About Lemonade Renters Insurance
How does Lemonade Renters Insurance work?
Lemonade makes renters insurance simple. The company does this a few ways; the first is only taking a flat fee. The rest of the premium is held for paying claims — some of which are paid in three seconds. Any remaining claim balance is passed to the charity of your choice. This isn’t just an excellent opportunity for charities — by letting go of the remaining cash, it takes the temptation away from Lemonade to make a profit from claim balances.
What does Lemonade Renters Insurance cover?
Just like traditional renters insurance policies, Lemonade renters insurance covers personal property, personal liability, medical payments and loss of use up to a certain payout. However, Lemonade may not cover loss in specific instances — check Lemonade’s list of the most common covered incidents for damaged items:
Fire and smoke
Wind, lightning and hail
Crime and vandalism
Water damage
Coverage can also include medical payments for accidents that happen to guests on your property, helping mitigate potential lawsuits associated with these cases.
Spouses and children are also covered on the same renters insurance, and customers can add significant others to their policy immediately via the app.
What isn’t covered by my Lemonade renters insurance policy?
Lemonade’s basic renters insurance plans do not include flood insurance, earthquake coverage or coverage for your roommates. Earthquake coverage can be purchased for an additional fee, flood insurance can be purchased with a separate policy and platonic roommates must get their own renters insurance policy.
How much does Lemonade Renters Insurance cost?
Lemonade renters insurance policies start at $5 a month for basic coverage, but most customers pay around $20 per month for standard coverage. The Lemonade renters insurance price depends on a few factors, including the coverage you choose, the deductible you can afford and whether or not you’ve installed home security and fire systems.
As far as coverage goes, the most influential factor on price is the amount of personal property coverage you need. The minimum, $10,000, can secure you a low monthly payment, even with maximum payouts for electronics, liability, loss of use and guest medical coverage. The maximum coverage for personal property, $250,000, would require a monthly payment closer to $100.
If you opt into a high deductible, as much as $2,500, your monthly cost is driven way down. Conversely, you should expect to pay much more per month if you have a $250 deductible.
Lemonade customers can add extra coverage for jewelry, fine art, bikes, cameras and musical instruments, which would add a few more dollars to your monthly premiums. Adding a significant other to your policy or extra water back-up coverage costs more as well.
You’ll need to decide what level of coverage you want to get an accurate Lemonade renters insurance quote.
Lemonade Renters Insurance FAQ
Can I add my roommate to my Lemonade renters insurance policy?
Unless your roommate is related to you, they cannot be added to your policy and must purchase their own. Spouses, children and in some cases a landlord can be added to your renters insurance policy. Significant others can be added for a little more each month.
Is Lemonade Renters Insurance legit?
Yes, Lemonade is a fully licensed and regulated insurance company offering renters and homeowners insurance. We recommend it because of its transparent payment system, flexible coverage and affordable premiums. Though Lemonade does not offer bundling discounts with auto insurance, the company makes up for it with other optional discounts and flexible, low-cost coverage. Filing claims are straightforward, its coverage is generous, and you get to choose a charity to support with unclaimed premiums.
