Should You Change Your Home Insurance? This Tech-Forward Company Is Making a Strong Case. Lemonade is using technology to make insurance easier.
By Entrepreneur Store Edited by Jason Fell
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When you're in the market for a new home or apartment, there is some choice involved. Some may even find the process fun. But the honeymoon period quickly wears off when you have to deal with homeowners or renters insurance. You have to protect your valuables but overpriced, slow, predatory insurance companies aren't exactly out to make sure you get the best deal. Not only can getting coverage be an arduous process, filing a claim can be equally difficult. Fortunately, there's a company trying to throw these stereotypes out for good.
Lemonade is an insurance company that is powered by modern technology, with an eye toward the future. They're cutting through the red tape to make homeowners and renters insurance simple. Using the smartphone app, you can get access to reimbursements and approvals on policies in as few as a couple of minutes. You won't even have to pick up the phone or wait on hold for hours on end, which is already a win in our book.
Lemonade is built differently from the ground up, on the philosophy that insurance exists to help people, not rip them off. When you sign up with Lemonade, you pay a flat fee. They use this cash to pay claims, take a piece for themselves, and any leftover money is given to the non-profit charity of your choice. That way, your money truly works for you while you get quality insurance.
Getting started with Lemonade isn't hard; it takes as little as 90 seconds, the company says. You'll just need to provide your address and answer a few questions and their AI bot Maya will formulate the perfect insurance plan for your needs and your budget.
Filing a claim is just as easy, with some claims being paid in as little as three minutes, the company says. Because they use technology and have an emphasis in customer service, Lemonade is aiming to make homeowners and renters insurance something you won't dread.
Right now, you can get renter's insurance starting as low as $5 or homeowners insurance starting at $25. Check it out today and see how much you can save.
