Lemonade Inc. (NYSE: LMND) announced the launch of its renters insurance product in South Carolina, expanding the company's presence across the United States.

The digital insurance provider offers policies starting at $5 per month in South Carolina, with coverage for personal property against theft and damage, personal liability protection, medical payments to others, and loss of use coverage. Customers can obtain quotes, purchase policies, make changes, and file claims through the Lemonade mobile application.

According to the company, approximately 40 percent of claims are processed instantly through its digital platform. The service allows customers to select coverage amounts and deductibles based on their needs and budget.

Lemonade's renters insurance includes standard protections such as personal property coverage, liability coverage for accidental injury or property damage, and additional living expenses if a residence becomes uninhabitable due to a covered loss. Coverage limits and deductibles vary by state.

The company stated that its renters insurance is 30 percent more affordable than typical renters policies across the United States, based on industry and company data. Additional savings are available through policy bundling, protective device installation, or annual payment options.

Lemonade currently serves more than 3 million active customers and has received recognition from Forbes, CNBC, and U.S. News and World Report for its renters insurance offerings. The South Carolina launch continues the company's expansion strategy to reach the majority of the U.S. population.

The information is based on a company press release statement.