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Lemonade Inc. plans to start offering insurance coverage in New York today with the blessing of the state’s regulator. (AP Photo/Larry Crowe)

(Bloomberg) – After raising last year’s largest round of seed funding, Lemonade Inc. plans to start offering insurance coverage in New York on Wednesday with the blessing of the state’s regulator. Lemonade will sell homeowners and renters insurance, promising customers the ability to submit claims within minutes on their mobile devices.

The startup’s rapid flight from inception to insurance sales in about a year is unusual in a traditionally slow-moving industry. Lemonade Chief Executive Officer Daniel Schreiber said he chose New York to introduce the service because he wanted to reach “the toughest jurisdiction first.”

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