- Get a quote if you’re looking for the lowest cost for coverage.
- Pick something else if you like having a personal agent.
- Budget-conscious renters in 27 states can apply.
Lemonade offers a refreshing blend of speedy claims, helpful coverage and cheap premiums to cover your rental liability and belongings. But its app-based model doesn’t work for everyone, and the company doesn't yet offer its renters product in every state. In those cases, you can look at policies from home insurance competitors instead.
|New home discount discount||No|
|New homeowner discount||No|
|Home safety features discount||Yes|
|New policy discount||No|
|No claims discount||No|
|Personal property coverage||Yes|
|Valuable personal property||Yes|
|Identity theft coverage||No|
Lemonade serves up a healthy list of protection for your belongings and liability. That includes:
Watch your step with a few items that may need coverage from another policy:
Lemonade claims to undercut its competition by up to 82%, offering renters insurance that starts at $5 a month, or $60 annually. Because Lemonade keeps standard costs low, you’ll only see a couple of discounts broken out of your rate.
Lemonade makes money in a much different way than other insurers. Rather than pocketing the surplus left-over premiums after paying claims, Lemonade allots a certain amount of your premium for operations, including office expenses, reinsurance and cash reserves.
Along with this overhead, Lemonade uses the rest of its income to pay for claims. It often pays claims instantly, if the company’s artificial intelligence determines your claim isn’t fraudulent.
Finally, if the total premiums paid by all customers exceed the amount the company pays out in claims that year, the difference goes to a charity of your choice. That means any profits after basic operating expenses go to dozens of nonprofits, helping with issues like homelessness, racial justice projects and LGBTQI suicide.
I got my Lemonade renter’s insurance policy in January 2018 when I moved into my New York City apartment. Before that, I had an Allstate policy in Virginia.
My previous Allstate policy cost me $131.20 per year or $14.97 per month for a one bedroom. My current Lemonade policy is comparable in terms of coverage and costs $5.84 per month. I like that Lemonade is more fintech-y, with a mobile app and fully online claims process. But like most other insurance policies, I hope I never have to use it.
Lemonade streamlines the application process into a few quick questions:
Whiz through the application process with these details in mind:
Explore your options by storm & water backup, valuable property, enhanced rebuild, homeshare coverage or available states. Select the Go to site button for more information about a particular insurer.
Do I need to submit details about my personal belongings to get coverage?
Only if you’re getting coverage for items worth more than $1,000. To get coverage, you’ll need to list each valuable item with a photo, description and receipt or appraisal. You also won’t have coverage until Lemonade approves those items.
What valuable items can I get extra coverage for?
You can get coverage for bicycles, cameras, fine art, jewelry and musical instruments.
What happens if there’s an emergency?
If you experience an emergency, you can either file a claim online or through the app, or you can contact the emergency response team at 844-733-8666. An emergency involves any damage that needs immediate attention or temporary housing like fire or water damage.
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