Flow has added a home contents insurance product exclusive for renters, the second entry on its menu following car insurance, introduced last year.
Flow is LV=’s brand that offers monthly, subscription-based insurance to on-the-go millennial customers. Its simplified product, which covers belongings from theft, fire, vandalism, flood and burst pipes, is targeted at younger home renters, as well as those that who want fast and flexible insurance with no long-term commitment.
According to Flow, it simplified the quotation process by limiting it to a few personal details, some brief information on the property and level of cover the customer wants. Customers are then presented with a fixed price for the first month and a guaranteed maximum price for each of the following three months.
The policy is completely self-serviced, with renters able to log in to their online account to make changes to their policy without incurring fees. If they want to add a specified item to their policy, they’ll receive an updated quote instantly.
Renters can tailor the product to meet their needs with contents coverage for as low as £5,000. Optional extras include accidental damage cover (for breakages and spillages) and cover for up to 10 specified items away from the property, such as bikes, mobile phones, laptops or jewellery.
Other benefits include up to £10,000 for damage to the landlord’s fixtures and fittings, such as bathroom suites and kitchens.
“If you’re renting, taking out a standard insurance policy isn’t always straightforward,” said Henry Topham, managing director of Flow. “You’ll often be asked obscure questions like the make and model of the door locks or the material the roof is made of – the average tenant won’t know this, and in truth doesn’t need to. Flow renters moves away from that and focuses purely on the tenant and their contents.”
