This tech company is making $5 renter’s insurance work
You’re not the only one. Founded in 2015, Lemonade adopted a user-friendly technical interface right out of the gate. The result was an insurance company that was not only easier to engage with, but more affordable – and even ethical.
These benefits come directly from the way they engage with their customers. Signing up is surprisingly easy, with just a few questions to answer on Lemonade’s website or app. There’s no brokers or middlemen to muddy the process and eat up commissions, so fees are kept low. Renters can get a plan for as little as $5 a month, and homeowner plans start at $25.
That’s a flat fee, not tied to the arbitrary risk factors that other insurance companies impose. That business structure means there’s no incentive not to pay your claim should the worst happen. With a Lemonade plan, your fees are going mostly toward tech improvements for the company and reinsurance that protects you in case of contingencies.
If you do need to file a claim, the process is just as easy. You’ll answer a few questions from their AI claims processor, with a video call in case the claim needs review. If you’re approved instantly, you’ll get paid instantly, right through the app.
Perhaps best of all, any unclaimed money doesn’t get funneled back into their profits. Lemonade lets you designate a charity when you sign up and gives any surplus to that charity if you don’t file a claim.
Disruptive? Yes, and that’s kind of the point. Outlets like Fortune and the Wall Street Journal are taking notice, and homeowners are too. Find out more about Lemonade’s renter and home insurance plans today.
Engadget is teaming up with StackSocial to bring you deals on the latest headphones, gadgets, tech toys, and tutorials. This post does not constitute editorial endorsement, and we earn a portion of all sales. If you have any questions about the products you see here or previous purchases, please contact StackSocial support here.