Lemonade renters insurance is favorable for active college students as well as professionals because of its reasonable costs and quick, all-online application process. Although Lemonade does not provide the most extensive plans available, it does offer coverage up to $1 million in liability and $250,000 in personal property.
In addition, it’s advisable to get Lemonade to renters for regular personal property coverage with a simple registration process and affordable prices. In this article, we carefully examine the Lemonade renters policy’s features, pricing, customer happiness, and more to help you determine if it’s the perfect choice for you.
What is Lemonade Renters Insurance?
Lemonade is an online type of insurance provider that does not rely on local agents, unlike other insurers in our ratings. One possible disadvantage is that not all customers may access Lemonade’s policies, available in 28 states and the District of Columbia.
Unlike some organizations, Lemonade conducts all of its transactions online, from quotes to policy management. In addition, there is a mobile app available and a comprehensive collection of study resources on the Lemonade website. That’s a benefit for people who would rather handle the insurance purchase process online.
However, it’s not the best option for clients who would rather speak with an agent in person. It is the second-cheapest company, with monthly charges of $14. Also, it does not provide a loyalty or military discount, but policyholders can receive savings for owning a home security system and for combining multiple plans.
What Does Lemonade Renters Insurance Cover?
You can extend coverage for valuables like bikes, jewels, and fine art by adding additional coverage types to a Lemonade regular renters insurance policy if it’s not enough. Additionally, you can purchase coverage to assist in covering costs associated with issues like water damage and pet damage that you cause to your landlord’s property.
Additional Personal Property Coverage
You can get supplementary coverage for the following kinds of things if you require it:
- Bicycles costing up to $10,000
- Cameras costing up to $10,000
- Fine art up to $20,000
- Jewelry valued at $50,000 or more
- Musical equipment up to $10,000
- Portable goods, including phones, tablets, and computers, up to $6,000
In addition, you can buy water backup coverage (up to $10,000) to replace your items if water from your sewer or drain damages them.
Additional Landlord Property Damage Coverage
The following extra coverage options are available for unintentional harm to your landlord’s property:
- Pet damage by tenants: After your security or pet deposit kicks in, this covers up to $500 annually if your pet destroys your landlord’s property.
- Water damage to tenants: This covers up to $100,000 per claim if water damage occurs to your landlord’s property.
What Does Lemonade Renters Insurance Not Cover
Lemonade renters insurance does not cover all potential damage to your rented property. Among the exclusions are:
- Widespread blackouts in power
- Earthquakes or flooding
- Damage resulting from a short-term rental agreement, such as an Airbnb
- Theft of automobiles or auto parts
- Things that your roommate owns
- Pests such as bed bugs and mice
- Mold
- Your pet’s damage
- Harm to your home’s structure’s property
Benefits of Lemonade Renters Insurance
Technology
You will enjoy how simple Lemonade’s website and app are to use if you would prefer to get insurance with a few phone taps rather than spend a lot of time on the phone with an agent.
Protection for your possessions
Compared to some providers’ actual cash value coverage, Lemonade’s replacement cost coverage is more comprehensive. Lemonade’s coverage allows you to purchase brand-new replacements following a claim, as opposed to getting paid less for older, depreciated things.
Disadvantages of Lemonade Renters Insurance
Accessibility
Not all states in the United States currently offer Lemonade renters insurance. Lemonade renters insurance is accessible in 28 states, including Washington, D.C. Moreover, there could be an availability change. Not every tenant in a state may be eligible for coverage.
Complaints from customers
Despite improvements over the last few years, Lemonade continues to receive more complaints from state regulators than one might anticipate for a business of its size.
Lemonade Renters Insurance Discounts
Lemonade customers may save on monthly premiums if their rental has specific safety features, including a fire alarm or sprinkler system. Moreover, the company offers many of the same safety-related discounts as its competitors but lacks discounts for military members, students, and senior citizens in most states. While savings options vary by state, common Lemonade discounts include the following:
- Fire alarm
- Burglary alarm
- Smart water valve
- In-home sprinkler system
Bundling your Lemonade renters insurance with another Lemonade product, such as auto or pet insurance, can also result in savings.
How Much Does Lemonade Renters Insurance Cost?
In the United States, renters insurance typically costs $18 per month. However, the average monthly premium for Lemonade renters insurance in the United States is approximately $14, with rates as low as $5. While renters insurance is usually quite inexpensive, the cost might vary based on a variety of factors. These factors include the location of your rental, your deductible, and the coverage and limits you have.
How to Purchase Renters Insurance from Lemonade
To purchase renters insurance from Lemonade, the first crucial step you should be aware to know how to Open the Lemonade app or visit its website. After that, then select the pink “Check Our Prices” icon. Moreover, the other steps on purchasing this coverage from Lemonade are as mentioned below;
Get your quote
Follow the instructions to submit personal information, including your address, the kind of property, your email address, and the type of insurance you need to obtain your quotation. Based on the data you submit, Lemonade will calculate a premium.
Select different options
Before inputting your credit card information to pay for your policy, customize estimates by selecting different options, such as coverage amounts and any additional coverage requirements.
How to File Renters Insurance Claims from Lemonade
You can use the Lemonade app to file a renters insurance claim. After completing the claim report, the app will ask you to provide the details for your bank account. When Lemonade approves your claim, money will be deposited straight into your account.
