Peer-to-Peer Insurer Lemonade Launches In New York

 Wednesday, September 21, 2016

 Insurance Networking News

Lemonade, the insurance startup that launched in January aiming to "Uberize" insurance, will begin selling policies soon in its home state of New York. The company announced today that it has been licensed to sell homeowners and renters insurance in the state, using its Lemonade mobile app and leveraging its take on the peer-to-peer model. Lemonade takes a 20% flat fee at sign-up, and at the same time, insureds select a charity to which they want excess premium donated. Peer groups are created through cause selection, and claims are paid out of that group to its members. Whatever money is left over at the end of the year is donated to the cause.