Renters insurance can be absolutely essential for people who rent their homes, helping to cover the costs of repairs or replacements if things go wrong, as well as potentially helping out with medical, legal, or additional living expenses too.Lemonade is one of the most trusted, modern brands in the insurance field right now, and this review will take a look at how it handles renters insurance.
Lemonade is a leading insurance company based out of New York. The company was founded in 2015, making it one of the newest brands in the insurance business, but it stands out for its ease of use, great rates, charitable donations, and comprehensive plans.
Lemonade offers customizable renters insurance plans with variable rates and limits, along with a range of optional extras to extend or enhance your personal plan.
When you choose any kind of renters insurance, you need to know what it actually covers, as some plans can be much more comprehensive than others. Lemonade renters insurance covers the following:
Personal property – Lemonade renters insurance will cover the total value of your possessions, up to a set coverage limit. This covers damage or destruction due to fire, wind, lightning, crime, and water damage too.
Personal liability – If anyone gets hurt while visiting your home, Lemonade can cover the costs of any legal fees that may result from that injury.
Medical payments – Lemonade renters insurance can also potentially cover medical payments for people who get hurt at your rented home.
Loss of use – If you’re unable to live in your home temporarily due to a covered loss, Lemonade will cover the costs of your additional living expenses in the meantime while the property is repaired.
Valuables – While creating your Lemonade renters insurance plan, you can also opt for Extra Coverage on select valuable items like jewelry, cameras, art, or instruments.
Every insurance plan has a few holes in it, including renters insurance from Lemonade. It won’t cover absolutely everything, and the exact specifics actually vary from state to state. Things like floods and earthquakes aren’t typically covered by Lemonade, although you can purchase these forms of coverage as optional extras.
If you share your home with a roommate, their property won’t be covered by your policy either, so they’ll need to take out their own separate renters insurance plan if they want their valuables and items protected.
Costs and Limits One key factor that everyone usually looks at when considering any kind of insurance policy is how much it’s going to cost, what kinds of fees need to be paid, and what are maximum/minimum coverage limits.
At the absolute basic level, renters insurance from Lemonade starts from just $5 per month, but the average price paid by most customers is closer to $15 per month. The actual price you pay depends on the limits you select and the kind of coverage you need, as well as the deductible you choose.
The minimum coverage amount for personal property is $10,000, while the maximum is $250,000.
For personal liability, you can opt for limits between $100,000 and $500,000.
Loss of use limits range from $3,000 to $200,000.
Finally, medical payments limits range from $1,000 to $5,000.
Deductibles, meanwhile, range from as low as $250 right up to $2,500 depending on your location, and if you choose to pay a higher deductible when you make a claim, your monthly rates will be lower overall. Similarly, if you keep you plan basic, you’ll pay a lower rate, but if you add on extras like valuable items and significant other coverage, the prices will increase.
Part of what makes Lemonade such a popular option for insurance is its ease of use. You can use the simple Lemonade app on your phone to make claims, providing details of the damages, as well as photos and videos recorded right on your phone. The whole process is automated so you can get paid out in a matter of minutes.
Part of what makes Lemonade such a popular option for insurance is its ease of use. You can use the simple Lemonade app on your phone to make claims, providing details of the damages, as well as photos and videos recorded right on your phone. The whole process is automated so you can get paid out in a matter of minutes.
Overall, Lemonade is one of the top brands to turn to if you’re seeking renters insurance. It offers impressive rates, very flexible plans, and super easy systems that simplify the whole process of acquiring renters insurance and making claims too.
