Lemonade Inc. (NYSE: LMND) announced the launch of its renters insurance product in Montana on June 11, expanding its coverage to another U.S. state.

The digital insurance company offers policies starting at $5 per month through its mobile application. Montana residents can obtain quotes, purchase coverage, update policies, and file claims through the app, with approximately 40% of claims processed instantly according to the company.

"Making insurance simple is at the core of everything we do," said Dan Timsit, Head of Renters Insurance at Lemonade. "We're excited to bring our renters insurance product to Montana and give residents an easier way to get covered."

The company states its renters insurance rates are approximately 30% lower than the national average based on company and industry data. Additional discounts may be available for customers who bundle insurance products, install safety devices, or choose annual billing.

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

The New York-based company positions itself as a technology-focused insurance carrier using artificial intelligence to process claims and policies. Lemonade is a Certified B-Corporation and operates a giveback program that has donated over $10 million to nonprofits.