Lemonade Renters Insurance Reviews

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 — and other necessary expenses. 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.

Lemonade is built solely on a digital platform, with no brick-and-mortar offices, and its customers can adjust their coverage, file claims or ask questions online or in Lemonade’s mobile app, anytime, anywhere. Lemonade is powered by artificial intelligence, which lets the company work efficiently with fewer agents while keeping costs low, and claims processing takes as little as seconds to complete. Lemonade is known for being very transparent about this model and prides itself on its fast service at low costs.

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 commonly 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 in some states for an additional fee, flood insurance can be purchased with a separate policy, and platonic roommates must get their own renters insurance policy.

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 and deductible you choose, 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, but you should elect for more coverage if the value of your possessions is greater. The maximum coverage for personal property, $250,000, would require a monthly payment closer to $100.

If you opt into a high deductible — it can go as high as $2,500 — your monthly cost is driven way down. Conversely, you should expect to pay more per month if you have a $250 deductible.

Lemonade customers can add additional coverage for jewelry, fine art, bikes, cameras and musical instruments, which adds a few more dollars to your monthly premiums. Adding a significant other to your policy or coverage for water backup costs more as well.

You’ll need to decide what level of coverage you want to get an accurate Lemonade renters insurance quote.

Lemonade is a fully licensed and regulated insurance company offering renters insurance. We recommend it because of its transparency, adjustable coverage and affordable premiums. Though Lemonade does not offer bundling discounts with auto insurance in most states, the company makes up for it with other discounts and flexible, low-cost coverage. Filing claims is straightforward, its coverage is generous, and you get to choose a charity to support with unclaimed premiums.