Digital bank Monzo has announced the launch of a combined buildings and contents policy for homeowners. Monzo entered the home insurance market in April this year with a contents insurance product for renters and homeowners. The new product will enable policyholders to make mid-term adjustments with no additional fees.

The new product offers flood, fire, subsidence and natural disaster cover up to £1m. It also covers damage to and theft of contents both inside and outside of the home. Cover for higher value items, accidental damage and home emergencies can be included as optional extras.

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

Hugh said the bank was also developing additional insurance products.