Homeowners insurance in the UK expands with Lemonade's service
Lemonade Expands UK Homeowners Insurance Offering with Buildings-Only Product
Digital insurance company Lemonade has announced the expansion of its UK Homeowners insurance offerings with the launch of a buildings-only insurance product. This new offering complements Lemonade's full Homeowners insurance, which debuted in the UK in July 2024, and is part of Lemonade's strategy to strengthen its presence in the UK market.
The buildings-only insurance is tailored for UK homeowners and can be purchased via the Lemonade app or online at lemonade.com/uk. Prices for this coverage start from £12 per month.
Standard coverages provided by the buildings-only insurance include rebuild costs, temporary accommodation, and owner’s liability. Customers can also customize their policies with add-ons such as Home Emergency (emergency call-out for issues like broken boilers or burst pipes), Accidental Damage (covers unexpected structural damage), and Legal Protection (access to legal support for home-related disputes, employment issues, or clinical negligence).
The development and distribution of this product is a result of Lemonade's partnership with traditional UK insurance giant Aviva. This partnership reinforces Lemonade's long-term commitment to the UK insurance market. Aviva, with its history going back decades as Norwich Union, brings a wealth of expertise to the partnership.
Lemonade, known for settling claims faster and smoother than industry standards, has also joined the ABI (Association of British Insurers) as its latest member. As a Public Benefit Corporation and Certified B-Corp, Lemonade's Giveback programme donates leftover premiums to non-profit organisations, further emphasising its commitment to social impact.
This expansion marks the completion of Lemonade’s Homeowners product line in the UK, reflecting rapid growth of its UK market since its launch there in October 2022. With this latest offering, Lemonade continues to challenge the traditional insurance industry with its digital-first, AI-powered approach.
- The insurtech company, Lemonade, in collaboration with traditional insurance giant Aviva, introduces a buildings-only insurance product as part of its strategy for regulatory compliance and event-based offerings within the UK finance sector, utilizing technology-driven solutions.
- To further emphasize its commitment to addressing events in both the UK insurance market and broader society, Lemonade has joined the ABI and operates as a Public Benefit Corporation and Certified B-Corp, donating leftover premiums to non-profit organisations.
