Lemonade Renters Insurance: Is it the right choice for you?

Renters insurance is similar to homeowners insurance, except that it provides coverage for people who rent or lease apartments. Policyholders typically find three types of coverage in a renters policy:

• Personal property covers your personal belongings in case of certain perils, such as theft, fire, and vandalism.

• Liability covers legal costs associated with a lawsuit brought by someone injured in your home or by you or your pet.

• Additional living expenses pays for temporary housing and other expenses should your apartment become uninhabitable because of a covered peril. Additional living expenses coverage is sometimes also known as loss of use coverage.

When you file claims with your renters insurance provider, you’ll be reimbursed up to the actual cash value or the replacement value of your personal belongings, depending on the policy. Keep in mind that every policy has its limits, and “acts of God,” such as earthquakes and floods, might not be covered. But having renters insurance is essential, and many landlords require it anyway. The good news is, it’s very affordable; the average policy costs just $180 per year, according to the Insurance Information Institute. That’s just a fraction of the average cost for a car insurance policy, which is just over $1,000. But you might be able to get an auto insurance policy for less than that if you shop around.

To avoid visiting dozens of insurance websites to collect quotes, use Insurify and its patented artificial intelligence quote-comparison technology to simplify the process. You just need to enter your information one time, and you’ll be able to easily compare policies from up to 20 different providers. It’s the easiest way to find cheap car insurance, and it’s completely free.

Lemonade Renters Insurance: The Basics

If you’re comparing renters insurance companies, Lemonade is a provider that is definitely worth considering. They make it easy to get a policy online or from a mobile app on your smartphone in minutes. What’s more, Lemonade works differently than other companies: they keep a fixed share of your premium rather than profiting from denying claims. That means the claims process is faster and easier than with some other renters insurance providers.

Furthermore, Lemonade has a unique giveback program. Because they charge a flat fee to operate, any extra money from customers’ premiums that doesn’t go toward covering claims is donated to nonprofits.

What does Lemonade renters insurance cover?

Like most renters insurance policies, Lemonade insurance provides coverage for personal property, personal liability and medical payments, and additional living expenses. While some insurers only pay out the actual cash value for your belongings (which is usually less than you paid for each item due to depreciation), Lemonade covers the cost to replace damaged or stolen items.

Lemonade covers your personal property in case of loss or damage from 16 different perils, including theft and vandalism, certain accidents, and water damage not related to weather. They’ll even cover items stolen outside of your home. In addition, you can purchase extra coverage to cover certain valuables (such as musical instruments or fine art ), lost belongings, or even damage from earthquakes in some states. You can also elect to get coverage without a deductible.

Special Deals and Discounts

• Lemonade customers can save 10 percent on your premium by bundling your renters insurance policy with a pet insurance policy.

• Lemonade also offers an optional ‘Extra Coverage’ option for jewelry, fine art, cameras, bicycles, and musical instruments.

Where does Lemonade offer renters insurance?

Lemonade offers renters insurance in the following states:

• Arizona

• Arkansas

• California

• Colorado

• Connecticut

• 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

• Washington, D.C. ( District of Columbia )

• Wisconsin

Lemonade renters insurance ratings

Lemonade renters insurance customer reviews

More than 200 customers rated Lemonade an average of 4.4 out of 5 stars with the BBB. Most people agree that Lemonade’s insurance coverage is cheap and hassle -free to get, but reviews about the claims process were mixed. Some reported frustration with the company when it came time to file an insurance claim, while others said they had an excellent customer service experience.

Still, the reviews set Lemonade apart from other companies in the insurance industry. Traditional insurance providers frequently receive abysmal reviews. For example, Allstate has a rating of just 1.2 out of 5 stars with the BBB, and State Farm received a rating of just 1.3 out of 5 stars. Compared to those ratings, an average Lemonade insurance review of 4.4 means the company leads the pack in customer service.

Average Cost of Lemonade Renters Insurance

Lemonade renters insurance policies start at just $5 per month, a far cry from the national average of $15/month and much less than the typical home insurance policy. By contrast, GEICO charges at least $12/month for its policies, and Allstate charges an average premium of $15/month. Your actual premium will vary based on where you live, what add-ons you select, your deductible, and more.

Positives and negatives of Lemonade renters insurance

Is Lemonade renters insurance right for me?

When deciding if Lemonade renters insurance is right for you, first determine whether it is offered in your state. Next, find out how much you could save by bundling your current renters insurance with your current auto policy. While Lemonade offers some of the best rates in the industry, you might get a better deal at a competitor by bundling.

If Lemonade is the cheapest option available in your state, signing up is probably no-brainer. Lemonade uses a peer-to-peer insurance model that helps the company process claims faster since they don’t profit from denying claims. Lemonade is also the highest-rated renters insurance provider by J.D. Power and has excellent customer reviews with the BBB. And you can feel good about supporting nonprofits if any of your premium is left over.

How to Get a Quote for Lemonade Renters Insurance

1. Visit Lemonade online or open the Lemonade app.

2. Select “renters insurance.”

3. Answer a few questions with the help of Lemonade’s chatbot, Maya.

4. Receive a quote within minutes.

Lemonade Renters Insurance Contact Information

Lemonade Renters Insurance FAQ

Should I buy Lemonade renters insurance?

While the decision is entirely up to you, there’s a good chance that Lemonade will offer you the lowest renters insurance premium if the company provides coverage in your state. And because Lemonade has excellent customer service reviews and ratings and a business model focused on social good, there’s little chance you’ll regret signing up. If you’re considering forgoing renters insurance altogether, you should probably reconsider, even if your landlord doesn’t require it. A single claim can cost upwards of $15,000, and that’s money that comes out of your own pocket if you don’t have insurance coverage.

What special deals and discounts does Lemonade renters insurance offer?

With Lemonade’s low prices, there isn’t much room for special discounts. However, if you bundle your renters insurance with pet insurance from Lemonade, you can save 10 percent.

What’s the best way for me to quickly and easily compare insurance quotes?

Comparing premiums across individual insurers is time-consuming and frustrating. Luckily, you can use Insurify to compare quotes from multiple insurers all in one place. You could potentially save hundreds on home, car, and life insurance by comparing providers to find the best deal.

How to Find the Best Renters Insurance Quotes

While it’s unlikely you’ll find renters insurance for less than Lemonade offers, you should always do your research. Ask about bundling discounts with your current provider and get quotes from a few different providers just to make sure you’re getting the best deal.

You can also save on your overall insurance costs by comparing home insurance and car insurance quotes with Insurify. You could potentially save hundreds each year on auto insurance by comparing customized quotes from different providers. That means more money to put towards renters insurance …plus coffee, wine, a Nintendo Switch, or anything else your heart desires.

It’s really easy to toggle between coverage types and compare personalized premiums, including discounts you may be eligible for. And once you select a policy that fits in your budget and meets your needs, you’ll just click to sign up.

It’s a good idea to check your insurance rates using Insurify every six months. That’s because circumstances will change, and so will your quotes. Many insurance providers will issue a refund if you cancel early, so even if you’ve prepaid your policy, it’s smart to compare your current rate to what’s offered by other providers. It’ll be easy to switch if you find a better deal, and the savings could be jaw-dropping.