In a Year of Lemons, How Lemonade Insurance Also Supports Vital LGBTQ Organizations

by Matthew Wexler

EDGE Media Network Contributor

Thursday May 13, 2021

In a year of endlessly staring at your four walls, you may have pondered, "what's all this stuff worth anyway?" Maybe you've "KonMari"d your closet, adopted a pet, bought a house, or even considered the future with a term life insurance policy. The pandemic has driven many of us to reevaluate what's important and streamline our decision-making to make the most of our time and resources. But what if our financial security could also give back to the community?

Lemonade has turned wishful thinking into a reality with an innovative and technology-driven business model that makes acquiring various insurance types (renters, homeowners, pet and life) as easy as a few clicks. In addition to the app's intuitive UX design, Lemonade also turns those tugs at the heartstrings into a social impact action plan.

Co-founded by entrepreneurs Daniel Schrieber and Shai Wininger, Lemonade first set itself apart from its competitors by establishing the company as a B Corporation, making it legally obligated "to consider the impact of their decisions on their workers, customers, suppliers, community, and the environment." In 2020 alone, the Lemonade community has donated more than $1.1 million to 34 nonprofits.

How It Works

Lemonade charges a flat fee for coverage. When selecting a policy, you also pick a nonprofit. Once a year, the company tallies up unclaimed money and gives back up to 40% to your charity of choice. Purchasing a policy can take as little as 90 seconds, and getting a claim paid through the app can be processed in just a few minutes.

Of the more than a dozen charities to pick from, several resonate with the LGBTQ community.

In 2020, the Lemonade community's donations to The Trevor Project helped provide life-affirming crisis intervention services to 1,500 LGBTQ young adults. In addition to its critical direct services, The Trevor Project's research and advocacy efforts are shining a light on various issues facing LGBTQ youth. Recent efforts include a research brief on LGBTQ youth from immigrant families and #REFORMTheLockerRoom, a partnership with PUMA to support LGBTQ youth athletes' mental health through educating coaches, athletic directors and other youth-facing sports leaders.

The Born This Way Foundation, founded by Lady Gaga and her mother Cynthia Germanotta, is "making kindness cool" through social engagement and research partnerships with to gauge high school and college students' mental health during the pandemic. Other behavior studies have looked at the access to mental health resources, the impact of digital communities.

Renter's Insurance 101
A 2018 report indicated that 48% of LGBTQ-identifying respondents owned a home, versus 64% of the general population. While those reasons vary, one contributing factor may be that many queer people gravitate toward urban environments like New York City, Los Angeles, Chicago, and Miami, where rental markets tend to dominate. Lemonade offers both homeowners and renters insurance. Here's a quick look at what exactly renters insurance is and why having it is more than just peace of mind.

In short, Lemonade says, "renters insurance offers you financial help if bad things happen to you or your stuff." Sounds simple, right? But what does that exactly mean? Insurance is broken down into three main categories: personal property, temporary living expenses, and personal liability and medical bills. There's also "extra coverage," which may include jewelry and artwork, along with extra perks like deductible-free claims.

Headache-inducing policies are a thing of the past with Lemonade's transparency. Certain natural disasters such as floods and earthquakes aren't covered under basic policies, nor is your roommate's stuff. All of these details can be found on Lemonade's easy-to-navigate app. And the best part? Lemonade offers the world's first "live insurance policy," which enables users to update coverage anytime on the Lemonade app — no agents, no waiting on hold, and no stress.

Lemonade's business saw its millionth customer sign up in 2020 and also became the second B Corp on the New York Stock Exchange, piquing the interest of both consumers and investors.

"I do think that people should work hard at creating that kind of win-win," said co-founder Daniel Schrieber in a recent interview with Forbes. "For us, Giveback is not a bolt-on like one-for-one giving. There's the whole 'giving a fish versus teaching to fish' kind of dynamic. The more you can match it in your business in a way that becomes self-serving — in the positive sense of the word — that's good."

Matthew Wexler is EDGE's Senior Editor, Features & Branded Content. More of his writing can be found at Follow him on Twitter and Instagram at @wexlerwrites.