Lemonade Renters Insurance Review and Prices
Lemonade is an insurance company that markets its products to people who want to buy coverage from a company that is honest and doesn’t try to hide anything. Daniel Schreiber and Shai Wininger began the business in 2015.
The two are now CEO and president/CTO, respectively. Lemonade started out by giving people options for renters insurance and homeowners insurance. In 2020, they added plans for pet insurance, and in January 2021, they gave some people the chance to get term life insurance.
On this page, we’ll talk specifically about Lemonade insurance for renters. If you own your own home, check out our ratings for the best home insurance.
Lemonade, one of our Best Renters Insurance Companies of 2023, is a great choice for people who are comfortable buying and managing their renters insurance policy online. If so, Lemonade will make it easy for you to sign up and file a claim. Depending on the nature of your claim, it may be approved right away.
Those who want to work with an agent will have to look elsewhere. So are people who live outside of the 27 states and Washington, D.C., that Lemonade serves. When you get a quote, make sure to read the fine print because not all states offer the same types of coverage. For example, a Lemonade renter’s policy in New York covers up to 10% of your personal property limit for storage units, while policies in other states have a $1,000 limit.
Lemonade is also different because it gives a portion of any extra money (unused premiums) to a charity you choose. The company says that their Giveback program gave $1.1 million to 34 nonprofits.
What is covered by Lemonade’s renters insurance coverage?
Lemonade renters insurance covers three main things: personal property, loss of use, and personal liability.
Personal property coverage pays to replace your things if they are lost, stolen, or damaged by things like fire, lightning, windstorms, hail, smoke, freezing, vandalism, or theft. Even if your things are stolen outside of your home, you are covered.
How other natural disasters happen depends on where they happen and what else is going on. For example, flooding caused by a storm is not covered, but water damage from, say, a burst pipe is.
Damage from earthquakes is not covered for renters in California. In some states, like Rhode Island, hurricane coverage is built into standard renters insurance policies. In other states, like New Jersey, it’s an extra that you can choose to add.
Loss of use coverage is for times when you can’t live in your home right now. If, for example, a fire does a lot of damage to your home and you need to stay in a hotel or rent a place for a while, Lemonade renters insurance will pay for those extra costs.
Last but not least, personal liability coverage protects you if someone gets hurt on your property and sues you. This could mean, for example, that someone falls down your stairs that you haven’t fixed or told your guests about.
The injured party’s legal fees and medical bills would be paid for by Lemonade’s renters insurance. Most liability claims from Lemonade customers are about damage caused by fire. If a fire in your apartment hurts your neighbor’s apartment, your renters insurance will pay for the damage.
Personal liability insurance can cover things like your dog biting someone or your cat scratching someone. Remember that every situation is different, so if you have questions, be sure to ask Lemonade’s customer service team.
Each insurance company and policy is different, but you can get a better idea of how renters insurance works by reading our guide.
Lemonade renters insurance is currently available in Arizona, Arkansas, California, Colorado, Connecticut, Georgia, Illinois, Indiana, Iowa, Maryland, Massachusetts, Michigan, Missouri, Nevada, New Jersey, New Mexico, New York, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, Tennessee, Texas, Virginia, Washington, D.C., and Wisconsin. It’s also available in France, Germany, and the Netherlands, and more European countries are on the way.
What Does Lemonade Renters Insurance Not Cover?
Lemonade renters insurance doesn’t cover things like losing heat, water, or electricity. It also doesn’t pay for damage that these outages cause. You are covered, though, for damage caused by burst pipes, which can happen when you lose power, heat, or water.
Flooding directly caused by natural disasters, like rivers or lakes that overflow their banks, is not covered by renters insurance. Damage from earthquakes or sinkholes isn’t covered either. Wildfires and tornadoes, on the other hand, are usually covered. Pests like bedbugs and property damage are not covered by renters insurance.
What kinds of discounts on renters insurance does Lemonade offer?
Lemonade gives you a discount if your home is equipped with fire alarms, sprinklers, or security alarms. You can also save money by buying multiple policies at once.