Homeowners insurance provider Lemonade has squeezed into the veterinary sector with the launch of pet health insurance plans.
The New York company is selling policies to the owners of cats and dogs in 32 states and the District of Columbia. The insurance ranges from basic plans to add-on packages focused on preventive care or expanded accident and illness coverage.
Rates vary based on a policyholder’s choice of the annual deductible, reimbursement of 70%, 80% or 90%, and the maximum annual payout.
Customers who carry Lemonade renters or homeowners insurance get 10% off their pet premium.
“Creating the dream pet health insurance from scratch has been a journey in design, customer experience and empathy,” said Shai Wininger, chief operating officer and co-founder of Lemonade. “As pet parents ourselves, we found the existing options to be lacking, so we built a product for cats and dogs from the ground up. This means an insurance policy that’s short and easy to understand, and a user experience created with the pet and their parent at its core.”
Lemonade announced in February 2020 its intent to enter the pet insurance market.
About 2.52 million U.S. cats and dogs are insured, according to the North American Pet Health Insurance Association’s latest State of the Industry report. About 15 insurance providers sold $1.56 billion worth of policies across the United States in 2019.
Lemonade pet insurance is available in Alabama, Arizona, Arkansas, California, Connecticut, Georgia, Illinois, Indiana, Iowa, Maryland, Michigan, Mississippi, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Virginia, Wisconsin and Washington, D.C. The company is awaiting regulatory approval to expand into other states.
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