Almost 30K Nevadans to see homeowners insurance increase

A popular online homeowners insurance provider is raising its rates in Nevada.

Lemonade, which provides renters, homeowners, car and pet insurance, is raising homeowners insurance rates by 10.5 percent, affecting almost 30,000 Nevadans, on July 15. The company was approved for an increase on May 30 by the Nevada Division of Insurance.

This is only the third time Lemonade has been approved for a rate change, with a 12.22 percent increase approved in 2020 and a 6.02 percent increase in 2023.

Launched in 2015, Lemonade has recently grown in popularity due to digital policy management, where policyholders can enroll in and file claims through their app.

All insurers must go through the Nevada Division of Insurance when requesting a rate change; the actual division-approved rate is typically lower than the rate hike requested. This is due to the division’s mission to “protect the rights of Nevada consumers” and ensure “financial solvency of insurers.” The approved rates cannot be “excessive or discriminatory,” according to the division.

“The mission of the Nevada Division of Insurance is to protect the rights of Nevada consumers in their experiences with the insurance industry and to ensure the financial solvency of insurers,” said the DOI.

Lemonade was reached out to for comment, but did not respond immediately.

Contact Emerson Drewes at edrewes@reviewjournal.com. Follow @EmersonDrewes on X.