Monzo Launches Home Insurance

Leading digital bank Monzo has recently launched Monzo Home Insurance, a combined buildings and contents policy that gives homeowners an easier, faster and more flexible way to protect their home and belongings. Here are the details FYI;

Taking out buildings insurance, which most mortgages require, can be a lengthy and complicated process. Homeowners are often locked in rigid yearly contracts, which don’t allow for changes in plans or circumstances without incurring additional charges. Monzo Home Insurance simplifies the process and gives customers more control to choose the cover that is right for them and change it at any time, with no additional fees.

Following the successful launch of Contents Insurance in April, the new combined Home Insurance means Monzo can help homeowners as well as renters get the cover they need, all within the Monzo app.

What makes Monzo Home Insurance different:

• Get covered in minutes: Customers can go from quote to covered in as few as six crucial questions. Monzo fills in the rest.

• Personalised policy: Customers can personalise their policy with optional add-ons and Monzo will instantly show how each choice affects the price.

• Make changes or cancel for free anytime: Life’s full of moves and changes. Whether adding a high-value item or changing the level of cover, customers can amend or even cancel their policy in the app at any time, with no additional fees.

• Claim in-app or over the phone: Customers can make claims over the phone and will soon be able to initiate and track claims directly in the Monzo app, with clear explanations of what to expect at every stage.

Monzo Home Insurance offers cover for damage to a customer’s home from floods, fires, subsidence or even natural disasters, up to £1 million. Customers are also covered for damage and theft of belongings, inside and outside of the home including replacement of locks and keys. Cover for higher value items, accidental damage and home emergencies can be included as optional extras. The combined insurance will be rolled out to all eligible customers over the next couple of 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.”

With Home Insurance, Monzo continues its journey toward creating one app that meets all the money needs of its customers. Today, Monzo has more than 12 million customers who can budget, save, borrow, invest, track their mortgage, consolidate their pensions and now insure their home and belongings all within the Monzo app.