Feedback is mixed, ranging from ‘what a fantastic company to do business with’ to ‘what a waste of time to apply’.
What the expert reviews say
Independent review body Which? has rated Hiscox buildings insurance at 83% and its contents cover at 87%, stating that any policy scoring more than 70% is considered to be a recommended provider.
In a Daily Telegraph1 article about premium home insurance, Steve Foulsham, Head of Technical Services at the British Insurance Brokers’ Association, recommends that high-net-worth individuals could be best placed to select a more bespoke policy, such as the home insurance cover offered by Hiscox.
Hiscox home insurance has been rated 5/5 stars by financial industry organisation, Defaqto, making it 'an excellent product with a comprehensive range of features and benefits.'