Our Thoughts on Lemonade Renters Insurance
A relatively new name in the world of insurance, Lemonade opened in 2015 with an entirely online option for home and renters insurance. Their model is different from other big players in the insurance space like State Farm because rather than relying on local agents to handle policy activation and changes, they leverage smart technology. Generally, it is known for leveraging automated underwriting using artificial intelligence (AI) to speed up the application and claims process. Since launching, the company has expanded to cover pets and cars in some states.
We like Lemonade because they allow users the ability to start a policy and file claims completely online in an instant, allow more flexibility in selecting custom coverage than competitors, and offer some of the most affordable rates on the market. Lemonade is a good fit for renters seeking basic property coverage with fully online quote and claims processes. Its average monthly premium of $13 comes in under the national average of $15, and most users can apply for coverage in less than one minute.
On the other hand, Lemonade falls short compared to competitors when it comes to the ability to connect with a live agent, actual cost value coverage, and natural disaster endorsements. Our analysis of customer reviews on the Better Business Bureau (BBB) suggested some issues with the company’s AI-assisted customer service, including complaints about how certain reviewers preferred a human assistant. Lemonade also does not offer actual cost coverage or earthquake and flood endorsements, which you can find with other nationwide providers.
Pros and Cons
How Lemonade Scored in Our Methodology
After reviewing more than 20 of the largest renters insurance providers in the country, our team rated Lemonade 4.6 out of 5 stars based on our in-depth methodology. While the company earned top marks in the areas of cost and accessibility, it is not always the best choice for customers seeking a high number of endorsement options.
Lemonade Renters State Availability
Lemonade renters insurance is currently available in a total of 28 states and the District of Columbia, as you can see on the map below.
Availability of Lemonade rental insurance may vary depending on your location and distance to emergency services. When secretly shopping for a quote, our team received multiple coverage rejections for homes located in coastal and exceptionally rural areas. We also found that in areas experiencing natural disasters, Lemonade may require a later start date to begin coverage. Be sure to get a quote to confirm availability for your specific area before choosing Lemonade.
