Lemonade Has Changed My World

And it proves that customer experience is everything

Over a year ago, a group of friends of mine had the unthinkable happen. They awoke in the early hours of the morning to discover that their apartment building was on fire. While they were able to get out (through the fire escape, no less) and their own apartment was luckily unscathed, the building was unlivable and they had to move immediately. They didn’t have renter’s insurance and thus were out the month’s rent, had no cushion for a new apartment, no ability to file a claim for damages, nothing. They were majorly screwed.

Everything turned out ok for them — they found another apartment quickly, moved, settled in, and bought renter’s insurance. At their house- warming party, they all scolded, “GET RENTER’S INSURANCE PEOPLE.” Even though I am an adult that lives in an apartment and had seen the terrors of being uninsured up close, I smiled, nodded, and didn’t listen.

All that changed this week. I was flipping through Instagram and an ad for Lemonade caught my eye. I had heard a lot about Lemonade — I am a Financial Services consultant and writer, and Lemonade is one of the most mentioned insuretech disruptors in the market today. Curious about the campaign, I clicked through. It took all of five minutes for me to be convinced that this was the way for me to have renter’s insurance and buy it through their app. Less than five minutes after clicking their add — on Instagram mind you- I had renter’s insurance.

What I admire about Lemonade is that they came to me and made buying renter’s insurance — a very unsexy thing — easy, painless, and extremely fast. Their add on Instagram took me right to their website, where their simple layout and straightforward instructions made it easy to make a decision. The product — renter’s insurance for NYC — is incredibly niche. Yet, they are making something to basic so accessible, that I couldn’t help but “adult” and get myself covered.

All of this is not to mention the incredibly low price. For $5/month, I’m covered for up to $10,000 in damages and $100,000 in liability — more than enough coverage for me right now.

In addition, Lemonade appeals to my sense of charity and bolster’s their image as an ethical company with their giveback initiative. Instead of keeping all the leftover claim money at the end of the year as profit, Lemonade donates it to a charity of your choice. When I signed up, I got to choose (from a list of charities that they support) where I wanted my leftover money to go. To me, it made spending that extra $5/month even easier, because even if I don’t use it, at least I know it’s making a difference to someone.

Overall, I couldn’t be more impressed with Lemonade’s service. Not only is it inexpensive enough for me (and other millennials) to seriously consider it, signing up for coverage was extremely quick, easy, and immediate. No complicated process, no wait time, and no (or very little) guilt that I’m throwing money away if I don’t ever have to use my renter’s insurance. Other Fintechs and Insuretechs should take note: Lemonade is one to watch.