Lemonade is a new addition to the renters insurance market, offering policies in a rapidly-expanding number of states. They aim to keep the entire process transparent and easy to understand. When customers select their policy, they can also choose a nonprofit that they feel strongly about. Once a year, a portion of any unclaimed money gets donated to their chosen cause.
What does Lemonade renters insurance cover?
Lemonade renters insurance provides personal property coverage, personal liability, medical payments to others, loss-of-use coverage, off-premise coverage, and peril coverage. They also offer replacement cost value for any of your personal items that are stolen, damaged, or destroyed.
Replacement value available | Yes |
Deductible options | $250, $500, $1,000, $2,500 |
Personal property coverage | $10,000 - $250,000 |
Personal liability | $100,000 - $500,000 |
Medical payments to others | $1,000 - $5,000 |
Loss-of-use coverage | $3,000 - $200,000 |
Off-premise coverage | Yes |
Peril Type coverage | Named |
Purchase online | Yes |
How much does Lemonade renters insurance cost?
Take a look at the quotes below to see how Lemonade stacks up compared to other popular carriers. These figures are based on policies with $500 and $1,000 monthly deductibles for a 30-year-old male apartment renter in New York City.
Insurance Company | $500 Monthly Deductible | $1,000 Monthly Deductible |
|---|---|---|
State Farm | $10.42 | $10.42 |
Allstate | $22.00 | $21.00 |
Travelers | $12.00 | $11.00 |
Stillwater | $9.25 | $7.92 |
Lemonade | $6.34 | $5.42 |
Which states offer Lemonade renters insurance?
Lemonade renters insurance is currently available in 24 states and the District of Columbia. As of now, it is not available in Alabama, Alaska, Delaware, Florida, Hawaii, Idaho, Kansas, Kentucky, Louisiana, Maine, Massachusetts, Minnesota, Mississippi, Missouri, Montana, Nebraska, New Hampshire, North Carolina, North Dakota, South Carolina, South Dakota, Utah, Vermont, Washington, West Virginia, and Wyoming.
State | Availability | State | Availability |
|---|---|---|---|
Alabama | Montana | ||
Alaska | Nebraska | ||
Arizona | ✔ | Nevada | ✔ |
Arkansas | ✔ | New Hampshire | |
California | ✔ | New Jersey | ✔ |
Colorado | ✔ | New Mexico | ✔ |
Connecticut | ✔ | New York | ✔ |
Delaware | North Carolina | ||
Florida | North Dakota | ||
Georgia | ✔ | Ohio | ✔ |
Hawaii | Oklahoma | ✔ | |
Idaho | Oregon | ✔ | |
Illinois | ✔ | Pennsylvania | ✔ |
Indiana | ✔ | Rhode Island | ✔ |
Iowa | ✔ | South Carolina | |
Kansas | South Dakota | ||
Kentucky | Tennessee | ✔ | |
Louisiana | Texas | ✔ | |
Maine | Utah | ||
Massachusetts | Vermont | ||
Maryland | ✔ | Virginia | ✔ |
Michigan | ✔ | Washington | |
Minnesota | Washington D.C. | ✔ | |
Mississippi | West Virginia | ||
Missouri | Wisconsin | ✔ | |
Wyoming |
What are the benefits and drawbacks of Lemonade renters insurance?
Benefits
Affordability
- Lemonade offers
affordable renters insurance
so you can get the right coverage for your needs, even if you don’t have that much wiggle room in your budget.
Jargon-free
- The messaging around their policies is easy to understand, something the company prides themselves on. In that spirit, their website features an
insurance dictionary
that provides a layman’s interpretation of common insurance terms.
Giving back
- The company is also well known for its Lemonade Giveback program. When you purchase insurance through them, you select a
nonprofit
that speaks to you. Once a year, they gather the money that hasn’t been spent on claims and donate up to 40% of it to charity. Some organizations they’ve partnered with include the ACLU, Trevor Project, UNICEF, and the American Red Cross.
Drawbacks
Limited availability
- Since the company is relatively new, it’s still
not available in every state
across the country. Depending on where you live, you may be shut out from working with them.
No bundles
- Unlike their competitors, Lemonade does not offer a
bundle option
. If you wanted to tack on auto insurance to your homeowners or renters insurance policies you will have to look elsewhere.
Limited customer service
- Hoping to speak to someone immediately? As of now, Lemonade does not offer a
live chat service
so you’d have to send an email and wait for a response. If you prefer to speak to a real human over the phone, you might find it challenging to reach anyone live as most of the communication is digital.
Lemonade by the numbers
Renters Insurance Provider | Lemonade |
Founded | 2016 |
A.M. Best | N/A |
S&P | N/A |
Consumer Affairs | N/A |
J.D. Power Overall Customer Satisfaction | N/A |
J.D. Power Claims Process Satisfaction | N/A |
What are some extras you can add to your renters policy?
You can opt for extra coverage to protect items that are accidentally lost, damaged, or stolen. While your personal electronics, furniture, and clothes are already covered with a basic policy, jewelry, fine art, bikes, cameras, and musical instruments require the extra coverage add-on. One note about jewelry: your standard policy does insure jewelry up to $1,500 in value, but if your collection is worth more than that then getting extra coverage is a good idea.
Types of valuable coverage | Jewelry, fine art, bikes, cameras, instruments |
Increase jewelry category coverage limits online | Yes |
Identity theft | No |
Earthquake coverage | Yes* |
Water back-up of sewers and drains | No |
Multi-policy discounts | No |
Home safety discounts | Yes |
*Dependent on state
Company details
Application process
To sign up, you go on the Lemonade website or app and you will be asked to enter your first and last name, email address, and password. Then, an AI bot named Maya will ask you for your home address, if you rent or own the property, and if you have roommates, a fire alarm, or burglar alarm. She will also ask if you are a dog owner, if the dog ever bit anyone, if you own valuable jewelry, cameras, bikes, or fine art worth more than $1,000 each, portable electronics worth more than $1,500 total, your birthday, and if you have an active renters insurance policy.
After a few seconds, you get a mini report with a star rating for building age, building durability, distance from the coast, and fire station proximity. Once you’re done reviewing, you can click a button to see your monthly rate, deductible, coverage amounts for different categories and an option to view add-ons.
Claims process
You can file claims through the Lemonade app. Once you open the app and click the “Claim” button, you will be asked to record a short video providing context around your claim so that they can better assist you. Receipts are not required but are highly recommended, especially for items that are $250 and up. They will then review your claim and you should be paid almost instantly unless your case requires further review.
Other types of insurance offered
Lemonade currently offers condo, co-op, and homeowners insurance.
Digital tools
To sign up for Lemonade insurance and file a claim, you can download the app.
Contact info
Website: https://www.lemonade.com/
Phone: (844) 733-8666
Headquarters: 5 Crosby Street New York, NY 10013
