Lemonade extending pet line into Massachusetts
The commonwealth saw a large uptick in pet ownership in recent years, according to the insurtech.
Lemonade, Inc. is extending into Massachusetts with its pet insurance lines, which account for 15% of the company’s broader book of business, the insurtech tells PropertyCasualty360.com. The company now offers its pet lines, which exclusively cover dogs and cats, in 37 states.
Intending to offer its pet insurance in every state, Lemonade reports it is planning to roll out its programs on a state-by-state basis. Massachusetts was selected because the state saw a surge in pet ownership during the pandemic and an uptick in pets available for adoption following nearby storms.
The pet policies will feature a range of add-ons to cover things such as spraying/neutering, vaccinations, microchipping, and flea and tick treatment. Vet visit fees or physical therapy options can also be added, according to the company.
Additionally, Lemonade’s Giveback program will donate leftover premiums to the charity of the customers choosing. Partner organizations include SPCA International and the Humane Society of the United States.
Nearly half of pet owners said they had underestimated the cost of care, according to the Synchrony Lifetime of Care study. The study found a $250-$500 veterinary bill was the amount to trigger anxiety for 21% of pet owners, while 19% reported a $100-$200 bill caused money concerns.
The global pet insurance market is anticipated to reach a value of more than $16 billion by 2030, with a projected compound annual growth rate of 14.3%, according to Allied Market Research. The growth in pet ownership during the past few years along with an increase in veterinary clinics are expected to serve as primary drivers of this market during the forecast period.
Lemonade also offers home and renters insurance in the commonwealth.
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