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Lemonade Is Making Insurance Cool For Millennials. Here’s Why It Matters.

Alex Nettheim
February 7, 2018
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Could you afford to replace your phone if it was stolen, broken or lost today? What about your laptop? Or your bike?

If you’re like 69% of people who have less than $1000 in savings according to Forbes, probably not. Rather than having to sell a kidney just to get your life back together, it might be time to consider renters insurance.

Meet Maya; She’s changing the insurance game

When you think about the insurance companies, what do you envision? For me, it’s faceless grey men in suits counting stacks of money they made from ripping off the average Joes’ like us.

Enter Lemonade, a company that decided to disrupt a trillion dollar industry by creating a simple, affordable and fair insurance option for millennials.

How? By bringing the insurance industry (kicking and screaming) into the 21st century.

It’s done through Maya, a friendly chatbot that helps you get insurance and update your policy on-demand – signing up and making claims takes less than 90 seconds and involves zero paperwork. Traditional insurance companies make money when denying claims since your money is their money. Lemonade, however, takes a flat fee and gives the rest back to a charity you choose which means they don’t benefit by rejecting your claims. That, combined with Lemonade’s powerful tech works to make your claims process lightning fast.

Why this is a big deal

Nobody thinks about getting insurance… until something happens and they actually need it.

Lemonade is a gamechanger for millennials and renters because policies start at just $5 a month.

$5 a month offers the following coverage amounts:

  • Personal Property (if your stuff is stolen or broken) up to $10,000
  • Personal Liability (if somebody tries to sue you) up to $100,000
  • Loss of Use (if your place becomes unlivable) up to $3,000
  • Medical Payments to others (if somebody hurts themselves at your place) up to $1,000

Here’s the real kicker though – your stuff is covered even if something happens to it outside your house. If your phone is stolen when you’re at a bar with friends? They got you. Bike stolen when you’re at the supermarket? Covered. Neighbor left the tap on and flooded your place? No worries.

That $5 to protect your home and pretty much everything you own suddenly becomes a hell of a deal.

Stop, drop what you’re doing and get covered

Getting a quote and signing up takes 90 seconds. Best of all, you can do it all on your phone right now.

First, head over to Lemonade. Fill out your details, some basics about where you live and what you own. Maya will crunch the numbers and give you a price immediately.

Make sure to note Lemonade’s Extra Coverage option for valuable stuff like your bike or camera. For a few extra bucks a month, Extra Coverage provides you with protection against accidental loss, damage, and theft, worldwide. (FYI, your base policy does not cover stuff that gets lost).

Finishing up is super easy too. Just enter your card details and you’re done. Super simple stuff.

Feeling charitable?

Topping off the people-first approach, Lemonade donates unclaimed money at the end of the year to a charity of your choice. If you’re a supporter of organizations like the ACLU, Breast Cancer Research Foundation, charity:water, or UNICEF, you can protect your stuff while doing some good at the same time. Social good is baked into Lemonade’s business model.

Let’s recap

That’s a lot of information. To summarize: you can protect all your stuff from theft, damage starting at just $5 a month. Plus, if almost anything bad happens to your home, you’re covered.

Given 87% of users are getting insured for the first time, they’re doing something right.

If you want to protect what’s important in your life, make sure to get Lemonade today.

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