Digital insurer Lemonade has expanded its pet insurance into the state of Massachusetts, marking the 37th state where it’s available.
The pet policies cover dogs or cats.
According to the insurer, Massachusetts has seen an increase in pet ownership throughout the pandemic and, more recently, shelters have reported a a surge of pets up for adoption following nearby storms.
Lemonade offers pet owners coverages beyond a base policy that include spaying/neutering, vaccinations, microchipping, and flea and tick treatments. Additionally, pet owners can add vet visit fees or physical therapy options to their policy.
Lemonade began offering pet insurance in 2020. lt also offers renters, homeowners, auto and life insurance.
According to the most recent data from North American Pet Health Insurance Association (NAPHIA), the pet insurance marketplace in North America is comprised of about 20 companies, several of which also have multiple white label or co-branded products that account for at least 20 additional pet insurance product brands
NAPHIA’s most recent industry report, with data compiled by Willis Towers Watson, pegs the total pet insurance premium volume in the U.S. at $1.99 billion at year-end 2020. The U.S. market continues to experience double-digit increases with an average annual growth rate of 24.2% between 2016 and 2020.
Topics Massachusetts
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