5 Reasons to Buy Lemonade’s Homeowners Insurance

By Team Lemonade

By Team Lemonade

If you’re on the market for homeowners insurance you’re likely completely bamboozled with dozens of different insurance companies. But what really distinguishes one company from another? 

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Here’s what makes Lemonade different from the rest:

1. Business model 

Traditional insurance companies generate profits from whatever’s left after paying claims and expenses. So, whenever they pay a claim, they actually lose money. This is why getting claims paid by traditional insurers can be hard. Lemonade was built differently. To avoid the conflict of interests traditional insurers have with their customers, we decided to change the way we make money.

So instead of profiting from unclaimed premiums, we take a flat fee, and donate whatever may be left, after paying claims and expenses, to charities (the Lemonade Giveback).

2. Price 

Traditional insurance companies have large overheads because they need more employees, and therefore end up charging customers higher premiums. Because of AI and machine learning, Lemonade has lower overheads and can offer homeowners insurance policies from just $25/month.

Plus, Maya’s a bot, and she never takes a cut when she sells a policy. She’ll also ease you through the sign-up process and ensure you’re getting the coverage you need, lightning-fast. 

3. Coverage

A Lemonade Homeowners policy covers your home and property for damages caused by things like wildfires, extreme weather, crime, and vandalism. It also protects you against liability claims for damages you accidentally cause others, like if you cut a tree down in your yard and it falls on your neighbor’s car.

In cases where your home becomes unlivable, we’ll also cover the costs of alternative living arrangements. With a Lemonade’s homeowners policy you can also purchase Extra Coverage, water backup damage coverage, Equipment breakdown coverage and Buried Utility coverage.  

4. Customer Satisfaction 

With traditional insurance carriers, you might get some one-on-one attention, either in-person from an insurance agent or over the phone, but it’s unlikely they’ll give you a quote on the spot. 

You’ll also have stacks of paperwork to sign. Lemonade relies on tech and AI to change the field, but that doesn’t mean we’ve forgotten how important a human touch is. While AI Maya expertly handles more than a quarter of all basic customer inquiries, we know the value of personalized interactions. Because Maya takes care of the small tasks, it frees up our (human) support team to help with particularly complicated insurance questions, like how to replace a lost engagement ring.

5. Quick Claims 

While AI Maya is the helpful bot who gets your policy off the ground, AI Jim is the one who handles, investigates, and settles claims. He saves our Claims Experience Team 58,246 hours per year by using anti-fraud algorithms, claim data aggregation, and instant claims.

To make a claim you just need to open your app, tap the claim button and tell us what happened. Some claims can be paid instantly, and for those that aren’t a dedicated team of humans will take over your case and be in touch with you directly. 

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