Lemonade renters insurance review

Find out how Lemonade stacks up when it comes to renters insurance.

Colin Lalley 1600

By

Colin Lalley

Colin Lalley

Content Director, Home & Auto Insurance

Colin Lalley is the content director for home and auto insurance at Policygenius, where he leads our property & casualty editorial teams. His insights have been featured in Inc. Magazine, Betterment, Chime, Credit Seasame, Zola, and the Council for Disability Awareness.

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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

Author

Content Director, Home & Auto Insurance

Colin Lalley

Content Director, Home & Auto Insurance

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Colin Lalley is the content director for home and auto insurance at Policygenius, where he leads our property & casualty editorial teams. His insights have been featured in Inc. Magazine, Betterment, Chime, Credit Seasame, Zola, and the Council for Disability Awareness.

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