Lemonade (NYSE: LMND), the digital insurance company powered by AI and social impact, today announced the launch of Buildings and Contents insurance in the United Kingdom.
Expanding the company’s home insurance offerings, homeowners throughout the UK can now purchase “extensive coverage for their home and belongings.”
Since launching in the UK in October 2022 and becoming a PRA-licensed carrier, the UK has quickly become “one of Lemonade’s fastest growing markets.”
The launch of buildings and contents insurance, with the “ongoing partnership of established insurer Aviva, will bolster Lemonade’s continued growth.”
Daniel Schreiber, Lemonade CEO and co-founder said:
“The UK has proven to be an exciting market for us with a large digitally-savvy population who appreciate an easy, personalized experience. Growing our home insurance offerings this quickly is a tribute to our incredible team and our thriving partnership with Aviva.”
Designed specifically for UK customers and with a Defaqto 5 star rating, homeowners can get instantly covered through the Lemonade app or online starting from £14 a month.
In addition to base coverage (rebuild costs, temporary accommodation, civil and property liability) and flexible contents coverage up to £100,000, Lemonade’s Buildings & Contents insurance also provides “a suite of add-ons to provide full-scope coverage and flexibility,” including:
- Home emergency: Emergency assistance provided in case of events such as a broken boiler, burst pipes, broken locks or electrical failures.
- Accidental damage: Coverage provided for unexpected accidental events that damage your content or home.
- Theft and Loss: Theft and accidental loss in and outside your home is covered; bikes, laptops, and phones are included.
- Legal Protection: Specialized legal assistance provided in handling disputes about the insured home, clinical negligence, and contracts of employment.
Jon Marsh, MD Partnerships and Transformation, Personal Insurance at Aviva said:
“We’re excited to expand our partnership with Lemonade in the UK, building on our first product launch in 2022. Aviva and Lemonade share common values and by working together we can create compelling new propositions and experiences for customers.”
Residents of the UK can now buy a new policy through the Lemonade app,
Lemonade is licensed and supervised “by the Dutch Central Bank (DNB).”
Lemonade operates in the UK through “its UK branch establishment, authorized by the Prudential Regulation Authority.”
Subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority.
As covered, Lemonade says that it “offers renters, homeowners, car, pet, and life insurance.”
Powered by artificial intelligence and social impact, Lemonade’s full stack insurance carriers in the US and the EU “replace brokers and bureaucracy with bots and machine learning, aiming for zero paperwork and instant everything.”
A Certified B-Corp, Lemonade gives unused premiums “to nonprofits selected by its community, during its annual Giveback.”
Lemonade is currently available “in the United States, Germany, the Netherlands, France, and the UK, and continues to expand globally.”
As clarified in the update, price for an “excess of £150, contents cover of £10,000, for a single adult living in a house. Excludes where the primary user has made a relevant claim in the last 5 years.”