Monzo has announced the launch of a new buildings insurance product.

The product will be combined with the neobank's existing contents insurance, which was rolled out in April.

The combined home insurance means that both homeowners and renters will now be able to get the cover they need directly from the Monzo app.

The British neobank said the move would simplify the often “lengthy and complicated” process of taking out buildings insurance.

It added that homeowners are often locked in rigid yearly contracts, which don’t allow for changes in plans or circumstances without incurring additional charges.

The digital bank went on to say that Monzo Home Insurance will give customers more control to choose the cover that is right for them and change it at any time, with no additional fees.

"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," said Phoebe Hugh, head of insurance at Monzo. "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.

"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."

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