Share5
Tweet
Share
5 Shares
Avail and Lemonade Renters Insurance partnership

Here at Avail, our values are extremely important to us. That’s why we only partner with companies that align with our values and make lives easier for DIY landlords and their tenants.  As of July 17, 2019, Avail has teamed up with Lemonade to become exclusive partners in providing renters insurance to tenants nationwide.

Through Lemonade’s advanced machine learning technology, we’re now able to seamlessly provide digital proof of insurance — eliminating the outdated process of tenant’s having to provide printed proof of renters insurance to their landlords.

Lemonade’s modern approach to insurance also means that everything can be done over the app or online, making quotes and claims quick, hassle-free, and user-friendly.

Who Is Lemonade?

Lemonade is a property and casualty insurance company that is transforming the very business model of insurance. By injecting technology — like artificial intelligence — and transparency into an industry that often lacks both, they’re creating an insurance experience that is fast, affordable, and hassle-free. Unlike any other insurance company, they gain nothing by delaying or denying claims (they take a flat fee), so they handle and pay as many claims as quickly as possible.

Additionally, because of Lemonade’s use of artificial intelligence, they don’t need insurance agents, which allows their premiums to be lower than a traditional insurance agency. 

“One of the most important factors when considering a new partner is adding value to the user experience,” said Ryan Coon, Avail co-founder and CEO. “We believe that Lemonade’s technology-focused, user-centric approach aligns really well with the Avail DIY mentality and our user-friendly platform.”

Why Partner With Lemonade?

In addition to providing tenants across the country with an affordable (from $5 per month), convenient renters insurance option, Lemonade knocks it out of the park when it comes to values. As a Public Benefit Corporation and certified B-Corp, social impact is part of Lemonade’s legal mission and business model. This means that Lemonade is legally permitted to consider the interests of all its constituents, not solely the interests of its owners.

Lemonade even has a “Giveback” option when you sign up for renters insurance. When you get a policy, you can select a nonprofit you care about. Then, once a year, Lemonade tallies up the unclaimed money left from you and others who chose the same cause, and gives that unclaimed money (up to 40%) to the nonprofit you chose. As of 2019, some of the charities Lemonade gives back to include the ACLU, The Trevor Project, UNICEF, and the American Red Cross.

How Does it Work?

As a landlord and a tenant, renters insurance should be a must for both parties (more on that here), which is why here at Avail we made it a seamless experience with Lemonade. Now, when Avail users sign a lease in a state where Lemonade is available, they will be given the option to get a quote, which takes about 10 seconds. Once a tenant obtains renters insurance through Lemonade, they will be able to do everything on Lemonade’s app from sending claims, editing coverage, adding a significant other, and more. Even better, 30% of claims are handled instantly.

The partnership between Avail and Lemonade will also streamline the process for tenants to show proof of insurance to landlords. Landlords whose tenants sign up for renters insurance through Lemonade will be alerted, and have access to basic information about their tenant’s policy on their Avail dashboard. It’s a win for both parties. See for yourself how easy it is to sign up for renters insurance with Lemonade.

What Does Renters Insurance Cover?

Renters insurance usually covers your belongings, things that other people hold you accountable for, and temporary expenses if you can’t live in your rental. These fall under three types of coverage:

  • Personal property insurance covers your belongings (bikes, laptops, TVs, etc.) in the event of a covered loss.
  • Personal liability insurance covers damages you’re found liable for — like if someone gets hurt on your property or you damage someone else’s property.
  • Loss of use coverage (sometimes referred to as additional living expenses) will help with temporary living expenses if your rental unit becomes uninhabitable.  

What Is Not Covered by Renters Insurance?

Typically, the following things aren’t covered by renters insurance:

  • Belongings that are lost by the owner
  • Natural disasters
  • Bed bugs
  • Pet damage. However, in most cases, dog bites are covered under your personal liability clause
  • Extra-valuable items (there’s a cap on jewelry coverage)
  • Your roommate’s belongings

About Avail

Avail is an online platform for DIY landlords and their tenants. We provide tools, education, and support to make renting easy.