Airlines. Cable companies. Pharmaceutical firms. Banks. Those industries show up every year on lists of America's most hated companies. It's seldom for the products they actually produce. It's usually for the poor customer service, ridiculous fees, and a general sense of all-around indifference to their customer's needs that land these firms squarely in the public's crosshairs.
You can lump insurance companies into that category as well. While nearly everyone knows they need homeowners' or renters' insurance, the reality is often an exercise in frustration. Premiums rise and fall with little rhyme or reason. And while a company may be quick to write your policy and start gathering up your payments, it may be a different story when you one day have to collect on that policy.
That distrust of big insurance providers and their monolithic business-first tactics have opened doors to leaner, smarter competitors to attract customers by offering insurance coverage the right way.
Lemonade is one of those new-breed companies. Powered by artificial intelligence and plain old-fashioned smarts, the company began issuing homeowners and renters insurance back in 2016, growing to become one of the fastest-growing insurance companies worldwide. In 2020, the firm ranked no. 1 in customer satisfaction among rental insurance providers by data analytics company J.D. Power. It was the first time an entirely online insurance brand had ever topped industry heavyweights like Allstate and State Farm in that annual poll.
It did it by making insurance coverage easier and cheaper. With everything handled online, Lemonade doesn't have big skyscrapers and fleets of agents to pay for. Instead, customers can go to the company's website, enter some basic personal information, and get a quote on homeowners' or renters' insurance in 90 seconds, often at a lower price than their biggest, more bloated competitors. In fact, Lemonade rates can start as low as $5 a month.
A Lemonade renters insurance policy covers everything from theft, vandalism, and water damage, to fire and smoke protection in the event of a blaze. Lemonade coverage also secures renters from other people's injuries in your home, including medical expenses or even lawsuits.
Using artificial intelligence, Lemonade's algorithms can process an insurance claim and often give approval in literally seconds. That's without the endless paperwork, hassle, and waiting that other providers unleash on customers.
Lemonade makes its money by taking a flat fee upfront before it pays out on its claims. And the excess funds don't end up back in the company's coffers. Instead, it allows customers to select from a handful of worthy causes to receive that money. Whether you back the Humane Society, the American Red Cross, Teach for America, and others, your policy premiums don't just prop up the insurance business. They actually make a difference in your community.
Potential customers looking for a new homeowners' or renters' insurance policy or those who just want to compare rates to their current providers can go to the Lemonade website now and get a fast quote.