Lemonade Renters Insurance Review

Lemonade | Renters Ratings at a Glance

Do you need a renters insurance company to ensure that your personal property coverage is enough to protect you in case of a loss? Finding the right renters' insurance providers can be tough, but Benzinga has made it easier for you by taking a look at one of the leading renters' insurance companies.

If you're looking for renter's insurance, Lemonade may be the way to go. Learn more in our comprehensive Lemonade Renters Insurance Review and get quotes.

Lemonade’s renters' insurance policy offers 3 types of coverage: personal possessions, liability and additional living expenses. 

Personal Possessions

Lemonade’s renters' insurance policy will pay to repair or replace your personal items if they’re damaged due to a covered peril. A peril is an event that negatively affects you, such as fire or theft. Your Lemonade policy will state which perils are covered. In general, renters insurance policies cover fire, theft, storms, vandalism and water damage from pipes or broken appliances. 

With Lemonade’s theft coverage, your items are covered anywhere in the world. For example, if you’re working in a coffee shop and your phone is stolen, the theft would be covered according to the terms of your policy. 

Liability

Liability is another important type of coverage offered by Lemonade. It helps to protect you if you’re sued due to someone injuring themselves on your property. It also protects you if you or a member of your household injures someone or damages their property. For example, if your dog ruins your neighbor’s prize rose bushes, your policy will help cover the damages.

Liability only covers damage and injuries to others. If your dog ruins your rose bushes, you’ll have to pay for them to be replaced yourself. 

Additional Living Expenses

When some disasters happen, you may need to stay in a hotel while your apartment is being repaired. While your renters' insurance doesn’t cover damage to the structure of your rental (that’s covered by your landlord’s policy), it will help cover the costs of a hotel stay and meals according to the terms of your policy. 

Your renters' insurance policy will only pay for you to stay at a hotel if it’s due to a covered peril. If it’s for another reason, like a power outage, Lemonade won’t cover it.

Additional Coverage

You may have some items, like art, jewelry or watches that are expensive. It may be best to insure these items separately. You can send a note to Lemonade and they’ll give you a quote for Extra Coverage for those items. Lemonade offers Extra Coverage for jewelry, bikes, cameras, fine art and musical instruments. 

Lemonade’s Extra Coverage also helps you for situations that aren’t covered under your standard renter’s insurance policy. For example, accidentally damaging your wedding ring wouldn’t typically be covered, but if you have Extra Coverage, Lemonade may cover the repairs. 

What Isn’t Covered by Lemonade Renters Insurance

Flooding, earthquakes and sinkholes aren’t typically covered by renters insurance. You’ll need to purchase separate policies if you’re concerned about these events. 

Renters' insurance doesn’t cover damage due to pests like rodents and bugs. If this is an issue, you’ll need to discuss it with your landlord. 

Renters' insurance also doesn’t cover accidental damage or lost items. 

How Lemonade’s Renters Insurance Works

Renters' insurance typically reimburses you for either the actual cash value or the replacement costs, and that's why it's important to understand how much renters insurance you need. Actual cash value is when the insurance company reimburses you for the current value of an item. For example, if you have a 2-year-old laptop that was worth $1,500 when you bought it, it might be worth $1,000 if you sold it today. An actual cash value policy would reimburse you for $1,000 if it was destroyed. 

A policy that covers replacement costs would pay you to replace the laptop with the same model as it costs today. To buy the same model today, it might cost $1,300 since electronics often cost less over time. The policy will reimburse you for $1,300. Lemonade’s policies reimburse you based on the replacement costs. 

All of Lemonade’s services are offered through its app or website. That includes customer service. You can only get in touch with customer service through the Lemonade app or through its website. On the website, you can click on “Help” in the bottom right-hand corner to receive assistance. 

Lemonade does have extremely high ratings from its customers. 

Lemonade also takes a unique approach when it comes to claims. It uses artificial intelligence (AI) to review claims, and many are paid instantly. Lemonade’s claims department handles claims that aren’t approved right away. 

Lemonade claims that aren’t an emergency can be filed using its app or its website. You’ll need to record a brief video to explain what happened and show the damage. 

If you’re experiencing an emergency, you can call Lemonade at 844-733-8666. 

Renters' insurance, in general, is relatively inexpensive. Lemonade offers reasonable prices on its renters' insurance. It bases your renters insurance costs on several factors, including your credit history and whether you’ve had any past property insurance claims. 

You can also get a discount if you bundle your renters' insurance policy with a Lemonade pet insurance policy. 

Lemonade has a highly-rated mobile app that’s available from the Google Play and Apple App Store. You can apply for a policy, manage your policy and file claims through the mobile app. You don’t need to pick up a phone to make changes to your policy, including cancellations and adding or dropping coverage. You can do everything through the mobile app. 

Lemonade renters insurance is for renters who are tech-savvy and value being able to buy a policy without talking to an agent or filling out extensive paperwork. When you file a claim, it may be paid automatically, which sets Lemonade apart from many insurance companies. 

While Lemonade isn’t available in all states, it is working on expanding. You can also save money by purchasing a pet insurance policy along with your renters insurance. Overall, Lemonade makes it easy to buy renters insurance and file claims. You can buy a policy in less than 5 minutes and have coverage right away. If saving time and managing your policy from your phone is important to you, Lemonade is a good choice.