Monzo is muscling in on the home insurance market to offer contents insurance for unprotected renters and homeowners.
Set for roll out in the next few weeks, the product offers personalised policies with go from quote to covered in just five questions.
Users can add high-value items, change how much they're covered for or increase their excess at any time with no fees.
Available for Monzo customers only, users can make claims through the app or over the phone. While Monzo manages the policy, Chubb is acting as the underwriter, taking responsibility for managing, approving and paying out approved claims.
Phoebe Hugh, head of insurance at Monzo, says: “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 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.