20 pounds a month seems a laughably high amount for a few K of bikes considering the total cost of my house & contents insurance is in the region of 100 for the year. And it’s frequently possible to add on bike cover outside the home for a small fee too, an order of magnitude less than Laka.
I’d hope that their new-for-old policy, accidental damage policy and potentially the speed of payouts would be better than a regular insurance company, but you’re certainly paying a premium for it.