Monzo has launched a new contents insurance product, aiming to cover belongings for renters and homeowners.
This product is part of Monzo’s efforts to offer a comprehensive app experience where users can manage their finances.
It covers damage and theft both inside and outside the home, including lock and key replacement, with options for adding high-value items.
The rollout will occur over the next few weeks.
Key features include: obtaining coverage in minutes with just five questions, personalising policy options, and the ability to cancel or adjust coverage without fees.
Users can make claims through the app or over the phone.
Research from Monzo found that 50% of UK renters either didn’t have contents insurance or weren’t familiar with it.
The research also revealed that about 21% of renters believe they don’t need contents insurance, and 42% are either under the mistaken impression that landlords cover their belongings or are unaware of who is responsible.
On average, household possessions are valued at £12,144, and 58% of renters experienced incidents that could have been insured.
Phoebe Hugh, head of insurance at Monzo, said: “We’ve heard from customers that contents insurance is an area they find confusing and tricky to manage – so we’ve put a simple and flexible offering into their Monzo app, making it easy to get the cover they need and track it alongside the rest of their money.
“And this is just the start of how we’re reimagining insurance to work for our customers.
“As we continue building the one app customers rely on to manage all of their money, we’ll be bringing many more exciting products to help people protect what matters to them.”
