Monzo has become the first UK digital bank to launch contents insurance as challengers continue to take on mainstream lenders with in-app products designed to be fast and flexible.
Research by the bank found that millions of renters could have about £12,000 of belongings unprotected
Customers can access the home insurance, which will become available over the next couple of weeks, by answering five questions about themselves and their home in the app.
This compares with around 48 questions in typical questionnaires for similar policies, according to the bank.
Monzo customers will also be able to customise their policy by adding on high-value items like phones, laptops, jewellery, art and cameras, and also change or cancel the cover with no fees.
The product offers cover for damage and theft inside and outside the home, and people can then make a claim either in the app or on the phone to bank staff.
This is great. Have to give it to Monzo, after shifting ideology in favour of a CEO with experience they’ve really turned the offering around.
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