Expanding upon its health insurance for furry, four-legged friends, Lemonade on Tuesday (Sept. 14) announced the debut of its preventative care offerings for puppies and kittens. Under the new addition to Lemonade Pet, the youngest pet members – up to two years old – can receive coverage for various procedures, including spaying and neutering, microchipping, flea medication and up to six vaccines or boosters.
The preventative care package is available to existing and new Lemonade Pet customers in 33 states throughout the U.S.
The pet insurance addition comes a year after the company released Lemonade Pet, with coverage available starting at $12 per month. Most pet insurance policies tend to cover accidents and illnesses as opposed to preventative care, according to the company.
Lemonade, which was founded in 2016, began by providing life insurance, as well as homeowners’ and renters’ insurance policies. The company strives to streamline the insurance process by cutting down on paperwork and aiming to “replace brokers and bureaucracy with bots and machine learning,” as PYMNTS reported.
Read more: Lemonade Expands Into Pet Insurance
“In the year since we launched Lemonade Pet, we continued to expand our product, and today, we’re bringing it to pet parents of young cats and dogs,” said Shai Wininger, Lemonade CEO and co-founder, at the time. “With the pandemic-driven surge in pet adoption, it became even more obvious that Lemonade should offer these pet parents peace of mind around the healthcare of their puppies and kittens.”
An estimated 70% of U.S. households have a pet, according to the American Pet Products Association’s 2021-2022 survey, an increase of 3% from the 2019-2020 survey.
Lemonade, which is powered by artificial intelligence (AI), offers insurance coverage in the U.S., Germany, the Netherlands and France. The digital insurance company released its initial public offering (IPO) in July 2020 among great fanfare.
Related news: SoftBank-Backed Lemonade Soars Above $3B Valuation on First Day of IPO Trading
The company’s stocks soared on the first day of trading after generating $319 million in its IPO, driving Lemonade’s valuation to approximately $3.7 billion.
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