We know what a struggle it can be to find the perfect tenant's insurance for your lifestyle. You want insurance coverage that fits your budget and gives you the protection you need.
Lemonade Renters Insurance promises to be affordable and simple . Two words that have not traditionally been associated with insurance in any way.
That's why we decided to take a deep dive and look at "Is Lemonade Renters Insurance Good?"
Is Lemonade Renters Insurance Bad? Is the hype about Lemonade Renters Insurance correct?
Since the company is relatively new, we thought we would approach Lemonade Renters Insurance to see if they are good.
We will look at the positive, the negative and what Lemonade brings to the table when it comes to tenant insurance.
Are Lemonade Insurance Renters Insurance Good?
Lemonade promises to offer low prices. They do this by keeping costs low as insurance companies. Everything is done via the website or the mobile app.
Some policies start as low as $ 5 / month. This makes Lemonade Renters Insurance the perfect option for those who have a budget or for anyone who simply needs insurance because it is mandated by a landlord.
When we looked for quotes in our Lemonade Renters Insurance review, we found quotes in NYC from $ 15 / month.
We could also find quotes for less than $ 10 / month. If you reduce your personal coverage and increase your deductible, you can easily find a tenant's insurance premium for under $ 10 / month.
Easy to register for a tenant insurance.
We have gone through the process of going through the application to Lemonade Renters Insurance many times and it is surprisingly simple.
You can get a quote in minutes. From there, you can adjust your coverage levels (personal property, add expensive items, work on your deductible, etc.) and sign up in minutes.
The registration process was much easier than it is with most other insurance companies.
For example, we have seen insurance companies that require your SSN for a tenant insurance. Then there are other insurance providers that do not even give you a quote online.
On that note …
You can customize your tenant's insurance with Lemonade.
You can customize all aspects of your Lemonade Renters insurance. This ranges from how much personal property you have to your deductible. This is beneficial for someone who does not own much because you can lower your coverage to only $ 10,000 for your personal belongings.
Lemonade is a charity.
Lemonade is like no other tenant insurance company because they donate the remaining money to a charity of your choice.
Lemonade returns money that is not used to pay out insurance claims. Lemonade donated $ 1,128,109 in 2020 to charities.
How does it work?
When you sign up for Lemonade Renters Insurance, you get to choose a non-profit charity and then once a year the unsolicited money is counted up to be donated.
So what this means is that a percentage of your premium goes to charity.
Everything is done on the Lemonade Mobile App.
You never have to call anyone or jump through rings to have something imagined. You can claim or update your policy through the mobile app.
Is Lemonade Renters Insurance Bad?
So far we've been looking at the positive features of Lemonade, but now it's time to go through some of the negatives so you can get an exact picture of what to expect.
The company is still relatively new in the industry.
Lemonade did not come into place until 2015. Many other tenants insurance providers have been around for many decades and are established nationwide.
This also means that Lemonade Renters Insurance has not been rated for financial stability by AM Best yet.
Lemonade is not available nationwide so you may not even be eligible for coverage.
This is important because you either can not even apply for the tenant's insurance coverage or you can lose your coverage if you move states.
Lemonade Renters Insurance offers compensation cost coverage with its standard policies.
A Lemonade Renters Insurance insurance comes with compensation cost coverage for your personal belongings instead of actual cash value. What does this reimbursement cost coverage mean? According to the official Lemonade Renters Insurance website :
"Think of the compensation cost as the Amazon price for how your insurance company will value stolen or damaged items – that's how much something of the same make would model today, in similar condition.
You have to pay extra to add your roommate to your tenant's insurance.
With Lemonade Renters Insurance, you have to pay for a roommate to be added and covered. With some policies, this is free. The picture below is from the quotation side.
Is Lemonade Renters Insurance good or bad compared to competitors?
We have analyzed almost all tenants' insurance companies and insurances out there so that we can give you the best reviews and comparisons possible.
How does Lemonade compare to State Farm, Allstate and the other major tenant companies?
Lemonade Renters Insurance is available in fewer states.
You can not get a Lemonade Renters insurance in all states yet. So this means that you may not currently be readable for a policy, otherwise your policy will expire if you move to a state where there is no coverage.
There are no local agents to work with.
Everyone has different expectations when it comes to working insurance agents. Lemonade does everything online or via its app. You have no rope. The good news is that you can save money this way. The bad news is that you have no one to go through your policy with you.
This means you have to manage customer service by phone, website chat or by email. See what Lemonade Renters Insurance Reddit customers had to say about their experience.
You can get tenant insurance in less than two minutes.
Lemonade promises to give you a tenant insurance of 90 seconds. This is a record time considering that there are still insurance companies that do not give you a quote online. With Lemonade, you do not have to spend time waiting to talk to an agent.
You can not collect your insurance with Lemonade because the company only offers tenants and homeowners.
The problem with this is that you need to find another car insurance company and any other insurance needs that you may have.
What's the last word on Lemonade Renters Insurance?
The team at Value Penguin summed up Lemonade Renters Insurance:
in exchange for the lower prices, you give access to some extra features such as specialized coverage and personal customer support. For tenants and homeowners looking for basic coverage at affordable prices, Lemonade is an excellent choice.
If you live in a qualified state and are looking for simplicity, you should consider relying on Lemonade Renters Insurance with your insurance needs.
You can get a high coverage (coverage of personal property and coverage of personal liability) for a low price within minutes. You do not have to deal with agents, nor do you have to worry about dealing with problems if you ever file a claim.
Spending $ 15 / month to protect all your belongings is worth the investment.
If you want to collect your tenant insurance with car insurance and other insurance needs, you need to look for another company to join.
It's our fair and honest look at Lemonade Renters Insurance. You should have enough information here to decide if you should explore Lemonade Renters Insurance.
* While we do 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 the last edit date. Huntley Wealth & Insurance Services and its representatives do not provide legal or tax advice. Please contact your own legal or tax advisor.