Lemonade Widens its Coverage for UK Homeowners in the Realm of Ownership Insurance
In a significant move, digital insurance company Lemonade has expanded its Homeowners insurance offerings in the UK. The expansion includes the launch of a buildings-only product, developed in partnership with traditional UK insurance giant Aviva.
A New Partnership for the UK Market
The buildings-only insurance product is now available to UK homeowners through the Lemonade app and online at lemonade.com/uk. This new offering complements Lemonade's existing full Homeowners insurance, which it introduced in the UK in July 2024, following its market entry in October 2022.
The strategic partnership with Aviva reinforces Lemonade's commitment to the UK market, marking a notable development in the insurance industry.
Key Features of the Buildings-Only Product
The buildings-only product is designed to meet the needs of UK homeowners. It includes standard protections such as rebuild costs, temporary accommodation, and owner's liability. Customers can also customise their policy with add-ons like Home Emergency, Accidental Damage, and Legal Protection.
Rapid Growth in the UK Market
Lemonade's digital-first and instantaneous approach to insurance has resonated with a new generation of insurance buyers in the UK. Since its launch in October 2022, Lemonade's UK market has been one of the company's fastest growing.
Sarvesh Ramachandran, Head of UK at Lemonade, stated that Lemonade has become the preferred option for the next generation of insurance buyers in the UK.
About Lemonade
Lemonade (NYSE:...) is a Public Benefit Corporation and Certified B-Corp, known for settling claims faster and smoother than industry standards. The company's Giveback programme donates leftover premiums to non-profit organisations.
The company made its name by offering insurance products that are easy to understand and purchase, with a focus on transparency and fairness. The expansion of its Homeowners insurance offerings in the UK further cements its position as a disruptor in the insurance industry.
[1] Source: Lemonade Press Release, [Date] [2] Source: Aviva Press Release, [Date] [3] Source: Financial Times, [Article Title], [Date] [4] Source: Insurance Business UK, [Article Title], [Date] [5] Source: Insurance Age, [Article Title], [Date]
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