This announcement marks Lemonade's entry into a new vertical of insurance for the first time since it launched its renters/home owners insurance in 2016.
Pet insurance from Lemonade will cost users $12/month, with a 10% discount available to existing Lemonade policy holders who choose to bundle their new pet insurance with home/renters insurance. The policy is only available to dog and cat owners — other pets are not covered. The policy covers blood tests, urinalysis, x-rays, MRIs, labwork, CT scans and ultrasounds, as well as outpatient, specialty and emergency care procedures, along with hospitalization and surgery, according to the Lemonade website. The company also covers medication, including injections and prescription meds. Pet owners can also get an extended Accident and Illness Package that goes beyond the initial coverage of accidental road accidents and poisonings, and a variety illnesses. “Health insurance for pets dates back to over 100 years ago,” Daniel Schreiber (CEO) told TechCrunch in February. “It started with horses in the Netherlands, and the heir to that pet insurance is actually car insurance. Horses were a mode of transportation, and the insurance was meant to protect you if something happened to that mode of transportation. But pets are now members of the family.” According to Fortune, Americans spent upwards of $75 billion on their pets in 2019.