  Motivated by recent experiments on cold atomic gases in ultra high finesse
optical cavities, we consider the problem of a two-band Bose--Hubbard model
coupled to quantum light. Photoexcitation promotes carriers between the bands
and we study the non-trivial interplay between Mott insulating behavior and
superfluidity. The model displays a global U(1) X U(1) symmetry which supports
the coexistence of Mott insulating and superfluid phases, and yields a rich
phase diagram with multicritical points. This symmetry property is shared by
several other problems of current experimental interest, including
two-component Bose gases in optical lattices, and the bosonic BEC-BCS crossover
problem for atom-molecule mixtures induced by a Feshbach resonance. We
corroborate our findings by numerical simulations.
