If this year has taught us anything, it's that the unexpected happens — and sometimes, it happens with regularity. When you're dealing with the unexpected (like the loss of your property or a natural disaster), it can be incredibly stressful to deal with being uninsured and figuring out a way of recouping your losses. On the other hand, struggling with inefficient claims processing can be its own nightmare, especially when you've already been blindsided by a serious incident that affected you and your home. Luckily, there's Lemonade — a fast-rising alternative home and renters insurance solution powered by technology.
Unlike traditional home insurance, Lemonade is an insurance platform that completely revolutionizes how users deal with claims. It completely eliminates the typical things you think about when you have to submit an insurance claim: the incredibly tedious process, long wait times, frustrating customer service calls and delayed processing times. In fact, you won't even have to pick up the phone when something happens. You can submit a claim in minutes using the Lemonade iOS or Android app.
The pricing is another major win when it comes to Lemonade's offering. They offer renter's insurance policies starting at just $5 per month and homeowner's insurance starting at $25 per month. They'll even take care of switching over for you if you're currently insured.
Another thing that sets Lemonade apart is how quickly you get service when you need it the most. When you download the app, you'll meet Maya, Lemonade's charming AI-powered insurance guru. It takes as little as 90 seconds to get coverage and you can get paid out for your claims in as few as three minutes. That's less time than you likely spend on hold waiting to speak to an agent at a traditional company on any given day. If you've ever been in a bind, you know how instrumental that timing can be.
Lemonade works fast because the company uses a flat fee for processing and running operations — all the premiums you pay are still treated as if it's your own money. Traditional insurance companies make the bulk of their profit by keeping the money that's not paid out in claims. That means it doesn't benefit them to pay out your claims as the person being insured. But that's not the way Lemonade works — instead, unclaimed remainders are placed into their annual "Giveback."
Giveback is a unique feature to Lemonade — it donates any leftover funds to various charities that their customers care about. It also means that Lemonade is never in conflict with its user base and whether or not to pay out claims. Lemonade also keeps a fixed percentage of premiums for developing additional technology support and running a business — so their profitlines never intersect with paying claims.
Prepare yourself for the unexpected — find your perfect home or renters insurance at Lemonade — or at least get a quote to see how much you could be saving down the line.
