Lemonade Pet Insurance
Lemonade, the insurtech darling who made its name selling renters and homeowners insurance, is entering the pet insurance market. What separates Lemonade from most traditional property and casualty insurance companies is their use of behavioral economics and technology. This provides for better pricing for some and a far better user-experience for all of their policyholders.
Lemonade reports that 70% of their current policyholders have a pet, so that’s quite a captive audience of pet parents to market to. And applying their learnings and philosophy in renters and homeowners insurance bode well for their pet insurance plan.
Lemonade Pet Insurance Coverage Options
Right now Lemonade has just announced that it will enter the pet insurance market. The company is currently undergoing the regulatory process for approval. This process can take months or even years depending on each states rules.
One thing we do know is that their coverage will be simple and transparent, just like their renters and homeowners insurance plans. We also know that they will be insuring dogs and cats only.
Lemonade hasn’t released any product or pricing information but the average pet insurance policy in the U.S. is about $44/month. Every pet insurance company is unique in how they price plans based on breed, age and zip code.
As arguably the most successful new property and casualty startup this decade, Lemonade is poised to make waves in the ever-growing, American pet insurance market. It remains to be seen how competitive or differentiated their pet insurance product will be, but if past success is any indication it will be a big hit for pet parents across the country.