Halifax has launched a digital contents insurance product, in partnership with US insurtech company, Trov.

Renters’ Insurance has been designed as a low-cost contents policy, covering contents of up to £10,000.

The offering provides customers with the ability to insure individual items whenever needed and to manage the process online. Cover is available through a monthly subscription.

Head of home insurance at Halifax, Jeremy Ward said: “Renters can easily fall into the trap of taking out individual insurance for only their prized possessions, such as a phone and laptop, but not taking out contents insurance as they don’t see the benefit of traditional policies.

“But when the cost of these individual insurance policies is added up, people can end up spending more on several policies than on a single contents insurance policy which would cover more than just those items,” he added.

According to research from YouGov conducted on behalf of the insurer, while 42% of 25-34-year-olds rent their home, three quarters (70%) of this group do not have contents insurance in place.

The biggest disincentive for renters is the perceived cost of cover, with 40% identifying this as the major blocker.

Share Story: