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Lemonade Review
Lemonade Review
December 27, 2023 / www.rentersinsurancecompared.com staff
Lemonade Review
December 27, 2023 / www.rentersinsurancecompared.com staff
Quick claims process; many paid instantly
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Lemonade
Editorial Score 9.4
Policy options and coverage
Variety of coverage limits ranging from $10,000 to $250,000m coverage for personal possessions, liability, medical payments etc
9.0
Premium rates
Some of the lowest premiums in the industry, with rates starting around $5 per month, pricing structure is affordable
10
Claims process
Uses AI to process and approve claims quickly, often within 1-2 business days, process can be completed through app or website
10
Digital tools and online services
Advanced digital tools, comprehensive online portal, extensive mobile app including policy management, claims submission
10
Customer support
Reliable support during business hours by phone, email, and live chat, capable staff
8.0

In a Nutshell

Since 2015, Lemonade has been offering comprehensive and affordable renters’ insurance—a must for renters who want to protect their personal property. Lemonade provides standard coverage and offers extra coverage for jewelry, art, cameras, and more. The company also lets you bundle different types of insurance to save money. Plus, it has generally positive customer reviews.

Pros:

  • Quotes available online
  • Quick claims process; many paid instantly
  • Starts as low as $5 per month

Cons:

  • Available only in select states
  • No coverage for roommates

Overview

There’s a lot to like about Lemonade renters’ insurance. Firstly, it starts at only $5 per month, making it one of the most affordable options on the market. Getting an online quote is easy, too, and filing claims is equally straightforward. Lemonade also pays claims quickly, even resolving some instantly. While Lemonade is available only in select states, it’s a solid low-cost option for renters’ insurance if it's in your area.

Suitable For?

With low prices and competitive policies, Lemonade suits renters who want affordable coverage without sacrificing quality. It’s also a good choice for those who appreciate quick claims, as Lemonade pays out roughly 40% of claims immediately upon filing. (Lemonade team members get to all claims ASAP, even if they can’t pay them out instantly.)

People who need multiple types of insurance may benefit from bundling discounts, too. For example, you’ll save if you get both renters’ and pet insurance through Lemonade.

What’s Covered?

Lemonade renters’ insurance offers extensive, customizable coverage to protect your personal property. Each category has limits, and you can choose how much coverage you want.

For example, someone with only basic electronics in their home may choose a $1,500 limit in that category, while someone who owns expensive portable electronics might want a $6,000 limit.

Lemonade’s comprehensive renters’ insurance covers:

  • Fire and smoke damage
  • Weather damage (wind, lightning, and hail)
  • Theft and vandalism
  • Medical payments to others
  • Liability
  • Some types of water damage
  • Loss-of-use living expenses

The base policy doesn’t cover lost or broken items, flooding, earthquakes, or coverage for roommates.

Lemonade renters’ insurance starts at $5 per month, but you’ll need to request an online quote to get an exact price. Your premium depends on several factors, including:

  • Where you live
  • Your insurance history
  • The presence of protective devices such as burglar or fire alarms on the property
  • The amount of coverage you choose
  • The deductible you choose

For example, the monthly insurance cost for a 715-square-foot, 1-bedroom apartment in Denver is $21. Pricing can significantly change as you adjust coverage levels. Higher limits generally mean larger premiums every month.

For this example, the deductible was $500, and the coverage limits were as follows:

  • Personal property - $40,000
  • Portable electronics - $3,000
  • Personal liability - $100,000
  • Loss of use living expenses - $12,000
  • Medical payments to others - $1,000

This quote was gathered on November 27, 2023.

Additional Coverage

While renters’ insurance covers a lot, Lemonade lets you extend your policy with extra coverage for certain items.

You can apply for additional coverage when you first get a policy or any time after you’ve activated your policy.

Lemonade offers extra coverage for:

  • Jewelry
  • Fine art
  • Cameras
  • Musical instruments
  • Bicycles

To ensure extra coverage for an item, you must provide a description of the item, a photo of it, and either a purchase receipt or an appraisal proving the item’s value.

Additional coverage includes protection against accidental loss and doesn’t require a deductible. It’s also great if you have items worth more than the coverage included in your base rental insurance policy.

There are also several policy options you can choose to add to your coverage when first getting your renters’ insurance. These include:

  • Tenant pet damage (damage to property caused by your pet)
  • Tenant water damage (water damage to property that you’re responsible for)
  • Water backup (protection against water that backs up through sewers, drains, or sump pumps)
  • Equipment breakdown

Discounts and Bundles

You can get discounts of up to 10% when you bundle your renters’ insurance with other types of insurance, such as car or pet insurance.

Application Process

Click “Check Our Prices” on the company’s website to apply for Lemonade renters' insurance. Next, provide your address and answer a few questions, such as the type of alarms in the property, who lives at the property with you, and whether you own any valuables.

After providing your email and date of birth, you’ll get a quote based on your answers, information, and where you live.

When you get a quote, you can easily adjust coverage limits, your deductible, and additional policy options to see how it impacts your monthly cost. You’re able to choose your start date, too. It’s a very straightforward process that takes only a few minutes to complete.

Remember that Lemonade renters’ insurance isn’t available in every state. It’s currently an option in 28 states and the District of Columbia. The company is always adding new states, though. You can provide your email address, and Lemonade will let you know when it offers coverage in your state.

How Safe is it?

Lemonade is a safe insurance provider to work with. It has an A-Exceptional Financial Stability Rating from Demotech Inc. and a 4.3 rating on Trustpilot, with generally positive reviews.

The company also has a detailed privacy policy that outlines the type of data it gathers, why it collects it, what it shares, and more. Lemonade never sells your data, either.

Claims

Making claims is clear and straightforward, and you can file claims through the Lemonade app (available for iOS and Android devices).

The process begins by tapping the “Claim” button in the app. Next, you explain the situation to the company in detail. You should mention what happened, what damage there is, and other details about the claim.

Lemonade uses AI to run multiple algorithms to detect fraudulent claims. If Lemonade approves your claim, it will pay out the claim instantly. If not, a team member will handle it promptly.

Alternatively, you can call Lemonade and make a claim.

Online Experience & Customer Support

The Lemonade website is user-friendly and easy to navigate. It includes lots of information, helpful coverage details, and FAQs covering topics like claims, payments, coverage options, and more.

Lemonade provides customer service via phone at (844) 733-8666 and via email at help@lemonade.com . Support hours are Monday to Friday from 9am-8pm EST.

While comprehensive rates aren’t available immediately on the site, getting a quote is quick and easy. There’s a customer portal/online account for users, as well as an app to use.

The app has a 4.9 rating on the Apple App Store and a 4.5 rating on the Google Play Store, with tens of thousands of reviews. It lets you get a policy, make claims, speak to support, and more.

Methodology

This review was created using information from the Lemonade website.

Get started now, visit Lemonade
By www.rentersinsurancecompared.com staff
www.rentersinsurancecompared.com staff is comprised of freelance writers who write for the site
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