In April, leading digital bank Monzo has introduced Contents Insurance, a new product designed to make it easier, faster, and more flexible for renters and homeowners to protect their belongings.
New research from Monzo bank highlighted a significant protection gap, revealing that 1 in 2 UK renters either don’t have contents insurance or aren’t aware of what it is. Monzo’s Contents Insurance covers damage and theft both inside and outside the home, including lock and key replacement, among other features. Customers can also choose to add high-value items as optional extras. The product will be gradually rolled out to all eligible customers in the coming weeks.
This month Monzo has surpassed 12 million customers in UK that places the fintech closer to the scale of the high street rivals. This milestone means that the digital bank provides accounts for around a fifth of UK adults, and its business accounts are used by a little over 600,000 companies.
“It’s not just about opening a bank account. Our customers are bringing more of their financial lives to Monzo than ever before, be it investing, saving, everyday spending or insuring”, – says TS Anil CEO of Monzo.
