Monzo is entering the home insurance sector with a new offering tailored for renters and homeowners seeking contents insurance.
Set to launch in the upcoming weeks, this product promises a streamlined experience, allowing users to move from quote to coverage in just five questions. Customers can personalize their policies effortlessly, including adding high-value items, adjusting coverage amounts, or modifying their excess at no additional cost.
Currently, this service is exclusively for Monzo customers, who can file claims via the app or by phone. While Monzo oversees policy management, Chubb serves as the underwriter, responsible for claim approvals and payments.
Phoebe Hugh, Monzo’s head of insurance, highlights the complexity many customers face when navigating contents insurance, stating, “We’ve designed an intuitive and adaptable solution within the Monzo app, ensuring that users can easily obtain and manage the coverage they need alongside their finances.”
Research conducted by Monzo reveals that half of UK renters either lack contents insurance or do not fully understand it. Additionally, about 21% of renters feel they do not need this coverage, while 42% mistakenly believe that their landlords protect their belongings or are unsure of who holds that responsibility.
On average, household possessions are valued at approximately £12,144, and 58% of renters have experienced events that could have been insured.