Find out how Lemonade stacks up when it comes to renters insurance.
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.
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|
|Peril Type coverage||Named|
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|
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.
|Renters Insurance Provider||Lemonade|
|J.D. Power Overall Customer Satisfaction||N/A|
|J.D. Power Claims Process Satisfaction||N/A|
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|
|Water back-up of sewers and drains||No|
|Home safety discounts||Yes|
*Dependent on state
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.
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.
Lemonade currently offers condo, co-op, and homeowners insurance.
To sign up for Lemonade insurance and file a claim, you can download the app.
Phone: (844) 733-8666
Headquarters: 5 Crosby Street New York, NY 10013