Nubank introduces home insurance offering

Brazilian digital bank Nubank is expanding its insurance portfolio with the introduction of a home insurance coverage.

In partnership with Chubb, Nubank Lar Seguro will become available to eligible customers in Brazil over the next few months, offering coverage that can be personalized according to the customer’s individual needs. Options include partial or full reimbursement for damage to homes and/or personal property in case of covered events, such as fire, loss of rent, theft, electrical damage, storms, and personal liability. The insurance also offers a network of 24-hour emergency service professionals to help with property maintenance, such as leaks, repairs to electrical systems, and locksmiths, among others, in addition to allowing for scheduling general repairs and installations.

Users can obtain a quote and purchase the policy through the Nubank app.

Only 17% of households in Brazil have residential insurance, according to a 2021 study by the National Federation of General Insurances (FenSeg), with a small growth compared to previous years.

“With Nubank Lar Seguro, our customers can choose the coverage that they really need at a monthly cost that fits their budget. Therefore, we believe we will help increase awareness about the relevance of home insurance, which is still limited to a small portion of the Brazilian population. With a hassle-free experience in our app and transparent information, we offer customized coverages that materialize the true value proposition of home insurance, from protecting assets to 24-hour maintenance services to cover day-to-day unforeseen events.” – Livia Chanes, country manager of Nubank in Brazil.

“For most families in Brazil, their home is their most important asset. Thanks to the capabilities offered by Chubb Studio, our global platform for distributing digital products, Nubank was able to create a product perfectly aligned with the needs of its customers. The launch of Nubank Lar Seguro also represents a great opportunity to enhance awareness of the value of home insurance. This alliance expands our relationship with Nubank, which began with a life insurance offering.” – Leandro Martinez, country president, Chubb Brazil.