Halifax unveils digital contents insurance offering

Halifax has launched a low-cost contents insurance product after working with US fintech firm Trov.

The product insures contents up to £10,000, while users can insure individual items to keep costs down.

They can also manage the process online, while cover can be taken out on a monthly basis rather than people being tied to a contract.

Jeremy Ward, head of home insurance at Halifax, 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.

“Working with Trov, we’re taking the hassle out of home insurance for renters, giving them peace of mind that their belongings are covered should the worst happen.”

Two-thirds (62%) of UK renters risk not being able to replace their possessions if they were damaged or stolen because they do not have contents insurance.

Young renters are especially at risk, with research from Halifax Home Insurance showing that while 42% of 25-34 year-olds rent their home, three quarters (70%) of this group do not have contents insurance in place.