What to Know About Lemonade Renters Insurance
Founded in 2015, Lemonade is a new insurance provider that uses chatbots and high-tech artificial intelligence to write insurance policies for you in seconds. While traditional insurance companies make money by keeping the money they don’t pay out in claims, after taking their service fee Lemonade gives this money back to the community once a year with their Giveback scheme. They have earned the prestigious B-corp certification, meaning that they meet the highest standards of social and environmental performance, public transparency, and legal accountability. The company began their trading in the USA, but now services both Germany and the Netherlands in addition to this. Due to their strong digital presence, it is possible to manage your insurance on the go with Lemonade. But does Lemonade offer renters insurance? Yes! Lemonade renter’s insurance plans are modern and inexpensive insurance coverage plans that could save you a lot of money in the long run. Each policy can be adapted to suit your needs but even their basic coverage is extensive enough to give you peace of mind.
What Lemonade Renters Insurance Covers
Like most insurance providers Lemonade renters insurance covers what is seen in most basic policies but for a fraction of the cost. All of their plans cover damage caused by crime and vandalism, water damage, medical payments to others for incidents you are liable for, liability insurance, loss of use coverage if your home should become uninhabitable, protection from damage caused by wind, lightning, and hail as well as any damage caused by fire and smoke. Hurricane damage is also covered but any damage caused by floods or earthquakes is not. This is because these claims are so expensive and would massively increase your rates if you included them in your coverage plan. However, there is an exception to this as Lemonade does offer earthquake insurance in the states of California and Arkansas since they are high-risk states. When you sign up for your coverage plan you will be given a sample policy to review and edit so you can make your policy perfect for you.
Keeping your home safe is important, and depending on where you live your home could be at risk of flood damage which could leave you out of pocket. So when looking for your renter's insurance ask your provider about cover for flood damage. Lemonade renters insurance doesn’t cover flooding despite flooding being one of the most common natural disasters in the USA. But this is not something unique to Lemonade as a provider as most renters or homeowners insurance policies don’t cover flooding. But, although you won’t be covered for any weather-related events, incidents that involve water damage to your home that aren’t caused by mother nature are covered by renters insurance. So Lemonade still has your back if your property gets water damage from burst pipes, leaky A C Units, or even an overflowing bathtub. If you want to check if you are living in a high-risk flood area, we suggest you check out your community’s flood map and consider getting some extra coverage if you are living in an at-risk area.
When looking for quotes you need to disclose that you have a pet or your insurer so they can take this into account when calculating a price for your insurance policy. The biggest mistake people make when adding pet coverage to their plan is selecting their limits. You must keep in mind that there may be legal fees associated with a serious injury caused by your animal and although this will vary depending on the likelihood of an injury occurring, you should still make sure you are covered. A lot of insurers have a list of excluded dog breeds that they are unwilling to provide coverage for and some providers don’t offer pet coverage in their insurance plans at all. So does a Lemonade renter’s insurance policy cover pet damage? Yes and no. The only aspect of having a pet that is covered by your insurance is when they bite others or ruin other people’s property. In that case, your personal liability will kick in. But if the damage is done to your property then you will not be covered under your Lemonade renter’s insurance policy.
Lemonade Renters Insurance Review and Costs at a Glance
Lemonade has earned a rating of 4.9 stars on the App Store and Google Play and is also top-rated by both Supermoney and Clearsurance. They are able to maintain this score despite not being BBB accredited, by giving their customers a quick way to make a claim and keeping their costs down. Renters Insurance from Lemonade begins at only $5 monthly for one of their basic coverage plans and you can receive discounted rates if you install safety equipment in your home like a smoke or burglar alarm. The nationwide average cost of renters insurance from Lemonade s $15.50 per month and $186 per annum meaning it is a cheap alternative to other costly providers. However, their coverage schemes are generic as you are unable to customize your policy beyond adding extra coverage. So if you are considering choosing Lemonade for your renter's insurance you need to decide what you value in a company more, cost-effectiveness and flexible or the ability to personalize your insurance policy.
| Lemonade Renters Insurance Stats Overview | Stats |
|---|---|
| Average Cost in the U.S for Lemonade Renters Insurance Annually | $133.44 |
| Average Cost in the U.S for Lemonade Renters Insurance Monthly | $11.12 |
| Lemonade Renters Insurance JD Power Rating | N/A |
| BBB rating for Lemonade | A- |
How Much is Renters Insurance Through Lemonade in Your State
The average cost of renters insurance in the USA is approximately $15 per month according to data from the Insurance information institute. However, the price you are quoted can differ dramatically from this average due to a number of factors. So how much is renters insurance through Lemonade in your state? Generally, it falls slightly above the national average at $15.50 per month and $186 annually. The most expensive state for renters insurance by lemonade is Oklahoma because of the number of natural disasters that happen in the Sooner State every year. In contrast, Wisconsin has one of Lemonade's lowest premiums for renters insurance starting at only $5 a month.
| Lemonade Renters Insurance Prices by State | Avg. Costs Per Month for Lemonade Renters Insurance | Costs Per Year for Lemonade |
|---|---|---|
| Arkansas Renters Insurance | $12.06 | $144.67 |
| Arizona Renters Insurance | $7.89 | $94.67 |
| California Renters Insurance | $8.89 | $106.69 |
| Connecticut Renters Insurance | $11.91 | $142.97 |
| DC Renters Insurance | $12.52 | $150.28 |
| Georgia Renters Insurance | $10.86 | $130.37 |
| Iowa Renters Insurance | $6.43 | $77.22 |
| Illinois Renters Insurance | $9.60 | $115.23 |
| Indiana Renters Insurance | $8.46 | $101.48 |
| Maryland Renters Insurance | $11.24 | $134.93 |
| Michigan Renters Insurance | $10.22 | $122.61 |
| New Jersey Renters Insurance | $10.78 | $129.31 |
| New Mexico Renters Insurance | $8.83 | $105.97 |
| Nevada Renters Insurance | $12.89 | $154.70 |
| New York Renters Insurance | $12.00 | $144.04 |
| Ohio Renters Insurance | $7.12 | $85.44 |
| Oregon Renters Insurance | $5.56 | $66.72 |
| Pennsylvania Renters Insurance | $8.33 | $99.92 |
| Rhode Island Renters Insurance | $12.38 | $148.54 |
| Texas Renters Insurance | $15.50 | $186.06 |
| Wisconsin Renters Insurance | $7.27 | $87.28 |
How to Get a Lemonade Renters Insurance and Auto Insurance Discount
Creating a bundle is one of the easiest ways to get a deal on your insurance premiums. If you have a vehicle then it is likely that your insurance provider will ask if you would like to insure your vehicle with them alongside your home for a discounted rate. Even if you are locked into a contract with another provider for your auto insurance, you can ask for a quote from your renter's insurance provider so you can see how much you could save if you switch. Does Lemonade offer an auto insurance bundle discount? Unfortunately, Lemonade doesn't offer auto insurance coverage, so customers cannot bundle renters insurance with auto insurance for a discount and therefore cannot take advantage of this deal. However, since lemonade is expanding their services every day make sure to check in with your provider when you are renewing your premium to see if there are any new deals that you are eligible for.
How Much Does Lemonade Renters Insurance Cost Versus Competitors
Lemonade is not the only option for renters insurance. Despite their competitive rates, Lemonade is lacking the experience of more well-known insurance providers like State Farm and therefore they haven’t been able to match the coverage options of some of their competitors. You will find yourself paying only $32 more a year on your renter's insurance to be insured by a more well-known company like Allstate. But, when we compare their rates to State Farm, on average a renters insurance policy is $444 less a year. So you can make some big savings by shopping smaller.
Getting in Touch with Lemonade Renters Insurance
You can file a claim on your Lemonade renter’s insurance plan seamlessly anytime, anywhere through the Lemonade App. Make sure you have the app downloaded (it is available on IOS and android devices) then tap the 'Claim' button. You will need to provide some of your account information and then describe the incident in as much detail as possible. Once you have done that you need to digitally sign a Pledge of Honour verifying that all the information you have provided is correct. You should also send them any documents pertaining to the incident like a police report or a list of what was stolen. Then all you have to do is submit the claim and Lemonades artificial interface will run dozens of anti-fraud checks through its algorithm. This helps them keep their costs down and leaves no room for human error. From here one of two things will happen, if your claim approved, the AI will pay it instantly. If your claim is more complex the AI will pass it on to a clerk who reviews it and oversee your claimant process.
With Lemonade renter’s insurance plans, your policy is for a year and will automatically renew until it is canceled by you or by Lemonade themselves. It is unlikely that Lemonade would cancel your policy but if this happens, you will receive an email from them letting you know that they intend to end your contract. This email will arrive at least ten days' prior to the cancelation of your policy so you will have plenty of time to shop around for a new policy and get a comparable deal from another provider. If you are coming to the end of your first year but considering canceling your Lemonade policy because you are not satisfied with the coverage you are getting, you can update your policy to reflect your needs in seconds, with no brokers or paperwork involved thanks to Lemonades Live Policy. Just go to the Lemonade app and adjust your policy by adding or removing add-ons until you are happy with the result.
If you are unsatisfied with the service that you have received from your insurer or think you could find a better deal elsewhere then you should consider canceling your Lemonade renter’s insurance policy. You can cancel your policy at any time through their mobile app. You will receive a refund for the remaining period you’ve paid for but this will also have the effect of removing any potential ‘Giveback’ associated with your policy. Giveback is something unique to Lemonade and you should keep this in mind if you are considering canceling your policy. You can also cancel your policy over email by emailing the customer experience team at help@lemonade.com or by phone by calling 1-844-733-8666 and requesting that the clerk cancel your policy. You will need to provide your account details and may need to pass some security questions to complete the cancelation process. You should ask for a confirmation email to be sent to you as proof of the cancelation request to keep for your records.
Getting a Lemonade Renters Insurance Quote and Deciding Whether Lemonade is Right for You
Overall Lemonade has affordable rates with flexible coverage options for their renters insurance policies. Although it is not yet available in every state, the company is expanding its reach all the time so keep an eye on their website if they don’t currently service your area. You can get a quote in seconds by visiting their website or downloading their app and answering some questions from their chatbot Maya. She will ask for your address if you rent or own the property you want to buy insurance from, if you have any safety features in your home like a fire alarm and then calculate your quote in seconds. From here you will have the chance to add any of the add-ons we have discussed previously and set up your direct debit o get you on the books. Then you choose your ‘give back’ so your unclaimed money can go to a charity that can use it to improve your local community. Getting coverage for your property is as easy as that.
