We all know what a struggle it can be to find an affordable rental insurance today. You want a policy that fits your budget and gives you the protection you need for you and your loved ones.
Lemonade Renters Insurance promises to be different from any other tenant insurance company on the market.
Lemonade Renters Insurance also guarantees that everything is immediate (from signing up for an insurance policy to applying) and that they have incredibly low prices.
That's why we will review Lemonade Renters Insurance. We'll take a look at the cost, coverage and everything else you might want to know about Lemonade Renters Insurance to see if the company can back up these promises …
Before we start breaking down the cost of Lemonade Renters Insurance coverage, we'll look at the company …
What is Lemonade Renters Insurance about?
Lemonade claims to be different from all other tenant insurance companies with its unique business model.
Lemonade came on the market in 2015 with a new business model in the insurance space.
According to the official Lemonade website, here's how Lemonade Renters Insurance stands out:
“Lemonade reverses the traditional insurance model. We treat the premiums you pay as if it were your money, not ours. With Lemonade, everything becomes simple and transparent. We charge a fixed fee, pay super claims and give back what is left because you care.
How is any of this even possible with Lemonade Renters Insurance?
The Company does not use any sales agents and everything is done online or via the mobile app.
Lemonade states that you can get a tenant insurance in 90 seconds and submit a tenant in three minutes.
This seems almost not even feasible because we all know how tedious the process can be when it comes to signing up for some form of insurance or what a hassle that can claim. This is why we will test the registration process later in this review as we look through Lemonade Renters Insurance coverage.
Contact Information for Lemonade Renters Insurance.
What if you need to contact Lemonade Renters Insurance about something?
All communication takes place via the website or mobile app.
Here is the contact information for Lemonade Renters Insurance:
- Website: www.lemonade.com
- Phone: (844) 733-8666
- Address: 5 Crosby St. 3rd Floor, New York, NY 10013
How Much Does Lemonade Renters Insurance Cost?
We can not ignore the price of an actual tenant insurance because most of us are looking for something that fits our budget because we already have enough costs to worry about.
The cost depends on the condition you live in and your situation (how much coverage you need, your previous claim, your device's security and so on).
We researched actual Lemonade Renters insurance policies to get the most realistic prices. The next section looks at prices from New York and California for Lemonade Renters Insurance.
How do you get a Lemonade Renters Insurance quote?
You can get a quote immediately on the Lemonade Insurance page. We received a quote in a few minutes and were then able to adjust all aspects of the coverage.
Here are the questions you can expect when you get a quote from Lemonade Renters Insurance:
- Your full name.
- Your address.
- What type of security features does your device have (fire alarm, burglar alarm, security lock, etc.)?
- Who lives in the unit with you (roommate, children, pets or partner)?
- Do you own any valuable / expensive items that need to be insured?
- Are you currently insured?
- Your email address and birthday for a quote.
The questions may vary in what condition you live in. Once you have gone through the simple process, you will receive a quote from Lemonade Renters Insurance. From there, you can customize all aspects of your tenant's insurance.
What type of coverage comes with Lemonade Renters Insurance?
As you already know, your coverage level with a tenant insurance company is everything.
What coverage levels can you expect with Lemonade?
We looked up Lemonade Renters Insurance quotes for New York and California for this review.
Here is the level of coverage you can expect in New York for $ 14.17 / month:
- Personal Property Insurance to $ 40,000
- Personal Liability Cover to $ 100,000.
- Loss of coverage for use at $ 15,000.
- Medical payment to others to $ 1,000.
- Deductible of $ 500.
Here is the coverage level you can expect with Lemonade Rental Insurance in San Francisco for $ 17.59 / month:
- Personal Property Coverage to $ 50,000
- Personal Liability Coverage to $ 100,000.  Loss of use loss to $ 15,000.
- Medical compensation to others to $ 1,000.
- Deductible of $ 500.
We dropped the $ 30,000 personal property coverage to see what the price would be when you do not own that much. The monthly tenant's insurance dropped to $ 11.34 / month.
Please note that a variety of factors will determine your monthly tenant's insurance price from Lemonade. Your past history and the security of your device play a crucial role.
What does this coverage really mean? Let's break it down.
Coverage of personal property.
This standard coverage replaces your personal property that is damaged or stolen due to a covered protection.
Coverage here with a basic policy is $ 40,000, so that means that if your place were damaged by a kitchen fire or something like that, you would replace your furniture and other personal belongings up to $ 40,000 ( this includes your favorite jeans and cell phone).
Keep in mind that the tenant's insurance is different from the household insurance.
Personal liability insurance.
This legally protects you in the event that someone was harming you on your property and then try to sue you.
The personal liability protection with Lemonade Renters Insurance starts at $ 100,000 and covers all legal fees associated with the process.
Loss of use coverage.
If you are unable to stay at your place due to covered loss or damage, your living expenses will be covered. This includes everything from hotel costs to your meals.
Coverage here starts at $ 12,000, so that means if your unit is undevelopable, you have this amount to cover your living expenses until the unit is ready for you.
This allows you to move to a hotel or Airbnb device without emphasizing the cost of such a move.
Medical payments to others.
If a guest were to be injured on your property, their medical expenses would be covered.
The official website of Lemonade Renters Insurance clearly describes what is covered and what is not covered by your insurance.
This is the coverage you can expect with Lemonade Renters Insurance. Keep in mind that you can adjust your deductible or your coverage amounts if you want to reduce the cost of your tenant's insurance or want to adjust all aspects.
What is not covered by your Lemonade Renters Insurance?
As important as it is to go through what is covered, we need to take a look at what is not covered by a Lemonade Renters insurance so that you know what to expect.
What is not covered by a basic insurance for Lemonade Renters?
- High-risk hundreds of attacks. You are not covered if your dog attacks someone.
- Earthquakes. This type of coverage always varies in importance depending on where you live.
- Floods. You may be covered by an overflowing bathtub but you would not be protected from a flood due to a natural disaster.
- Roommates. Your roommates' belongings or personal injuries are not covered.
- Expensive items. You need to add extra coverage for things like bikes, art, jewelry and so on.
The Lemonade Renters Insurance website assures you in detail about what to expect with your tenant's insurance.
As always, it is important that you go through your tenant's insurance to ensure you have adequate coverage for your situation.
How do you apply for Lemonade Renters Insurance?
As important as the price is, we can not ignore the damage process. Hopefully you never have to file a tenant insurance claim, but if you speak from experience, you want the process to be as smooth as possible.
How do you submit an application to Lemonade Renters Insurance?
- You use the mobile app or website for the entire process.
- For an emergency, you can contact: (844) 733-8666
Lemonade notes that 30% of claims are approved directly via the app and that you can submit a claim within 3 minutes.
What does it mean? Traditionally, you have to call an agent to talk about a claim and wait to hear back from there. With no agents, everything is done via the app.
According to the official Lemonade Renters Insurance website here is when you can expect a claim to be paid:
“Our goal is that the majority of simple real estate claims to be paid almost immediately. For a pet insurance, this may mean that you cover the costs of a procedure or test before leaving the veterinary clinic. There will be cases where we have to fully review the incident to approve the claim, and there will be claims for damages or liability that may take longer to resolve.
As a reminder here are steps to follow before making a tenant's insurance claim:
- Contact the authorities to submit a police report if something has been stolen or damaged.
- Document any damage with photos or videos.
- Look for receipts.
- File your claim via the mobile app.
Here is a screenshot of the Lemonade Renters Insurance claims process …
What are the pros and cons of Lemonade Insurance?
Here are some things to keep in mind. It is positive and negative to use Lemonade for your tenants.
What are the benefits of Lemonade Renters Insurance?
- Low prices.
- Everything is simple.
- You can opt out at any time.
- Low deductibles (they start at $ 250).
- Your spouse is added to your policy for free (it only costs a few dollars to add a significant other).
- 19659024] The site is useful.
What are the disadvantages of Lemonade Renters Insurance?
- Not rated by AM Best for Economic Stability yet.
- Still relatively new to the industry.
- Not available in all states.
- No insurance package options if you are looking for car insurance or any other type of insurance.
What Do You Need More About Lemonade Renters Insurance?
There are some other important things we wanted to mention about Lemonade Renters Insurance to complete this review.
Lemonade explains everything on the website.
We were impressed with how detailed the website is when it comes to explaining tenants' insurance and what we can expect from your coverage. This is helpful for anyone who is confused about insurance.
Lemonade has no sales agents.
You buy your policy in the app and you can do everything online from the comfort of your own sofa. You do not have to deal with an intrusive salesperson.
The Lemonade app has 4.9 in Google Play and the App Store
The Lemonade Renters Insurance app gets high marks and this is a good sign because everything is done via the mobile app (from claiming to updating your policy ).
Is Lemonade Renters Insurance in my country?
As we mentioned earlier, Lemonade is not yet available in all states. Here is a list of states where you can find Lemonade:
Arizona, Arkansas, California, Colorado, Connecticut, District of Columbia, Georgia, Illinois, Indiana, Iowa, Maryland, Massachusetts, Michigan, Missouri, Nevada, New Jersey, New Mexico, New York, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, Tennessee, Texas, Virginia, Washington and Wisconsin.
Lemonade Renters Insurance Review Reddit – Honest Customer Reviews
When you look for honest reviews, you think of Reddit. Fortunately, Lemonade Renters Insurance Review Reddit is one thing!
Reviews are mixed, some customer reviews love discounted tenant insurance. While others complain about some customer service issues.
Final Thoughts on Lemonade Renters Insurance …
This is our review of Lemonade Renters Insurance. We found that Lemonade has some of the lowest prices in the industry along with the simplest process of signing up for a policy and filing a claim.
We only wish that Lemonade Renters Insurance was available in more states and that the company had A.M. best rating for financial stability.
As always, we encourage you to get a tenant insurance to see what options are available to you with Lemonade Renters Insurance.
* While doing our utmost to keep our website up to date, please be aware that "current" information on this site, such as quotation estimates, or relevant company information, may only be accurate from its last editing day. Huntley Wealth & Insurance Services and its representatives do not provide legal or tax advice. Please contact your own legal or tax advisor.