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Lemonade Renters Insurance

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Lemonade Renters Insurance

Updated: Aug. 14, 2018

Ranked 1st of 9 renters insurance with a Quid Score of 88.

Buy Now Leave a Review

Lemonade Renters Insurance

Ranked 1st of 9 renters insurance with a Quid Score of 88.

Product Details

Product Details

Ranks 1st overall.

Policy Information
  • Loss of Use: $12,000
  • Additional Coverage: Water Pipe Damage
  • Off-Premise Coverage: Yes - 100%
  • Add On Availability (Floater): Yes
  • Actual Cash Value or Replacement Value: Replacement Value
Company Information
  • Online Quote: Yes
  • Available Discounts: Protective Device Discount
  • Additional Information: Certified B-Corporation
  • Other Products Offered: Home Insurance
  • Customer Service System: Artificial Intelligence
  • Property Catalog System: No
  • Online Portal / Smartphone App: Yes
Key Product Information
  • Type: Renters Insurance
  • Jewelry Cap: $1,500
  • Annual Premium: $145
  • Deductible As Low As: $250
  • Liability Protection: $100,000
  • Minimum Coverage Amount: $10,000
Sources:
Sources:

Expert Rating: 81%

Ranks 3rd among competitors.

Expert Rating: 81%

Ranks 3rd among competitors.

Watch: A Photographer’s Quest for Renters Insurance

Because it’s a newer company in the insurance space, expert reviews are limited but positive overall. They like Lemonade’s sleekly designed website and mobile app, and also approve of the philanthropic ventures that allow customers to donate to a nonprofit of their choice.

Full Expert Breakdown
  • Premium Rates - Very low
  • Jewelry Cap - Average
  • Electronics Cap - Average
  • Agent Knowledge - Average
  • Agent Responsiveness - Above Average
  • Loss of Use - Average
  • 24/7 Support - Yes
  • Standout Information - AI Assistance
  • Number of Customer Complaints - Below Average
  • Financial Strength - High
Notable Positives
  • Excellent website/application
  • B-corporation
  • Simplicity
Notable Negatives
  • Limited geographical coverage
  • No agents
Full Expert Breakdown
  • Premium Rates - Very low
  • Jewelry Cap - Average
  • Electronics Cap - Average
  • Agent Knowledge - Average
  • Agent Responsiveness - Above Average
  • Loss of Use - Average
  • 24/7 Support - Yes
  • Standout Information - AI Assistance
  • Number of Customer Complaints - Below Average
  • Financial Strength - High

Customer Rating: 88%

Ranks 1st among competitors.

Customer Rating: 88%

Ranks 1st among competitors.

Watch: My Take on Lemonade Insurance by Shantal A

People who are looking for a cheap, simple way to insure the contents of their home love Lemonade. The process is tech- and AI-driven from receiving a quote to filing a claim, which is great for many but not ideal for those seeking a conversation. The policies are ideal for those who don’t need excessive coverage but are limited for anyone seeking to insure numerous high-ticket items.

Ideal for people:

First timers who are unfamiliar with renters insurance and want an uncomplicated experience for their limited insurance needs.

Not ideal for people:

Those in need of a more robust insurance policy or those who prefer handling issues over the phone with a person.

Notable Pros:
  • Cheap
  • Easy to buy a policy
  • Easy to file a claim
  • Actively donates to charity
Notable Cons:
  • Powered by AI
  • Can be difficult to initially reach a person
  • Difficult to cancel

Brand Score: 86%

Ranks 3rd among competitors.

Brand Score: 86%

Ranks 3rd among competitors.

Brand Stories

‘The Actual Industry Has a Problem’: Lemonade Isn’t Marketing Insurance Fluff

Read More

Lemonade wants to simplify homeowners and renters insurance by eliminating the need for agents and operating online-only. With a convenient app that is straightforward and easy to use, Lemonade is on the leading edge of the Insurtech category.

Heritage - 3/5

Lemonade is a New York City-based renters insurance company founded in 2015.

Innovation - 5/5

Lemonade relies on mobile apps, artificial intelligence, and fast payment processing.

Reliability - 4/5

As a relatively new insurance company, Lemonade is reinsured by Lloyd's of London and Berkshire Hathaway. Primary communication takes place through Lemonade’s chatbot Maya, although it’s possible to get in touch with a person.

Social Good - 3/5

Once per year Lemonade actively donates unclaimed money to charities and nonprofits that they partner with.

Relevance - 5/5

Lemonade has a solid social following, especially when compared with some of the larger, more established companies.

Retail: Best Price $145.00

Ranks 3rd in value among competitors.

Retail: Best Price $145.00

Ranks 3rd in value among competitors.

Lemonade costs as little as $5 per month and the whole process, from receiving a quote to filing a claim, can be handled on a smartphone. Lemonade claims that it only takes as little as 90 seconds to insure an item and as few as 3 minutes to get paid out once a claim is filed.

Best Purchase Options
Lemonade - $145.00
Best Purchase Option
Lemonade - $145.00

Ranked by Quiddity

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