provides insurance for renters, condo owners, and homeowners in more than 30 states. Insurance can be purchased online by customers without the use of an agent.
Lemonade Insurance is not your typical insurer. The remainder of your premium is used to pay claims, while the company keeps a set amount to cover operating costs. You can give a nonprofit of your choice any unclaimed premium.
The chatbots that the company uses to handle claims and sell insurance policies are artificial intelligence. Policyholder claims are handled by the app “A.I. Jim.” While you are filing a claim, the app reviews and processes it, compares it to the policy, and either approves or denies it. In most cases, policies can be purchased and claims paid within a few minutes. The insurance rating organization Demotech has given Lemonade an “A” for financial strength.1 Some basic policy options are as follows:
Replacement value of personal property: $10K-$250K Deductibles: $250-$2,500 Medical payments: $1K-$5K Personal liability: $100K-$500K Loss of use: $4.5K-$200K
Electronics, fine art jewelry, cameras, musical instruments, and bicycles
