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Lemonade Renters Insurance Review (2022)

Lemonade is a newer insurance company that provides renters insurance for as little as $5 per month.

American home with three car garage. iStock

In This Review: Pros & Cons | Coverage | Optional Coverage | Not Covered | Cost | Discounts | Availability | Customer Service | How to File a Claim | Comparison | FAQs

Lemonade is an up-and-coming insurance company that takes a new approach to providing renters insurance to customers. Policies start as low as $5 per month, and any premium money the company doesn’t use for claims is donated to the charity of your choice.

Keep reading our Lemonade renters insurance review to learn more about what makes the company different from other renters insurance providers and determine if this is the best provider for you.

Pros and Cons of Lemonade Renters Insurance

✔ Coverage starts at $5 per month
✔ Provides a mobile app and website chat function
✔ Giveback program donates unused policy money to charities

✘ Only available in 28 states
✘ Newer to the insurance industry (founded in 2015)

Lemonade Renters Insurance Coverage

Lemonade offers standard coverage similar to most insurance providers. The company covers events including fires, lightning, windstorms, hail, smoke, vandalism, theft, freezing, damage from aircrafts or vehicles, and riots.

A Lemonade policy covers four main renters insurance areas

  1. Personal Property Coverage: This part of a renters insurance policy protects your personal belongings. For example, if a fire were to destroy your belongings, Lemonade would give you money for an actual cash value (ACV) replacement. This means that Lemonade will take into account how much your item has depreciated and pay you that amount. Lemonade coverage $10,000–$250,000 for personal property.
  2. Loss of Use Coverage: If a covered loss made your home temporarily uninhabitable, Lemonade would pay for living expenses while you lived somewhere else. These expenses could include the cost of a hotel or the cost of eating out and doing laundry. Lemonade will cover 30% or more of personal property for loss of use.
  3. Liability Coverage: If you were to be held liable for an accident, your policy will cover property damage and bodily injury to someone else. It may even cover legal fees if that person sues you. Lemonade covers a range of $100,000–$1,000,000 for liability.
  4. Coverage for Medical Payments to Others: If a guest in your home gets injured, your policy will pay the medical bills for that person to get treated.
  • Portable Electronics Coverage: Expensive items, like jewelry or electronics, usually aren’t covered under the personal property section. Most companies make you purchase additional coverage to get protection for those items. However, a Lemonade policy automatically protects some of your electronics. Lemonade covers $1,500–$6,000 for portable electronics.

Learn More: What Does Renters Insurance Cover?

Lemonade Renters Insurance Optional Extra Coverage

Lemonade customers can further customize their policies by getting extra coverage.

Here are Lemonade’s optional add-ons:

  • Jewelry
  • Fine art
  • Bikes
  • Cameras
  • Musical instruments
  • Equipment Breakdown

What Lemonade Renters Insurance Does Not Cover

While Lemonade Renters Insurance covers a handful of events in their policy, it’s important to recognize the events that are not covered.

Lemonade’s renters insurance policies do not cover the following events:

  • Natural disasters (floods & earthquakes)
  • Car theft
  • Undocumented items
  • Roommate’s items
  • Damage from pests
  • Property damage

How Much Does Lemonade Renters Insurance Cost?

According to Lemonade’s website, a starting policy costs as little as $5 per month. However, when we submitted our information to get a quote, we found the cost to be much higher.

Lemonade Cost Breakdown

Area of Coverage Coverage Amount
Area of Coverage Coverage Amount
Deductible $500
Monthly cost $29.67

The quote above is for a one-bedroom apartment in Cleveland, Ohio. This would include $30,000 of coverage for personal property, $9,000 for loss of use, $100,000 for personal liability coverage. It also includes $1,000 per person for medical payments to others and $1,500 for portable electronics.

Your Lemonade deductible can be $250, $500, $1,000, or $2,500.

Note: The price of your Lemonade renters insurance policy will vary based on your current living situation, your age, and a few other factors.

Lemonade uses the following information to calculate your premium:

  • Credit history
  • Recent claims
  • Property age
  • Property size
  • Property construction quality
  • Property sensitivity to weather
  • Protection equipment, like security systems

Lemonade Renters Insurance Discounts

If you are looking to save even more money on your Lemonade renters insurance policy you may qualify for a discount if:

  • You purchase another type of Lemonade insurance policy such as pet insurance
  • Your home is protected with additional features such as deadbolt locks and smoke alarms

Lemonade Renters Insurance State Availability

Lemonade Renters Insurance is available in 29 states nationwide, plus Washington D.C.:

Arizona, Arkansas, California, Colorado, Connecticut, Florida, Georgia, Illinois, Indiana, Iowa, Maryland, Massachusetts, Michigan, Missouri, Nevada, New Jersey, New Mexico, New York, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, Tennessee, Texas, Utah, Virginia, Washington, and Wisconsin

Lemonade Customer Service

Lemonade prefers you use the chat function on its website or the mobile app for all of your policy and claims questions. However, if your claim is an emergency or you don’t have access to the website or app, you can call 844-733-8666.

Lemonade uses AI technology to reduce delays in the claims-filing process. However, it is important to note that Lemonade is involved in a class-action lawsuit alleging consumer privacy violations regarding Lemonade’s collection of customers’ biometric data without their consent. The lawsuit likely contributed to a recent decrease in Lemonade’s rating with the Better Business Bureau.

When reached for a statement, a Lemonade representative declined to comment on ongoing litigation. The lawsuit, filed in the New York Southern District Court, was pending as of January 2022. However, we continue to recommend Lemonade as a legitimate company with a dedication to charitable service and an array of affordable plans and customer-friendly tools.

How to File a Claim with Lemonade

To file a claim, open the Lemonade app and hit the claims button. The app will guide you through the rest of the process, which includes recording a minute-long video of yourself explaining the incident and inputting your bank information to get a claim amount paid to you.

Most of the time, your claim will get approved and you’ll get paid instantly. However, Lemonade may take longer to approve property damage or liability claims.

If your claim is considered an emergency, which Lemonade defines as an event that requires immediate assistance or temporary housing as a result of fire, ongoing water damage, or another structural issue, you can call the company at 844-733-8666 to file a claim.

Our Conclusion

Lemonade renters insurance is ideal for renters who want affordable coverage and an easy sign-up process. Additionally, it’s great for those who want to support companies that give back to the community.

However, Lemonade isn’t great for those who value dislike customer service via email or the company’s AI bot, even though phone support is also available.

Overall, we believe Lemonade is a provider worth considering. As you evaluate whether Lemonade is right for you, we recommend getting a free quote from the company’s website.

It’s also a good idea to get quotes from multiple companies in your area so you can compare costs.

Enter your zip code in the tool below for free quotes from other providers near you:

Lemonade Renters Insurance vs. Top Competitors

If you’re not sure whether Lemonade is right for you, compare it to other top-rated renters insurance companies below.

Compare Renters Insurance Companies

Companies Lemonade Progressive Geico
Companies Lemonade Progressive Geico
Known For... Easiest Sign-Up Process Single Deductible Benefit Low Deductibles
Monthly Price $5+ $13–$25 $12+
State Availability 28 states 50 states 50 states
Year Founded 2015 1937 1936

Company Overview

  • Company Name: Lemonade Insurance Company
  • CEO: Daniel Schreiber
  • Year Founded: 2015
  • State Availability: 28 states
  • Address: 5 Crosby Street, Floor 3
  • City/State: New York, NY
  • Zip Code: 10013

Frequently Asked Questions About Lemonade Renters Insurance

Is Lemonade renters insurance reliable?

Lemonade is a legitimate business that provides affordable renters insurance policies with a quick and easy application process.

Why is Lemonade renters insurance so cheap?

Lemonade Insurance offers low prices potentially because of the structure of its platform. Groups of customers pool their premiums into one collective pot that is drawn from when a renters insurance claim needs to be paid out.

Learn More: How Much is Renters Insurance?

How does Lemonade’s Giveback program work?

Lemonade strives to be different from traditional insurance companies by using a different business model. Lemonade takes a flat fee out of your premium to keep the business running and leaves the rest for any claims that may arise. At the end of the year, Lemonade takes any of your premium money that wasn’t used for claims and donates it to the charity of your choice.

What information do I need to request a quote from Lemonade?

To see how your property and personal information will change pricing, go to Lemonade’s website and submit the following information:

  • Name
  • Address
  • Safety features
  • Valuables
  • Email address
  • Date of birth

Can you get a discount by bundling your Lemonade insurance policies?

Yes, you can bundle your Lemonade renters insurance policy with a Lemonade pet insurance policy and get a discount.

Other Renters Insurance Resources

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