Lemonade seeks 30% rate hike on Virginia homeowners

Lemonade is proposing a 30% rate increase for its HO-3 homeowners policies in Virginia, impacting over 2,400 policyholders and $5.7 million in written premium.

The increase is driven by rising loss trends, catastrophe exposure, and the need to maintain rate adequacy. If approved, the new rates will take effect on July 21, 2025 for new business and September 19, 2025 for renewals.

This follows a 25.5% rate hike implemented in late 2024 and includes updated base premiums by ZIP code.

The insurer has operated in the market since February 2019.