GlobalData surveying has found that over a quarter of French homeowners do not hold home insurance. Meanwhile, insurtech Lemonade has announced the launch of a new homeowners’ insurance product in France as part of its global expansion plans.

GlobalData’s 2021–2023 Financial Services Consumer Surveys found that 26.1% of French homeowners have no home buildings and/or contents insurance. This represents a 3.1 percentage point (pp) decrease when compared to 2022 and an 18.3pp decrease when compared to 2021. This underscores the ongoing challenge of engaging and educating all consumers about the advantages of insurance coverage.

Meanwhile, Lemonade has announced the launch of a new home insurance product in France, in collaboration with BNP Paribas Cardif. Lemonade’s digital homeowners’ insurance proposition aims to provide a fully digital insurance experience to customers, starting at €10 ($10.85) a month. The policy offers standard coverage options alongside a selection of add-ons, allowing for a flexible and comprehensive protection plan. This flexibility enables customers in France to customise their coverage according to their individual preferences and risk profiles through the Lemonade app. The coverage includes essential protections such as fire and water damage, as well as unique add-ons such as school insurance for children and theft coverage outside the home. Lemonade’s launch of its home insurance offering can increase penetration rates for home insurance among French homeowners. The fully digital experience caters to the preferences of tech-savvy customers, offering a convenient and user-friendly platform through its app. This ease of access, combined with the competitive pricing, makes home insurance more attainable for a broader audience, particularly those previously dissuaded by higher costs. Moreover, by tailoring the insurance product to the specific needs of French customers, Lemonade is addressing the demand for personalised and flexible coverage options, which can help drive interest and uptake among potential policyholders.

Overall, while home insurance penetration rates for French homeowners are increasing, there remains a considerable proportion who remain uninsured. Insurers can follow in Lemonade’s footsteps and work on developing more tailored and affordable insurance products to cater to the needs of these uninsured homeowners. Additionally, insurers can also invest in targeted marketing and educational campaigns to raise awareness of the importance of home insurance coverage.

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