Mobile App-Based Renters’ Insurance With ‘Giveback’ Model Now Available

The mobile app-based rental and home owners’ insurance carrier Lemonade of New York City can now do business in Arkansas, according to a statement from Arkansas Insurance Commissioner Allen Kerr.

“The Arkansas Insurance Department is happy to welcome its first insurtech company to Arkansas,” Kerr said in the statement. “Lemonade is a company focused on using technology, artificial intelligence and bots to innovate the insurance industry while promoting nonprofit giving through its annual ‘Giveback’ program of underwriting profits. I am proud to welcome Lemonade to the renters’ market in Arkansas.”

Lemonade offers rental insurance from $5 and homeowners’ insurance starting at $25, according to its website. However, Kerr granted authority to Lemonade to sell property, casualty and marine products in Arkansas with an initial limit to renters’ insurance.   MORE

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