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Lemonade Home and Renters Insurance Review

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Chris
Chris Muller
May. 03, 20214 min read

Lemonade summary

Lemonade is an insurance provider for homeowners, renters, pet, and term life insurance. They focus on making the insurance process fast and easy - as mostly everything is done through their app and AI. Plus, their prices start as low as $25 per month for homeowners. They also donate unclaimed funds to a charity of your choice, so you can feel good about doing business with them.

Pros

  • Get approved for insurance in 90 seconds
  • Claims can be paid in as little as 3 minutes
  • The entire experience is app-based

Cons

  • Not all types of insurance available
  • Coverage options may be more limited
Lemonade at a glance
4.6

Editorial score

Variety of coverage options

Covers most types of damage, loss, theft and personal property. Maximum payouts for personal property

4.0

Customizable rates and services

Customizable plans and rates

4.0

Online experience and customer support

Fully functional site and mobile support, with 24/7 communication with an agent

5.0

Quote time

Under 2 minutes

5.0

Direct Insurer?

Yes, direct insurer

5.0

Lemonade  Lemonade Visit Site

Suitable For?

Homeowners and renters who are looking for inexpensive insurance that’s digital-based and easy to manage.

What Coverage Includes

Lemonade homeowners insurance covers everything you’d expect from a home insurance provider, including coverage in, on, and around your home, as well as legal and medical coverage when needed. Here’s a further look at what’s covered:

  • Dwelling - the structure of your home.
  • Other structures - things that are around or attached to your home (i.e., driveway, shed, treehouse).
  • Personal property - things inside your home that you own (i.e., electronics, furniture)
  • Personal liability - if someone gets hurt on your property, Lemonade helps cover legal expenses and medical costs.
  • Loss of use - if your home is unlivable, Lemonade covers the cost of a hotel or similar rental home.

Lemonade currently offers insurance coverage for single-family homes and condos.

Lemonade's renters insurance offers similar coverage as for homeowners, with customizable premiums that you can upgrade or downgrade at any time by adjusting what's covered, or the deductible amount you are willing to pay. A standard Lemonade renters policy covers personal electronic equipment, including laptops and phones, for the amount that you indicate when you sign up.

If you are a renter, bear in mind that only the property that you own is covered, and your roommates' will need to purchase a separate policy. Note that Lemonade's renter policy does not offer coverage for personal property that gets mistakenly lost or broken.

Additional Coverage

Lemonade will help you add Extra Coverage to your homeowners or renters policy for high ticket items like jewelry, fine art, bikes, watches, camera bodies, lenses, and some other personal property. You can do this directly through the Lemonade app.

Your basic homeowners insurance policy includes personal property coverage which insures your jewelry for example with a sub-limit of up to $1,500 . If you have jewelry that’s worth more than $1,500 you’ll need to purchase some extra coverage.

Application Process

The application process with Lemonade is easy. From the home page, just click “Check Our Prices” and you’ll begin the process of getting a quote. You can also just go ahead and download the app directly on your smartphone. 

You’ll answer questions (either in the app or online) from Lemonade’s AI, Maya. Maya will ask you relevant questions, and based on how you respond, will  offer  you a quote for the type of policy you need.

The process is very fast and takes less than two minutes in most cases. Once you decide on a policy, you’ll spend another 3-4 minutes filling out all the necessary information to get insured.

Discounts

Lemonade for homeowners and renters offers discounts based on factors that help keep your home safer. For example, protective devices such as deadbolts, burglar alarms, and smoke alarms will get you a discount. You can also bundle with other Lemonade products, such as pet insurance or term life insurance, which will get you a discount. Also, paying annually may reduce your premium.

How Safe is it?

Lemonade uses secure, industry-standard, third-party tools to analyze data they collect. They state at the very top of their Privacy Policy they will “never, ever, sell your data to anyone.” So any information you submit is done securely and your information is never sold.

Regarding their financial rating, at the time of this writing, Lemonade did not have a formal financial rating from A.M. Best - but they just went public in January of 2021, so it’s not surprising. 

What Lemonade Could Do Better

Though Lemonade is a great choice for homeowners and renters, their coverage is currently limited. Lemonade does not automatically cover accidental loss to personal property, however it is possible to upgrade and get that extra coverage for your valuables.

Claims & Customer Support

Customer support is somewhat limited with Lemonade - you can contact them through the app or by clicking “Help” in the lower right corner of their website. You can call them, but finding their number is a bit tedious. I found it buried in their FAQ - (844) 733-8666. You can also follow them on a variety of social media platforms and ask for support through there.

The claims process is one of the best parts of Lemonade. You complete everything inside the Lemonade app. When you finalize the claim report you are going to be asked to input your bank account details. Soon after your claim is approved, Lemonade is going to issue the payment, minus your deductible, right into your bank account.

Lemonade makes an effort to pay the majority of claims instantaneously, however, there certainly will be occasions through which they are going to need to fully review the incident to approve the insurance claim, and there will certainly be residential property damage insurance claims or even liability claims that may take a lot longer to resolve.

Summary

If you’re looking for affordable homeowners or renters insurance fast and with a great, digital experience, Lemonade is an excellent option to consider.

Methodology

This review was created with information from the company’s website, reviews on comparison sites like Clearsurance and Trustpilot, as well as my own personal experience in using the company for renters insurance.

Chris
Written byChris Muller

Chris has an MBA with a focus on advanced investments and has been writing about all things personal finance since 2015. He’s also built and ran a digital marketing agency, focusing on content marketing, copywriting, and SEO, since 2016. He writes for BestMoney and enjoys helping readers make sense of the options on the market.‎

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