This Company is Revolutionizing Home Insurance With Rock Bottom Prices, Transparency and Lightning Payouts

Updated October 18, 2018

Whether you own your home or condo or are renting an apartment, you need an affordable and easy way to keep your home protected in case of a break-in or disaster—this is where Lemonade comes in.

Did you know you could have home insurance for as little as $25 per month?  What about renter’s insurance for just $5 per month?  Lemonade is rethinking the traditional insurance model, with high premiums and outdated technology that creates a system that is unaffordable and inefficient.   Lemonade offers transparency, affordability, and social goodness to set a new standard for insurance companies.

 

Many people distrust insurance companies. Why pay a monthly premium for a service that you may never use? Insurance companies seem villainous, profiting from denying claims so they can keep their monthly premium profits.  Lemonade changes this model by charging a flat fee for their services instead of profiting from monthly premiums.

 

How often have you said “no thank you” to renter’s insurance over the years?  The monthly payments used to not seem worth it for the risk of theft, flooding, or other damage.  If you mortgage your home, you typically have to have homeowner’s insurance to protect against natural disasters, fire, and other incidents.  The premiums are often outrageous, a high monthly payment for a service you may never use. Lemonade changes the traditional model, flipping the industry upside down and adding transparency and honesty in a previously questionable sector.

 

How Exactly is Lemonade different?

Lemonade brings insurance to the 21st century by combining artificial intelligence with the ease and accessibility of a mobile app.  It takes just 90 seconds to become insured by Lemonade.  if you need to file a claim it takes as little as three minutes to get paid.  The process is fully automated and couldn’t be any simpler.  You can use their mobile app and have the full Lemonade experience at your fingertips.  Instead of having to call and talk to a representative and waste time with explanations and paperwork, Lemonade automates the entire process and uses AI to help evaluate claims and issue payments within minutes.  Lemonade set the world record with the fastest claim being paid in just three seconds.

 

Another key difference in Lemonade is its model that focuses on social cause, not profitability.  Any extra money leftover from unpaid claims is donated to charity. Lemonade charges a flat fee, unlike most insurance companies.  If there is money left over after paying a claim, the money is donated to a charity that you choose, instead of going back to the insurance company’s pocket.  Other insurance companies keep the money they don’t pay out in claims.  This creates distrust and motivates these insurance companies not to pay out your claim, as it hurts their profits. Lemonade’s flat fee and charity model eliminates the conflict of interest between the insurer and the customer. You’re not working against one another; there is no “winner or “loser.”

 

The bottom line: price. Lemonade is a Public Benefit Corporation and Certified B-Corp, they’re not in it to squeeze every last dollar out of their customer.  Customers can have the best of both worlds, great coverage and quick payments at a low, affordable monthly rate.  The company is focused on the customer experience, not just making money.  Renters insurance starts at only $5 per month, and home insurance starts at just $25 per month.  There’s no brokers or no paperwork involved. You can start and finish the entire process online or using their mobile app.

 

People are switching from big-name insurance companies like Geico and Allstate to save money with Lemonade.  Instant claims, charitable donations, and cheap premiums, what more could you ask for in an insurance company?

 

What if I already have an Insurance provider?

Switching to Lemonade is super easy, they handle the whole process. All you need to do is give them your information including your current policy number and insurer.  They ask that you email your provider, letting them know you are changing your policy.  Lemonade will even handle homeowner’s escrow payments to make the process of switching to Lemonade as seamless as possible.

 

 

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Melanie Tyler
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