Co-op insurance has launched a new renters insurance product with insurance technology startup, Urban Jungle.

The product has been created specifically for home renters and allows customers to tailor the cover, offering protection from £10,000 up to £50,000.

Policies start from £5 a month, with Co-op member-owners able to access a further 5% discount and provides protection for valuables against common risks such as fire, weather damage or theft, as well as both accidental damage and tenants liability cover included as standard.

In addition, renters can also customise their policy with optional add-ons, including out-of-home cover for personal items and accidental damage caused by pets.

All policies have the option of monthly rolling plans at no extra cost, meaning customers only need to pay for the months they are renting, with no additional fees for amending or cancelling the policy.

Charles Offord, managing director of Co-op Insurance, said: “We’re so happy to announce the launch of our new renters insurance product, as part of our new partnership with Urban Jungle.

“At Co-op Insurance, we’ve seen that renters can often be overlooked, leaving themselves at risk of having no protection or presented with repackaged home insurance policies that are not flexible and don’t suit their needs.

“As such, we’re thrilled to be able to provide our member-owners and customers with a product that specifically works for them, making a difference to their lives and supporting them through every stage of their journey.”

Jimmy Williams, CEO and co-founder of Urban Jungle, added: “At Urban Jungle, we’re on a mission to make insurance fair. We’re excited to partner with Co-op to provide their customers with digital-first, truly flexible insurance created for renters’ needs.

“It’s great to work with a brand like Co-op, who have such strong values which align with our own. We look forward to working with Co-op on helping more customers to get insurance that’s better tailored for their needs.”