Lemonade

Overview

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 and a range of optional extras to extend or enhance your personal plan.

What's Covered?

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.
• 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 cannot live in your home temporarily due to a covered loss, Lemonade will cover the costs of your additional living expenses 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.

What's Not Covered?

Every insurance plan has a few holes in it, including renters insurance from Lemonade. It won’t cover everything, and the specifics 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 insurance policy is how much it will cost, what kinds of fees need to be paid, and what maximum/minimum coverage limits are.

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, the kind of coverage you need, and the deductible you choose.

• The minimum coverage for personal property is $10,000, while the maximum is $250,000.
• You can opt for personal liability limits between $100,000 and $500,000.
• Loss of use limits ranges from $3,000 to $200,000.
• Finally, medical payment 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 your plan basic, you’ll pay a lower rate, but the prices will increase if you add on extras like valuable items and significant other coverage.

Making A Claim

Part of what makes Lemonade a popular insurance option is its ease of use. You can use the simple Lemonade app on your phone to make claims, providing details of the damages and photos and videos recorded on your phone. The whole process is automated, so you can get paid out in minutes.

Conclusion

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.