Lemonade Home Insurance Review

Overview

Regardless of whether you own or rent, your home is one of your most important possessions. It’s the place you keep all of your valuable belongings, the place you and your family sleep at night, and the place you are meant to feel safest. Because of how special your home is to you, you likely do everything you can to take care of it - from keeping it clean to making repairs when they pop up. But if you are one of the many Americans that are currently living in your house without any insurance, you may be missing out on one of the most essential ways to protect yourself and your possessions.

Equipping yourself with homeowners or renters insurance is the best way to guarantee that you’d be covered in the event of a significant loss. You may not always be able to prevent losses such as fires or theft, but if you do experience anything of the sort, your insurance will help you rebuild, repair, and replace - while also ensuring you are taken care of in the meantime with temporary accommodations. Companies such as Lemonade are designed to make obtaining insurance as easy as possible, and their affordable pricing and comprehensive coverage can give you a greater sense of security and peace of mind than ever before. To learn more, read on to see how their plans may be the right fit for you.

Who Is Lemonade Home Insurance For?

Home insurance isn’t something that is required by law in the USA, meaning there is no legal obligation for you to get it before you make that big purchase. Likewise, renters insurance is also not legally required, although you may have a landlord who insists you have it before they will rent to you. What this means for you, ultimately, is that choosing to obtain insurance really is a personal choice, although it is one you would be wise to opt for.

With home insurance you are selecting to protect one of your most valuable assets, and you are also deciding to protect yourself in the process. Although everyone likes to believe nothing bad will happen to them, accidents can all happen within your home, leaving you fully responsible if you don’t have insurance. And although insurance won’t stop accidents from happening, they will stop you from having to pay out of pocket should those things occur.

Lemonade offers insurance to anyone who owns or rents, whether that’s in a house, a condo, or a co-op. Although they aren’t available to residents in all 50 states, they do cover most of the USA, and you can check your eligibility on their website. Getting started with Lemonade is easy, and they make the process quick and simple for those who are interested in signing up. Everything can be done right from your computer or smartphone, and the application only takes a few minutes to find out if you will be approved.

Not only is Lemonade quick and hassle-free, they also are one of the lowest priced insurance providers in the market, making them a great choice for the budget-conscious shopper. Great protection doesn’t have to cost a fortune, and Lemonade allows you to get that important peace of mind without breaking the bank. So whether you are buying your first home, signing a new lease, or have lived in your house for years, Lemonade can help you take care of your home and ensure it remains protected for years to come.

Homeowner Coverage

Although insurance may not be required for you to buy a house, it will certainly make obtaining a mortgage a bit easier. Lenders want to know that the home will be safe and protected, as they aren’t interested in putting money into something that won’t ultimately pay them back. By choosing to enroll with Lemonade during the home-buying process, you are showing lenders that you are equally invested in their property and are taking the steps to protect that asset at all costs.

Beyond just satisfying lenders, your insurance policy will also work for you in a number of other ways. The policy itself will not only cover the physical property/dwelling itself, but it will also cover what is contained within it, as well as the people who live in and visit the home. For example, if a fire burns down your house, your policy will help you to cover the expenses related to the repairs. Likewise, if someone was visiting your property and was injured, your policy could also kick in to take care of any legal expenses and medical costs. The full list of what is covered includes:

●  The physical structure of your home

●  Additional structures such as garages, driveways, etc.

●  The total value of your personal property

●  Personal liability for accidents and injuries that occur

●  Living expenses and accommodations during loss of use

●  Medical expenses for anyone injured on the property

Homeowner coverage is split into two options: HO3 for those who live in single-family homes, and HO6 for those who live in condos. Overall, the two types of insurance are extremely similar with the main difference being what owners are actually responsible for. Those in single-family homes have more responsibility as they need to take care of expenses related to the roof, yard, garage, etc. Condo owners, on the other hand, are only responsible for their individual unit, and thus don’t need coverage for anything that extends beyond that. Which insurance you end up with is simply based on what dwelling you live in, although if you have any questions about this, you can always speak to a representative at Lemonade who can help guide you towards the right policy for you.

Renter Coverage

One of the benefits to being a renter is that you can call up your landlord any time something goes wrong. Replacing old appliances, fixing leaks, and dealing with a backed up toilet are all issues that you never have to deal with. But just because you are a renter doesn’t necessarily mean that you are off the hook for everything, which is why having insurance can be extremely beneficial.

Unlike homeowners insurance which covers the house itself, renters insurance is mainly intended to protect the belongings within. Your home is filled with all of your beloved possessions, and unfortunately if a theft or vandalism were to occur, you could be out the money for everything you own unless you have renters insurance. This is why signing up with Lemonade can be extremely beneficial, as it can help you repair or replace your items if anything were to happen.

Renters insurance covers a wide range of incidents and accidents, and some of the ways it helps to protect you is in situations such as:

●  Damage caused by fire or smoke

●  Bad weather such as hail, wind, lightning that causes destruction

●  Property that is stolen or damaged during a crime or vandalism

●  Medical expenses for anyone who injures themselves while at your home

●  Legal expenses if you are sued due to an incident in your home

●  Water damage from sudden or accidental leaks

In addition to your standard policy, Lemonade also offers add-ons coverage for more expensive items you might own. For example, if you’ve inherited some expensive jewelry, you can opt to protect that necklace or bracelet whether it’s damaged or lost. Other items that can be added on include: fine art, bikes, cameras, and musical instruments.

As for who can be included on your renters insurance policy, your spouse and landlord may be added free of charge. However, if you are living with a significant other but not married, they can also be added for a small, additional monthly fee.

Applying for Insurance

The application process with Lemonade is fast and easy, specifically designed to be hassle-free. You can complete the entire application either online via the Lemonade website, or through their free app that is available for both iPhone and Android.

To begin, you will need to select whether you are interested in homeowners or renters insurance, and from there you will be asked a series of questions to learn more about you and your house. Everything you answer through the application is completely confidential, and all answers are recorded simply for approval purposes. Most of the questions are quite basic, asking about the type of house you live in, as well as who you currently share your home with. In total, the application should only take you a few short minutes to get through and there is no long waiting process to find out whether or not you are approved.

Once your application has been completed you will then be taken to a quote page where you can see the actual amount would be expected to pay monthly. This number can then be altered based on your specific coverage needs, and Lemonade does allow you to customize your policy based on coverage amounts. Finally, once you are completely satisfied with your policy, the coverage amounts, and your monthly premium, you can click activate to begin your coverage.

How Much Does It Cost?

One of the biggest questions people have when they begin their hunt for insurance is how much will it cost them every month. No one likes adding additional expenses to their monthly budget, so having to pay another costly bill is probably something you want to avoid. Thankfully, Lemonade is one of the most affordable priced insurance providers on the market, and they offer comprehensive protection at low monthly prices.

Starting as low as $5 a month for renters insurance, and $25 a month for homeowners insurance, you will enjoy low-cost premiums for the duration of your time with Lemonade. However, these numbers are just starting points and how much you ultimately pay will depend upon a number of factors such as your location, the type of property you have, and what kind of coverage you are looking for.

If you want to know exactly how much you can personally expect to pay, Lemonade provides quotes completely free of charge and it only takes a few minutes to complete an application to find out. The quote process does not require any credit card information, nor will it impact your credit score in any way. Simply answer a few questions about your situation and within minutes you can see an exact monthly price that you can then take advantage of immediately if you so choose.

Unsure about filling everything out online without speaking to someone first? You can always contact a Lemonade representative by email, chat, or phone who can answer all of your questions as well as assist you in learning more about what Lemonade provides and how exactly they can benefit you.

Bottom Line

Offering high-quality insurance to both homeowners and renters, Lemonade is redefining the way most Americans think about house insurance. With affordable monthly premiums and customizable coverage amounts, you can create the perfect policy for you and your family that gives you complete peace of mind.

To learn more about Lemonade Home Insurance, or to receive a free quote, check out their website or app. There you will be able to find additional information about coverage, policy details, and the various perks and benefits that come with choosing Lemonade for your insurance needs. Your home is your most valuable asset of all, so keep it protected by enrolling with Lemonade Insurance today.