Digital bank Monzo has launched a contents insurance product for renters and homeowners. Monzo said there were more than five million rented properties in the UK and only half of all renters had contents insurance. The new product offers cover for damage and theft, inside and outside of the home, including for the replacement of locks and keys. Monzo said other insurance products were in the pipeline.

Phoebe Hugh, head of insurance at Monzo, said: “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.

“And this is just the start of how we’re reimagining insurance to work for our customers. As we continue building the one app customers rely on to manage all of their money, we’ll be bringing many more exciting products to help people protect what matters to them.”