Lemonade home insurance review

Lemonade home insurance review - At a glance

Lemonade homeowners insurance will be ideal if you're looking for an affordable home and renters insurance policy. Lemonade offers speed, ease, and dependability to homeowners in the country. While Lemonade is still new to the insurance industry and much smaller than its competitors, it has become popular quickly. Lemonade home insurance policy is for app-savvy millennials and Gen Xers who love doing home insurance transactions via smartphones.

Lemonade introduction and history

In April 2015, Daniel Schreiber (former president of Powermat Technologies) and Shai Wininger (co-founder of Fiverr) launched Lemonade. From getting quotes to filing claims, Lemonade only offers the services online. Lemonade is a public benefit corporation whose Giveback program allows customers to designate a charity. So, the company will donate the surplus premiums after they deduct a fixed percentage of premiums and uses the balance to pay claims.

Pros and cons

Are you looking for the best Lemonade homeowners insurance? Then weigh the pros and cons of the insurer before buying one!

Lemonade home insurance review

• The Way.com Customer Satisfaction Survey - 4.2/5
• Claims satisfaction (J.D. Power) - No rating
• Customer satisfaction (J.D. Power) - No rating
• Financial strength - No rating
• NAIC Rating - Good

Where is Lemonade home insurance available?

Lemonade home insurance is available in the following states and in Washington, DC.

• Arizona
• California
• Colorado
• Connecticut
• Georgia
• Illinois
• Indiana
• Iowa
• Maryland
• Massachusetts
• Michigan
• Missouri
• Nevada
• New Jersey
• New York
• Ohio
• Oklahoma
• Oregon
• Pennsylvania
• Tennessee
• Texas
• Virginia
• Wisconsin

Lemonade home insurance coverage options

Lemonade homeowners insurance policies include standard coverages for your home, properties, and personal liability.

Dwelling coverage: It pays to repair or rebuild your home's structure after a covered loss.

Additional living expenses: It is also known as loss of use coverage. It covers the cost of accommodation, meals, and pet boarding if you can't live in your home after it gets damaged by a covered peril.

Other structures coverage: It offers coverage for other structures on your property that are not connected to your home, like detached garages, fences, and storage sheds.

Personal property coverage: It offers coverage to repair or replace your possessions after a covered loss, like clothing, furniture, technology, and other items.

Loss of use: It covers the payment for hotel stays, restaurant bills, pet boarding fees, and other temporary living expenses if you need to relocate temporarily while your home is under repair after a covered loss.

Personal liability coverage: It pays for the legal and medical expenses if someone gets injured or their belongings get damaged while visiting your home, and you are found legally responsible.

Medical payments coverage: Pays for minor medical bills if someone gets injured in your home, regardless of who is at fault.

Additional coverage (add-ons)

So, now you know the typical coverages that Lemonade home insurance offers. Add the following coverages to your Lemonade home insurance policy for extra protection.

Equipment breakdown: Repairs to household appliances due to mechanical failure or other damage get covered by this coverage.

Swimming pool liability: It offers liability protection and medical payments to your guests if they become injured in or around your swimming pool.

Scheduled property: It covers accidental loss or damage to costly items such as jewelry, musical instruments, bicycles, and more.

Water backup: This coverage pays for the water damage caused by water backup and drain or sewer line overflow.

Renters insurance: It protects your personal belongings in your rented home or apartment against vandalism, fire, theft, water damage, and windstorms, as well as personal liability and loss of use.

Lemonade homeowners insurance discounts

Using the discounts your insurer provides can lower your home insurance premiums. These are some typical discounts that Lemonade offers.

• Bundling: If you buy another Lemonade policy, like auto or pet insurance, you will be eligible for this discount.
• Annual payment plan: You will get a discount if you pay your premium in full yearly.
• Protective devices: You will get this discount if your home has burglar alarms, smoke alarms, or deadbolts.
• Gated community: If you reside in a gated community or neighborhood, you may be eligible for this discount because it reduces your home's burglary risk.
• Fire protection: You can use this discount if your home has equipment like a sprinkler or fire extinguisher system.
• Material: You will get this discount if you construct your home using fire-resistant materials like masonry.

How much does Lemonade home insurance cost?

The average Lemonade home insurance rates are unavailable, so you must request a quote online or via the Lemonade mobile app. The average cost of Lemonade homeowners insurance will differ depending on many factors, like the following.

• The area where you live
• The age, condition, and claims history of your home
• Discounts you are eligible for
• Your home insurance policy limits and coverages
• Your credit score

How do I buy Lemonade homeowners insurance?

You must apply via the insurer's app or website to purchase a Lemonade home insurance policy. Follow these steps to buy one.

• Before you begin, consider the coverage you need and the deductible you will pay.
• Visit the Lemonade website or get the app from your phone's app store. Click the 'Check our prices' button to get a quote. Enter your address, number of rooms, approximate area (in sq ft), and age.
• Compare the quote to those of other insurers you're considering.
• If you finalize it, consider whether you want extra coverage for valuables like musical instruments, art, and jewelry.
• Keep the app on your phone if you need to file claims.

Filing a claim with Lemonade

You can submit a claim via Lemonade's app. In an emergency, you can also file and request immediate help through customer service. So, are you planning to file a claim? Then follow these steps.

• Launch the Lemonade app and choose the 'File a Claim' option.
• Fill out the form and follow the directives. For reimbursement, provide your bank deposit information.
• Then submit additional information, including a video. The claim process will get faster if you provide receipts for damaged items.
• Lemonade will pay you through direct deposit. Some claims get settled immediately. In contrast, others may require further evaluation and communication with Lemonade customer service.

Claims number: 844-733-8666

Lemonade vs. the competitors

Aren't you sure Lemonade home insurance is right for you? Then it is best to compare Lemonade with some of its competitors so that you can make the perfect decision!

Kin vs. Lemonade

Kin is another insurer that uses data and technology to power its systems. However, it only sells home insurance and is available in California, Florida, and Louisiana. The company even utilizes a software program that can predict and assist in deciding which homes may get damaged following a storm.

Clearcover vs. Lemonade

Clearcover may be attractive to tech enthusiasts. The insurer claims its app can pay claims in at least seven minutes on average. Though the insurer only sells car insurance, it has a home insurance partnership with Lemonade.

Allstate vs. Lemonade

Allstate is a traditional national carrier. However, unlike other standard insurers, Allstate provides pay-per-mile insurance through its Milewise program in some states. Since it has contact centers, local offices, and digital tools, Allstate may appeal to those who need many options for doing business with their insurer.

How to cancel a Lemonade policy

You can cancel your policy any time using the Lemonade app and receive a refund for the remaining period. Also, you can cancel over the phone.

• Contact Lemonade customer service at 1-844-733-8666
• Request to speak with a service agent
• Verify your account information
• Then request to cancel your policy
• Inquire whether they will charge any fees

Also, you can email help@lemonade.com asking them to cancel your policy.

Can I cancel my Lemonade policy online?

Yes. You can cancel your policy using the Lemonade app or website and get a refund for the remaining period.

Lemonade online features and app

The highly-rated Lemonade app can view your policy details, update the coverage, file claims, get quotes, and buy a policy.

Key customer satisfaction survey findings - Lemonade

Both the Better Business Bureau and Trustpilot have a combination of positive and negative comments about Lemonade homeowners insurance policies. For instance, many customers have feedback about their experiences with the company's promised quick, hassle-free claims process. But there are also complaints from some customers about drawn-out claims and unexpectedly denied payouts.

Consumer complaints

According to three years of data from the National Association of Insurance Commissioners (NAIC), Lemonade received more than the predictable number of complaints to state regulators of its size. Some complaints were about the insurer denying claim payouts. There were also complaints about delayed responses from customer service representatives for queries, eventually ending in a policy cancellation.

Consumer experience

• Website: It is well-designed and straightforward to use. Customers can get a solution to most of their queries or doubts with the insurers' lengthy FAQ. The homepage also offers a quick quote.
• Claims: The insurer directs you to its app to file claims, but you can also contact it at 844-733-8666. You'll interact with a chatbot on the app and upload a video of yourself describing the issue. Lemonade may pay out your claim quickly, depending on the situation. They make the payments directly into your bank account.

How good is Lemonade home insurance, according to reviews and ratings?

Suppose you're looking for an insurer offering hassle-free sign-up, paying out claims quickly, and customer service through its app. In that case, Lemonade will be an ideal choice. However, before buying a policy, you must compare the quotes and offers with those of other home insurers.

We recommend getting quotes from at least 3-5 insurance companies to ensure you choose the best home insurance policy. Allstate and Travelers are two insurers that you can consider. Allstate offers impressive, while Travelers offers a unique deductible credit that can help reduce out-of-pocket expenses during a claim when you stay with the company.

Homeowners insurance buying guide

Are you planning to buy a homeowners insurance policy? Always prioritize these factors before buying a home insurance policy.

Determine how much coverage you need: The first step is to determine how much coverage you require to protect your home and belongings.

Take inventory: Keeping an inventory of your personal belongings is one of the best ways to get the best out of your home insurance policy. It also simplifies and speeds up the claim process. A home inventory is simply a list of your possessions and their monetary value.

Make a fair comparison: Always compare rates from as many insurers as possible to obtain the cheapest and best rate in your area. Compare the coverages and discounts that each insurer provides.

Check consumer complaints: Before purchasing a home insurance policy, check each insurer's customer complaints. Always choose an insurer with fewer complaints and strong financial stability.

How to file a homeowners insurance claim

You must follow these general steps while filing a home insurance claim.

File as soon as it's safe: If someone damages your home and belongings, you must call the police and file a report immediately. Retain a copy of the report for your insurer, which will require an official document detailing the damage and other relevant information. Suppose the damage wasn't due to criminal activity. In that case, you won't need to get a police report before contacting your provider and filing a claim.

Document the damage: You must then document all of the damage to provide proof to your insurer. Take several photos and videos of the damage from various angles and record the approximate date and time. You could use that document to estimate the cost of each damaged item if you made one when you first moved in.

Prevent further damage: Once you document the damage, you must take steps to keep it from spreading. It will comprise of mopping up standing water to prevent mold growth or covering up wall damage to keep rain and critters away. Ending the spread of the damage is critical because your insurer may refuse to cover additional damage that you could've avoided.

Other home insurance companies to consider

Are you unable to decide on a home insurance policy? Then, also consider these home insurance companies.

• Progressive: The insurer is best for existing Progressive auto customers who want to bundle policies.
• Amica: Excellent customer service and an approved contractor program to help with claims.
• Clearly: Premium protection for luxury homes.
• Nationwide: For customers looking for a wide range of coverage options.