Monzo, the UK-based digital bank, has launched Monzo Home Insurance, a flexible, app-based policy that combines buildings and contents cover.
The product aims to simplify what Monzo sees as a traditionally “lengthy and complicated process.”
With customers often tied to rigid yearly contracts and facing penalties for changes, the bank says its new offering provides a more user-friendly alternative.
Following the successful launch of its Contents Insurance in April, Monzo’s latest product is part of its wider push into InsurTech, offering customers protection products directly within the Monzo app.
Monzo Home Insurance allows users to personalise their cover with optional extras, get a quote in minutes, and make changes or cancel without additional fees.
Cover includes damage from floods, fires, and natural disasters up to £1m, as well as protection for theft and damage to belongings both inside and outside the home. The product is being rolled out to all eligible customers over the coming weeks.
Phoebe Hugh, head of insurance at Monzo, said, “Your home is your biggest asset and protecting it shouldn’t be a headache. Our customers told us that they wanted something simpler – cover that actually fits their lives and changes when they do. So we’ve introduced a fully flexible Home Insurance which makes it simple for homeowners to get the cover they need, change it at any time and manage their claims – all within the Monzo app. In line with our mission to make money work for everyone, we’re already deep into developing our next protection products, to bring the Monzo simplicity to every aspect of insurance.”
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