If you thought all homeowners insurance companies were the same, then it is time to check out Lemonade Insurance. Up until now, all of the homeowner and renter’s insurance businesses presented a conflicting business model. They expected homeowners to pay their premiums to them, and in the event a claim needed to be filed, the company was at odds whether to give the individual the payment or keep the money for profit. It seems to be a strange system that has been created, but Lemonade has taken the traditional model and made it a user-friendly application.
Lemonade Insurance reworked the entire scene by accepting new client’s payment, but if no claims were paid out, any residual money is given to a social organization of the homeowner’s choice. It may seem baffling at first to understand how Lemonade Insurance can do this. Lemonade does this by first only accepting a flat feet. If there is extra left over at the end of any claim, the extra is given to charities to eliminate the profit conflict. In essence, this takes away the traditional battle over the unused money in the coffer. Previously, the insurance companies fought hard to keep that money in their pockets. Keeping that money is not the most important thing. What is, is taking care of the client and giving back to society.
Lemonade Insurance still provides traditional homeowner coverage, and they offer much of the same advice, but the eventual outcome is much different. Lemonade will help you understand how much of your dwelling needs to be, and how much of your property you should insure. There are things to think about such as additional land, storage buildings, and pools. Homeowners insurance needs to cover personal property as well. Renters and homeowners should adequately cover their items in case of an accident or natural disaster.
If you are looking for some tips on how to lower the cost of your insurance, there are some simple things recommended. All homes should have smoke detectors and fire extinguishers. Other adaptations you can make to your home are deadbolts and alarm systems.
Should the time come when you need to file a claim with Lemonade, it is much different from having to hassle with the traditional insurance brokerage. With this company, you use their app and from there, you access the claim menu. It will walk you through the step-by-step process of filing a claim in the app. The app also helps explain things, such as renters and homeowners insurance plus deductibles and how they can be structured.
Renters can have access to the perks of this new model of insuring also. Renters insurance is slightly different from homeowners insurance because the tenant is just insuring their personal property as well as some add-ons that might be beneficial to them.
Lemonade Insurance is certainly turning heads in the insurance world as the process is becoming consumer-friendly. From a simple flat base fee to an easy to maneuver app, homeowners can get access to a simplified way to manage their home insurance policy.
Learn more: https://www.crunchbase.com/organization/lemonade