Digital bank Monzo has moved into the home insurance market, launching a new contents insurance product aimed at unprotected renters and homeowners.
Set to roll out in the coming weeks, the product promises a simplified process for users, with policies personalised through just five questions, allowing users to go from quote to cover in a matter of minutes.
With no fees involved, Monzo customers will have the flexibility to adjust their coverage, add high-value items, or increase their excess whenever they choose.
The offering is exclusive to Monzo customers, who can make claims either through the app or over the phone. While Monzo handles the policy management, Chubb acts as the underwriter, responsible for managing, approving and processing claims.
Phoebe Hugh, head of insurance at Monzo, commented: “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.”
Research from Monzo revealed that 50% of UK renters either lack contents insurance or aren’t fully aware of it.
The survey also highlighted that 21% of renters believe they don’t need contents insurance, while 42% are under the impression that their landlord’s insurance covers their belongings or simply don’t know who is responsible.
With household possessions valued at an average of £12,144, Monzo’s research highlights that 58% of renters have experienced incidents that could have been covered by contents insurance, underscoring the need for clearer, more accessible protection options.