{"id":127,"date":"2022-09-06T09:11:38","date_gmt":"2022-09-06T09:11:38","guid":{"rendered":"https:\/\/www.lemonade.com\/uk\/blog\/uk\/blog\/?p=127"},"modified":"2023-01-01T08:44:21","modified_gmt":"2023-01-01T08:44:21","slug":"why-we-sometimes-decline","status":"publish","type":"post","link":"https:\/\/www.lemonade.com\/uk\/blog\/why-we-sometimes-decline\/","title":{"rendered":"Why We Sometimes Decline"},"content":{"rendered":"\n

As much as we want to, we can’t provide a quote for everyone.<\/p>\n\n\n\n

If you were one of the customers we said no to, it\u2019s not because you\u2019re a bad person, or a bad risk. As an insurance company, we have the responsibility to ensure we have your best interest at heart. We can\u2019t sell something that isn\u2019t right for you – that would be wrong.<\/p>\n\n\n\n

In order to build an insurance company for the long-run, we choose to focus on certain types of properties<\/a>. That said, we\u2019re constantly updating our underwriting algorithms, and as we expand and improve, our guidelines will too.  <\/p>\n\n\n\n

Since transparency<\/a> is one of our guiding principles at Lemonade, we\u2019re here to tell you exactly why we sometimes have to say no.<\/p>\n\n\n\n

What we look for when writing a policy<\/h3>\n\n\n\n

Risks we\u2019re not ready to handle: Lemonade could sell an insurance policy for a 22-bedroom mansion, but that homeowner will probably need more unique cover than we can offer today (for that Andy Warhol on the wall!).<\/p>\n\n\n\n

High-risk properties:<\/strong> Risks are always tricky to determine; a \u2018high risk\u2019 policy doesn\u2019t mean these people don\u2019t need insurance<\/a>, or are not good customers. It simply means the right price for them is much higher than for typical customers. If we decide to insure them, we need to price them accurately, and differently from everyone else\u2026 Otherwise we\u2019d have to raise the price for everyone to cover that risk. And that\u2019s not necessarily fair either. We\u2019re working on perfecting this.<\/p>\n\n\n\n

Potential for catastrophe<\/strong>: Insurance catastrophes are things like fires or windstorms. If we insure a lot of customers that could all potentially get damaged by the same event at the same time, it might be too risky for us at our stage and size. That means we currently limit cover in areas with significant exposure to extreme weather.<\/p>\n\n\n\n

Risks that are unique:<\/strong> Lemonade has to exclude certain types of homes because the risks involved are unique. For example, in a multi-family home, you need to make sure the insurance is a good fit. Who is responsible for the roof? The grounds? These are complex questions we need to understand to get the cover right. We\u2019re not quite there yet.<\/p>\n\n\n\n

Transparency wins<\/h3>\n\n\n\n

It\u2019s not easy being brutally honest, but Lemonade is built on transparency and trust, so we want to be sure to be open with you when we, unfortunately, have to decline your business.<\/p>\n\n\n\n

The silver lining? Almost all of these reasons for saying no are just no for right now. We are working on all of them, and will be expanding our guidelines soon.<\/p>\n\n\n\n

Since we\u2019re running a real insurance company, we know our limits \u2013 and when we decline, we\u2019re doing so in the interest of everyone \u2013 customers, the charities we support, and in the interest of building a new 100-year-old company for the long-term.<\/p>\n","protected":false},"excerpt":{"rendered":"

It\u2019s not easy being brutally honest, but Lemonade is built on transparency and trust, so we want to be sure to be open with you when we, unfortunately, have to decline your business.<\/p>\n","protected":false},"author":53,"featured_media":146,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":{"0":"post-127","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-blog","8":"post-hentry"},"yoast_head":"\nWhy We Sometimes Decline \u2022 Lemonade Insurance<\/title>\n<meta name=\"description\" content=\"It\u2019s not easy being brutally honest, but Lemonade is built on transparency and trust, so we want to be sure to be open with you when we, unfortunately, have to decline your business.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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