Lemonade Inc. (NYSE: LMND) announced the launch of its renters insurance product in North Dakota, expanding its coverage to another state. The insurance technology company now offers renters insurance policies starting at $5 per month in the state.

The company provides renters insurance through a mobile application where customers can obtain quotes, purchase policies, update coverage, and file claims. Lemonade states that approximately 40% of claims are processed instantly through its platform.

"North Dakota represents another important step in Lemonade's continued expansion across the United States," said Dan Timsit, Head of Renters Insurance at Lemonade. "Our goal is to make insurance easier to understand, easier to access, and easier to manage."

According to the company, its renters insurance rates are approximately 30% lower than the national average based on company and industry data. Customers may qualify for additional discounts through policy bundling, home safety devices, or annual billing options.

Lemonade currently serves more than 3 million active customers across the United States, United Kingdom, and Europe. The company offers insurance products including renters, home, pet, car, and life insurance.

The New York-based company operates as a technology-focused insurance carrier and holds Certified B-Corp status. Through its Giveback program, Lemonade donates a percentage of leftover premiums to nonprofits selected by its community, having donated over $10 million to organizations.