Digital bank Monzo continues its evolution into a comprehensive financial platform, now enabling over 12 mn customers to budget, save, borrow, invest, track their mortgage, consolidate pensions, and insure their home and belongings directly within a single app.
This launch follows Monzo’s earlier introduction of contents insurance for renters and marks its next step in expanding its insurance offerings.
Monzo Home Insurance allows homeowners to obtain personalised cover within minutes through the Monzo app. Customers answer as few as six essential questions while the app pre-fills the remaining details, streamlining the quote-to-cover process.
The policy provides full flexibility, allowing customers to amend or cancel coverage at any time without incurring additional fees.
This approach represents a clear departure from traditional, rigid annual contracts prevalent in the home insurance market.
Monzo has launched a flexible home insurance product specifically for homeowners, combining buildings and contents coverage to simplify and modernise how homes and belongings are protected.
The product offers customers control and transparency through optional add-ons, with real-time visibility of how each choice impacts pricing.
Currently, claims are handled over the phone, but Monzo plans to integrate claim initiation and tracking within the app soon, with clear guidance at every step.
The policy offers up to £1 mn in coverage for home damage due to events such as floods, fires, subsidence, and natural disasters.
It also includes protection against theft or damage to personal belongings both inside and outside the home, as well as lock and key replacement.
Optional extras include high-value item cover, accidental damage protection, and home emergency services. This product will become available to all eligible Monzo customers over the coming weeks.
Phoebe Hugh, Head of Insurance at Monzo, stated that customers wanted simpler cover that fits their lives and adapts as their circumstances change. She noted that Monzo’s fully flexible home insurance enables homeowners to secure and adjust their cover and manage claims seamlessly within the app.
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.
Phoebe Hugh, Head of Insurance at Monzo
“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,” Phoebe Hugh said.
Monzo also continues developing additional protection products aligned with its mission to make money work for everyone.
