
Sign up & start saving!
Get our weekly newsletter for the latest in money news, credit card offers + more ways to save
AZ, AR, CA, CT, DC, GA, IL, IN, IA, MD, MI, NV, NJ, NM, NY, OH, OR, PA, RI, TN, TX, VA, WI
Available states
24/7 claims
Online quotes
New home discount discount | No |
---|---|
New homeowner discount | No |
Home safety features discount | Yes |
New policy discount | No |
Bundling discount | Yes |
No claims discount | No |
Other discounts | Yes |
Personal property coverage | Yes |
---|---|
Valuable personal property | Yes |
Theft coverage | Yes |
Fire coverage | Yes |
Flood coverage | Yes |
Identity theft coverage | No |
Homesharing | No |
Dwelling coverage | Yes |
Review by
Sarah George is a writer at Finder who unravels complicated topics about insurance, business and finance. She's been wordsmithing for nearly five years, after earning an English education degree. Her insurance know-how has been featured on CarInsurance.com. You can usually find Sarah sipping hot tea and talking through movie plots in her downtime.
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 only covers some states. In those cases, you can look at policies from home insurance competitors instead.
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. 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 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 COVID-19 relief, homelessness, racial justice projects and LGBTQI suicide.
Lemonade offers a special Zero Everything product that allows renters and condo/co-op owners to “undo” losses. Whether you’ve had your bike stolen or your laptop ruined by a burst pipe, policyholders with Zero Everything can receive claim payments with no deductible, meaning you’ll get the full amount to replace your belonging. You can have up to two claims per year under this product without seeing a rate hike.
Aliyyah Camp
Loans Publisher
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: