Hiscox Property Insurance BC (HPCB) is the latest property insurance provider to announce that it is offering a new premium product, which offers lower rates compared to the competition.HPCb announced the new premium in an email sent out to clients on Wednesday.
“We are excited to announce the HPCB Property Insurance premium,” HPCb wrote.
We have had positive feedback from our customers and will continue to work with them to improve their experience,” HiscoX Property Insurance president and CEO David Leung said in a statement.”
Our policies have been validated to protect you against major financial losses from fire, flood, and other catastrophic events.”
“We have had positive feedback from our customers and will continue to work with them to improve their experience,” HiscoX Property Insurance president and CEO David Leung said in a statement.
The HPCs latest product, called the Home Protection Premium, is offered by its own subsidiary, HPC.
It will be available for new and existing customers, but does not have a minimum purchase price.
It is not known how much HPC’s premium will be compared to that of its competitors, however.HCCB said it is working with insurance companies to determine what the best rates are.”HPC will continue our focus on quality, cost and customer service, and will invest in technology to further improve our products, services and policies,” HCCB’s Leung wrote.
The company is also offering a 10 per cent discount on all policy renewal fees for customers who have a valid HCC card.
The policy has been updated, and now offers a minimum annual fee of about $250, which is lower compared to HPCBC’s current price of $500. “
For existing customers and those renewing policies, we will extend these discounts to $40 and $60 respectively, and we will offer additional discount rates on renewal fees.”HCC’s policies cover all residential properties, including condos and townhomes.HTC is another premium insurer offering a similar product, but it has also made changes to its premium offerings.
The policy has been updated, and now offers a minimum annual fee of about $250, which is lower compared to HPCBC’s current price of $500.
The policy is available to existing customers with a valid HTC card.
According to HTC, the policy is designed to offer a one-time benefit for property owners, such as insurance on their home, while it also protects property owners against catastrophic losses.
“When a fire or flood hits, it is important that property owners take the necessary precautions to protect themselves and their property,” HTC said in its announcement.
“HTC’s policies are designed to cover property owners during the duration of the incident.”HTC said the policy will provide a one year benefit.
“If the owner fails to take adequate and timely steps to protect their property from the damage, the insurance company will pay a one time deductible of up to $2,000, plus a $2 million premium to cover the damage.”HHC also has a suite of other products, including the HSC (Home Security) premium, which covers home repairs and the loss of property insurance.HSC’s new product, the HTC Home Security Premium, will be offered by HTC’s subsidiary, HTC Home Insurance.
The new premium will cost $550, while the existing HSC will cost about $350.HSA is another property insurance and reinsurance company that has also been updating its policies.
The company said that it was also working on the new product.
Hsa said in an emailed statement that it will be offering a one per cent premium on the HSA Home Security premium, while HSABC’s existing product, HSAHome Insurance, will continue its standard price of about about $400.HSPA said in the same statement that the new HSA Premium will cost the average insured $5,200, while average insured will pay about $1,300.
“The HSA’s new premium products are designed specifically for the insured, and offer comprehensive coverage of all types of home repairs, including flood, fire, and mechanical, as well as other insurance-related risks,” the company said.
“The HSPA premium is a good fit for insureds who are also looking for a better value for their HSA.”
While there have been some notable changes in the industry over the last couple of years, the market is still relatively young.
According to the latest data from the Australian Property Insurers Association, there were 5 million insured properties in Australia in December 2017.
That’s up from 4.7 million in October 2017.