So what exactly is lemonade insurance?
This is a new property and casualty insurance company that is changing the whole insurance experience. They are focusing on creating an insurance experience that is affordable, fast, and also hassle free.
What does that mean, changing the insurance experience?
Let's break it down, Traditional companies keep the money they do not pay out in claims. This simply means that whenever your insurer pays your claim, they lose their profit. This can make getting your claims paid quickly and efficiently a hassle at times.
Lemonade Insurance was created to be different. They take a fixed, flat fee out of every monthly payment to pay for reinsurance and other expenses, and use whatever is left over for paying out claims. In simpler terms this means that they treat premiums paid as if it were still technically your funds.
This Insurance carrier is also different in the aspect that they use unclaimed remainders in their annual 'Giveback' program.
What is the Giveback Program?
This is a unique feature that belongs to Lemonade Insurance Corp. Each year, money that is left over is donated to policyholders. From Lemonade.com, please see the actual definition of this feature below to learn more.
"Giveback is a unique feature of Lemonade, where each year leftover money is donated to causes our policyholders care about. We treat policyholders who care about the same causes as virtual groups of 'peers'. Lemonade uses the premiums collected from each peer group to pay for the group's claims, giving back any leftover money to their common cause, and uses reinsurance to cover for cases where the group's claims exceed what's left in the pool. This way, our customers enjoy amazing insurance, and society gets a little push for the better. It also means that, unlike traditional insurance companies, we're not in conflict with our customers, so we're happy to pay claims fast and with no hassle."
How do claims work?
You can file your claim virtually anytime, and anywhere. Simply tap the claim button from the app, and put the information in of what happened. Within seconds, you will find out if your claim was instantly approved (and also paid out!) or if it will need to be reviewed by the claims team.
How Can I contact someone?
Great Question! You can use the website or the app at any time. Look for the help button and shoot over a message!
States Where You Can Purchase:
We currently offer renters, condo, and homeowners insurance in Arizona, California, Colorado, Connecticut, Georgia, Illinois, Indiana, Iowa, Maryland, Massachusetts, Michigan, Missouri, Nevada, New Jersey, New York, Ohio, Oklahoma, Oregon, Pennsylvania, Tennessee, Texas, Virginia, Washington D.C., and Wisconsin; renters and condo insurance in Rhode Island; and renters insurance in Arkansas and New Mexico (homeowners and condo coming soon).
**Please note we are not affiliated with Lemonade Insurance, the information provided is for educational purposes only. You should always research any company you are curious about to make your own educated decision.