Monzo Becomes First UK Digital Bank to Offer Contents Insurance
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Monzo has become the first UK digital bank to offer contents insurance. With over 11 million customers, the bank has partnered with Chubb to integrate home protection directly into its app, making insurance more accessible for renters.
Research by Monzo suggests that millions of renters have, on average, £12,000 worth of belongings uninsured. A recent survey also found that half of renters either lack contents insurance or are unaware of what it covers—highlighting a significant protection gap compared to homeowners.
To simplify the process, Monzo customers can apply for coverage by answering just five questions in the app, a stark contrast to the 48-question forms typically required for similar policies. The policy is flexible, allowing users to even add high-value items such as laptops, jewelry, and art, and to modify or cancel coverage without fees. Claims can be submitted directly through the app or over the phone with Monzo support.
“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,” said Phoebe Hugh, head of insurance at Monzo.
Hugh added that this is “just the start,” with plans to expand Monzo’s insurance offerings in the future.
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