Lemonade Renters Insurance Review and Prices

Lemonade Renters Insurance Review and Prices

Lemonade is an insurance provider that targets customers searching for reasonable protection from an open provider. Shai Wininger and Daniel Schreiber launched the business in 2015. Right now, they each hold the positions of CEO and president/CTO.

Before launching pet insurance plans in 2020 and term life insurance for some people in January 2021, Lemonade first offered alternatives for renters insurance and homeowners insurance. We’ll focus on Lemonade insurance for renters on this page. See our rankings for the top homeowners insurance if you own a home.

Those who feel comfortable buying and monitoring their renters insurance coverage online will do well with Lemonade, one of our Best Renters Insurance Companies of 2023. If so, you’ll be rewarded with a quick enrollment and claims procedure; Lemonade may approve your claim right away based on its specifics.

People who desire to work with an agent are, regrettably, out of luck. People who reside outside of Lemonade’s service region, which consists of 27 states and Washington, D.C., are also. Look carefully at the small print when you obtain a quote because not all states provide the same kinds of coverage. For instance, whereas policies in other states have a $1,000 cap, a Lemonade renter’s policy in New York covers up to 10% of your personal property limit for storage facilities.

Lemonade is distinctive in that it distributes a portion of any surplus funds (unused premiums) to a nonprofit organization of your choice. According to the business, their Giveback initiative gave $1.1 million to 34 charities.

What Is Covered by Lemonade’s Renters Insurance Policy?

Three key areas are covered by Lemonade renters insurance: personal property, loss of usage, and personal liability.

Personal property insurance covers the expense of replacing your belongings if they are destroyed by fire, lightning, wind, hail, smoke, freezing, vandalism, or theft. Even if your belongings are taken from outside your home, theft is still covered. Other specific instances of natural disasters rely on the environment or other variables.

Flooding, for instance, is not covered when brought on by a storm, but water damage, like that caused by a burst pipe, is. In California, earthquake damage is not insured for renters. In certain areas, like Rhode Island, regular renters insurance policies include hurricane coverage; but, in other states, like New Jersey, it is an optional add-on.

When your home is not currently inhabitable, you have loss of use coverage. Lemonade renters insurance will pay for the additional housing and living costs if, for instance, a fire badly ruins your home and you need to find temporary housing in a hotel or rental property.

Last but not least, personal liability insurance shields you from lawsuits brought by injured visitors to your premises. This could mean, for example, that someone slips and falls on your stairs because you neglected to fix them or give visitors a heads-up. Lemonade’s renters insurance would pay for both your legal costs and the injured party’s medical expenses.

The most frequent ground for liability claims from Lemonade customers is fire damage. Your renters insurance would pay for your neighbor’s damages if a fire in your unit caused damage to theirs. Even situations involving pets, like your dog biting someone, may be covered by personal liability insurance. Keep in mind that every situation is unique, so make sure to contact Lemonade’s customer care team any queries you may have.

Although each insurance provider and policy is unique, you may use our explanation of how renters insurance functions to help you understand it better.

Where Does Lemonade Renters Insurance Offer Coverage?

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., and Wisconsin are the U.S. states where Lemonade renters insurance is currently available. Additionally, it is accessible in the Netherlands, France, and Germany, with intentions to spread to additional European nations.

What Does Lemonade Renters Insurance Not Cover?

Utility interruptions like a loss of heat, water, or electricity are not covered by Lemonade renters insurance. Additionally, it does not pay for any harm these disruptions produce. However, you are protected from damage brought on by burst pipes, which may result in a loss of water, heat, or power.

Renters insurance does not provide coverage for damage resulting from flooding that is a direct result of natural disasters (such as natural bodies of water overflowing their banks). Damage from wildfires and tornadoes is typically covered, while damage from sinkholes and earthquakes isn’t. Property damage and damage from pests like bedbugs are not covered by renters insurance.

What Renters Insurance Bundles & Packages Does Lemonade Offer?

Lemonade provides insurance for co-ops and condo owners as well as renters and homeowners. Additionally, it recently started providing pet insurance, which kicks in in the event that your pet becomes ill or wounded or needs specialized care or medication. If you use Lemonade for both your home insurance (including renters, homeowners, and condo insurance plans) and your pet insurance, you can receive a discount.

What Other Renters Insurance Coverages Does Lemonade Offer?

To cover particular high-value goods, you can add additional coverage options to your renters insurance policy. Jewelry, musical instruments, bicycles, fine art, and cameras are among the additional items that can be covered. Although a standard renters insurance policy covers certain items, the base policy contains a sublimit for particular items, like a $1,500 restriction for jewelry. You might want to think about getting more insurance if you have possessions worth more than that.

How Can I Purchase a Lemonade Renters Insurance Policy?

The steps for purchasing a renters insurance policy from Lemonade are as follows:

Click on the pink “get started” or “check our prices” buttons on the Lemonade website or app.

Follow the instructions and enter your details, including the kind of insurance you require, your address, the kind of property you own, and your email address, to get a quote. Based on the details you submit, Lemonade will calculate a premium.

Before providing your credit card information to pay for your policy, customize estimates by selecting various options such as coverage amounts and any additional coverage.

Before submitting a claim with Lemonade, file a police report or call emergency services if it’s an emergency or you think a crime has been committed. If not, launch the Lemonade app and log in with the email address you used to buy your coverage.

When you press the pink “claim” button, Lemonade will ask you to confirm your contact details and the details of your claim. The Pledge of Honor must be digitally signed in order to submit the necessary documents or information (such as a video recording of the incident).