Lemonade Renters Insurance Review for 2022

In this article: Pros and cons | | Just looking | | Spread of Policy | | Price | | Discount | | Customer Reviews | | The end | | FAQs | | The way

Lemonade Insurance Company is a nonprofit organization that takes premiums as a profit and donates any surplus to charity through its Giveback program. Like many top insurance companies, Lemonade also offers other policies, including homeowners insurance, auto insurance, pet health insurance and long-term insurance. Lemonade’s easy-to-use app — one of its most popular products — enlists artificial intelligence (AI) to generate points and approve insurance claims in seconds.

We at the Home Media review team reviewed Lemonade rental insurance based on features, pricing, pros and cons, customer satisfaction and more.

The Pros and Cons of Lemonade Renters Insurance

Consider these pros and cons when choosing Lemonade rental insurance:

on+ The Giveback program donates unused funds to charitable organizations

on+ AI technology enables faster billing and faster refunds

on+ Laws cover the cost of returning items that are stolen, damaged or destroyed

Requests can be made through the Lemonade app

Rental insurance is not available in every state

Lemonade Renters Insurance at a Glance

Our ratings: 4.62 out of 5

Year established: 2015

Power of JD: 870/1,000

AM Best ratings: N/A

State availability: 28 says and Washington, DC

Lemonade Renters Insurance Policy Coverage

Lemonade’s standard insurance policy offers four basic types:

  • Personal property: This allows borrowers to replace items that are lost, damaged or damaged due to the risks specified by the insurance. Perils listed include theft and vandalism as well as damage from water, fire, smoke, wind, lightning, falling objects, freezing, slow motion, car collisions, falling objects and explosions.
  • Loss of employment: This applies if the specified problem makes his house untenable. It covers expenses associated with temporary relocation, such as hotel accommodation, meals and laundry services.
  • Your mistakes: This covers bodily injury or property damage that occurs to your home or elsewhere as a result of your actions. If the victim files a lawsuit, Lemonade will hire an attorney to defend you and pay the fines.
  • Medical bills: This coverage is closely related to personal liability coverage. It helps pay medical bills, usually up to $5,000, related to accidents at your home.

Additional Description

Beyond its coverage, Lemonade offers borrowers the following:

  • Prepared goods: This coverage provides additional protection for jewelry, fine art, baskets, cameras, musical instruments and other valuables. The Lemonade model is called Extra Coverage and includes claims with no deductible and coverage for accidental damage and extraordinary loss.
  • Device requirements: This coverage for electrical and electronic equipment that is carried out by private owners protects against damage caused by perils not covered, such as mechanical damage or electrical failure. Lemonade refers to this addition to the process as Weapon Damage.
  • Earthquake insurance: This applies to damage caused directly by the earthquake and is available to borrowers in California and Arkansas only. Lemonade rental insurance covers damage caused by theft, fire or any explosion that occurs after an earthquake – but not damage from the earthquake itself.

Lemonade Renters Insurance Cost

Renter’s insurance from Lemonade can cost as little as $5 a month, which is in line with the national average. $174 per year in 2019 as reported by the Insurance Information Institute in its 2021 report.

Your salary may be lower or higher than average depending on the following:

  • Location: Rental insurance will cost more in areas with high crime or natural hazards. These factors make lenders more likely to recover lost and predicted income. Insurers measure this risk and charge higher premiums to cover the cost of claims.
  • Home age: Old buildings are damaged by bad weather and other named hazards, which means that the property of the owner can be damaged. As a result, renter’s insurance can cost more for older homes.
  • House size and features: Your home’s size, design and other factors can affect your renter’s insurance coverage. The more insurance you have, the higher the cost. A security system, smoke detectors and other features that reduce the risk of theft or damage can help lower insurance rates.
  • To change the settings: Borrowers can choose to upgrade their policies with higher or lower limits, resulting in higher premiums. Likewise, enhancements such as Additional Charges and Damage to Weapons will increase the payout. Conversely, a lower premium and higher deductible will lower your costs.
  • Personal information: Lemonade will consider your credit history and credit history. You can expect higher rates if you filed a complaint within the last five years. Likewise, paying off a loan leads to higher interest rates.

Lemonade Renters Insurance Discount

Lemonade offers a small discount to help policyholders save money. Borrowers can use the following:

  • Annual discount: Borrowers in some states get discounts by paying their bills annually instead of setting up a monthly payment plan.
  • Bundle Discounts: Lemonade offers discounts for combining your rental insurance with one or more of its other products, such as pet insurance or auto insurance.
  • Discounts on personal protective equipment: Devices that help keep your home safe, including smoke alarms, burglar alarms, and burglar alarms, reduce costs.

Lemonade Renters Insurance Reviews

As of August 2022, Lemonade has average ratings 3.41 out of 5 on BBB and 4.5 out of 5 stars on Trustpilot. Reviews tend to be mixed, with customers either happy or very dissatisfied with their Lemonade insurance. As a result, most reviews are either 1-star or 5-star.

Satisfied Lemonade customers praise the company for quickly handling their claims, insisting that the process was easy and efficient. These customers describe friendly, helpful, understanding and knowledgeable customer service. They also cite quick response times and fair claims as reasons for their positive reviews.

Bad reviews of Lemonade tend to focus on rejection and lack of customer service. Specific complaints include difficulty reaching the company by phone and long response times when emailing the company.

Below are a few examples of customer reviews from BBB and Trustpilot about Lemonade. We selected reviews focusing on renters insurance policies, but Lemonade home insurance reviews are also available.

“One of the easiest/quickest and cheapest companies to get renters insurance from. I’ve had nothing but a wonderful experience. After canceling the policy when I was moving out of my old home, they refunded me the rest of the month’s money that wasn’t used for the second to the original cancellation. that you didn’t spend the whole year on your chosen non-profit. There’s nothing else to do but write about them and we’ll use them again in the future.” —Antonia Z. via BBB

“Excellent customer service and unbeatable prices. I have had Lemonade Renters insurance for a year. Now that I’m moving I can’t continue with them and I’m heartbroken because I love their customer service. Everything is easy and communication is seamless and fast. You put it all online and if if you need anything he will text you right away and do anything you need before you ask. The apartment is very walkable and everything you need can be found.” —Leandro B. via BBB

“Good for what it is but don’t expect good customer service. I had a problem with the app and I was trying to resolve it with the customer service representative who told me [me] maybe I should look for another insurance agent. So should I take my business elsewhere? This was only due to what seemed to me to be an important determination of the program and did not include any claims, or other business issues. So, I looked for some insurance and no, I do not recommend this Lemonade. You get what you pay for this time. “ —Lou R. via BBB

“It is too late to respond to complaints. However, when the claims are made I have been happy with the results. I just wish it was faster and more interactive. ” -Karl Simone via Trustpilot

Bottom Line: Is Lemonade Renters Insurance Right For You?

Lemonade can be good and cheap for renter’s insurance. You can buy points without speaking to a representative and manage your account through the Lemonade app. Some claims are paid instantly thanks to the company’s AI technology, and the policy pays a variable fee. Customers who prioritize social responsibility also appreciate the Lemonade Giveback program.

However, Lemonade rental insurance is not available in every state. Because the company relies heavily on its mobile app, it is not suitable for customers who prefer to work directly with an agent.

Whether you are buying about good home owner insurance or rental insurance, we always recommend requesting insurance quotes from three different companies. Get your free Lemonade quote on the sponsor’s website.

Frequently Asked Questions About Lemonade Renters Insurance

Methodology: Our System for Choosing the Best Renters Insurance Companies

Through extensive industry research, we found the following factors and weightings to evaluate each company. We scored each company on a 100-point scale, then they divided the points obtained for each donor’s final score on a 5-point scale.

  • Total cost: 15/100
  • Additional and discount options: 20/100
  • Regular spread: 17.5/100
  • State availability: 5/100
  • Availability of support: 20/100
  • Contact: 12.5/100
  • Authority: 10/100

We used this information to identify the best mortgage insurance companies to help you with your decision by looking at policies. We monitor and update information regularly to ensure reviews reflect the most up-to-date information and advice.