Lemonade Renters Insurance Review

Overview

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. 

As America’s top-rated insurance company, Lemonade is an expert when it comes to helping people like you get the right coverage, and their renter’s insurance policies are no exception. Powered by advanced AI technology it only takes a few minutes to get set-up and from there you get to sit back and relax, knowing that your personalized policy will be there if that time comes. Simple and transparent, Lemonade makes insurance easy and their affordable pricing only helps to sweeten the deal. 

Do I Need Renter's Insurance?

Renter’s insurance is the smart way to protect yourself and your assets from damage, theft, and more, and will assist you in avoiding unnecessary expenses that you haven’t budgeted for. Although not legally required, some landlords may actually require you to have an up-to-date insurance policy in order to remain a tenant and if you are on the hunt for new housing, not having insurance could hurt your chances of finding that perfect place. 

But, if the thought of getting insurance seems like more hassle than you think it's worth, consider the fact that without insurance you are left on the hook for the replacement of your items if there is a theft, for damages to the property due to negligence, and even for legal matters should someone get injured while over visiting. 

To make it easier and faster than ever to obtain insurance, Lemonade is powered by advanced AI technology that can help tailor a policy to your specific needs and can give you an online quote in minutes. No endless paperwork or waiting on hold, Lemonade can give you instant coverage in only 90 seconds. 

Ranked #1 for customer satisfaction and with a near-perfect rating, Lemonade is bringing insurance into the 21st century and giving renter’s what they need so that they are protected and their stuff is kept safe. Renter tested, and landlord approved, Lemonade is the smart choice for anyone interested in hassle-free, comprehensive insurance coverage. 

What Does Lemonade Renter's Insurance Cover?

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 

● 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. 

So whether you experience theft or vandalism, fire damage, or someone injures themselves while at your house, your Lemonade policy may be able to offset the costs associated with those events so you aren’t left wondering how you’re going to afford to cover the unexpected expenses. 

Who Is Lemonade Renter's Insurance For?

Lemonade is designed for the renter who understands that things happen in life that are sometimes out of their control, and that accidents, thefts, and damages are always potential risks that you may not be financially prepared for. Giving you peace of mind and protection, Lemonade is the top choice for any renter who wants comprehensive coverage without the usual hassle, endless paperwork, or non-stop phone calls. 

During the signup and/or quote process you will need to input your address and this information is used to not only determine your individual premium, but also to ensure that you are eligible to have a policy with Lemonade. Currently Lemonade Renter’s Insurance is not available in all of the 50 states, but they are constantly growing and expanding, with the hope of adding more eligible states over time. 

As for who can be included on your renters insurance policy, your spouse and landlord may be added free of charge and you can input their information during the signup process, or any time after signing up, via the Lemonade app. However, if you are living with a significant other but not married, they can also be added to your policy for a small, additional monthly fee. 

Lemonade Claims Process

Powered by AI technology, Lemonade’s claim process is quick and easy so you aren’t left waiting around for weeks at a time wondering what’s going on. With claims being sometimes approved within seconds, Lemonade has a handy app that is well-designed and does what it’s supposed to do. Featuring a near-perfect rating on both the App Store and Google Play, you can manage your entire account from within it and it makes filing claims simple and straightforward. 

Lemonade differs from traditional insurance with regards to how they handle the monthly premiums they receive, and unlike many of their competitors they don’t see that monthly amount as theirs for the taking. Instead of seeing premiums as profit, Lemonade only takes a flat fee from that monthly amount and the remaining balance is then used to pay out claims that occur throughout the year.

Because the premiums aren’t profit, Lemonade has no reason to try and delay the process, and you can get paid out in full faster. As for the leftover money at the end of the year that isn’t claimed, Lemonade’s giveback program makes an annual donation to the charities and causes that policyholders care about so you know your hard-earned money is being spent wisely and ethically. 

How Much Does Lemonade Renter's Insurance Cost?

Renter’s insurance premiums are calculated on an individual basis and fluctuate depending on a number of unique factors. Which state you reside in, details about the property, your credit history, and whether you have other types of insurance can all play a role in determining exactly how much you can expect to pay every month. 

Since premiums are such a personalized calculation, the best way to find out how much you can expect to pay with Lemonade is to visit their app or website and request a free quote. It only takes a few minutes to answer a quick questionnaire and from there you will be given a real estimate that you can then take advantage of immediately. 

Starting as low as $5/month, Lemonade has some of the most budget-friendly policies and they are up to 30% more affordable than a typical renter's insurance policy. Happen to own expensive jewelry or fine art? That can be added on to your policy so it’s protected. Just got a new dog and need pet insurance as well? Lemonade offers that and bundles it along with your renter’s insurance to keep everything organized and in one place. 

Damages, thefts, and injuries can have high bills associated with them, so having a low monthly premium that protects you against those costs is ultimately worth the addition to your budget. You even have the ability to customize coverage amounts so that you aren’t spending more than you need to every month, while still ensuring you have a well-rounded policy and suitable protection.

Bottom Line

Rent is one of those expenses that can take up a large chunk of your monthly income, so making sure you’re caring for and protecting your living space is an important part of being a smart and well-informed renter. Although you likely do everything within your power to make sure your home isn’t damaged, and you lock your doors each night to prevent thefts, you can never be 100% protected as accidents happen, thefts can still occur, and unexpected expenses can pop up that drain your savings or leave you in debt. 

By enrolling with Lemonade for renter’s insurance, you get an extra layer of protection for your home and the belongings contained within it. As America’s top insurance provider, Lemonade provides outstanding service, comprehensive coverage, and affordable premiums which is why they maintain a near-perfect rating from clients across the USA. To learn more about their policies, or to get a free quote for yourself, visit their website or download the app and see why more renter’s are choosing Lemonade for their insurance needs.