In the unfortunate event that your home experiences a burglary or natural disaster, thousands or even hundreds of thousands of dollars in property may be lost or damaged. That’s why we pay for homeowners or renters insurance — so that our property can be replaced when disaster strikes. But if and when your claim is approved, it can take weeks or even months to receive money from your insurer. Lemonade, however, is a new kind of insurance company, and it’s flipping the script by reviewing your claims and paying you within minutes.
Traditional insurers are for-profit institutions that benefit from holding onto your money, which is why your claims take forever to be reviewed and paid. Conversely, Lemonade takes a flat fee out of your premium and pays the rest towards your claims. When you need to make a claim, you simply have to open the Lemonade app, hit the Claim button, and follow Lemonade’s instructions. Once your claim is approved, your payment will be sent minus your deductible; this means you can pay off your losses sooner and puts less financial stress on you during emergencies.
By signing up with Lemonade, not only will you save yourself time and money while dealing with claims, but you’ll also be able to donate to causes you love. The leftover money in the insurance pool is normally taken as profits by traditional insurers, whereas Lemonade sends its leftover pool to a Giveback program of your choice. With no incentive to hold onto profits, Lemonade ensures that your claims will be paid out almost instantly.
When disaster strikes, dealing with slow insurance companies will be the last thing you want to do. Lemonade ensures that your claims will be reviewed and paid out quickly and transparently, and you can find out more about it here.