Lemonade proposes enhancements to pet insurance program in Nevada

Lemonade has filed a request with the State of Nevada to revise its pet insurance program, proposing an overall rate adjustment of 14.7%. The filing includes a 20% rate increase for Accident & Illness coverage and a 10% rate decrease for Preventative coverage. This follows a prior approval method, consistent with the company’s last approved rate change of 12.36% on February 16, 2023.

The filing projects an $500,716 increase in premiums for a program currently generating $3,414,535 in written premiums, impacting 6,079 policyholders. The changes could result in rate impacts ranging from +154.7% to -38%, with an indicated overall rate change of 18.2%.

Lemonade’s proposed updates include restructuring preventative care packages by eliminating coinsurance, simplifying wellness testing, and increasing sublimits. Additional updates aim to expand coverage change capabilities and introduce promotional offers, aligning with the company’s strategy to enhance customer experience in the competitive pet insurance market. Promotional offers may include discounts, gift cards, or merchandise, capped at a maximum value of $50.00.

If approved, these changes are expected to take effect on April 16, 2025, for new business and May 16, 2025, for renewals.