What is Lemonade?

Lemonade is a peer-to-peer insurance provider for renters and homeowners looking to save some time and money.

Its online insurance business model uses Artificial Intelligence (AI) Chatbots, and its mobile app can help you build an insurance plan and file claims quickly and easily. The insurance rates are super low, and the processes are quite transparent, making it an affordable and accessible service for everyone.

As a certified B Corporation, Lemonade isn’t like old-school insurance companies that take months to pay your claims. Now, you can get it filed and processed in less than three minutes!

What Lemonade Can Do That Others Can’t

Lemonade takes a flat 20% fee off your premium to cover running costs, salaries, and tech replacements – the rest goes to insuring customers.

With their Giveback Program, if there’s still some money left at the end of June, Lemonade gives it away to a charity of your choice! That’s how they gave over $600,000 to nonprofits in 2019.

With Lemonade, you can currently avail the following insurance plans:

Renters Insurance

Lemonade lets you protect your belongings for whatever total value you’re comfortable with. Lemonade also offers the option of extra coverage for high-value items, some of which might need a proof of purchase.

The standard renter’s insurance cover the cost of items lost or damaged in several situations such as theft, vandalism, fire and more.

Homeowners Insurance

Standard coverage includes:

• Your home – Lemonade’s experts estimate reconstruction costs
• Other property structures such as your driveway, fence, etc.
• Personal property – the combined value of your personal electronic devices, clothes, furniture, etc.
• Personal liability – if someone is injured on your property and decides to take legal action, Lemonade can help
• Loss of use – if your house becomes uninhabitable, Lemonade covers accommodation costs
• Medical expenses – if guests or neighbors are injured on your property

They also offer Condo and Co-Op Dwellers Insurance (check their site for details).

Features That You’ll Love

Zero Everything

Lemonade’s Zero Everything policy is available to renters, condo, and co-op owners in the states of California, Illinois, Nevada, and Texas. It’s ideal for people who want their smaller personal belongings insured. This waives off the deductible for claims you make in exchange for a small surplus charge. Unlike most insurers out there, Lemonade won’t increase your premium whether you make two claims or less a year.

Extra Coverage and Add-Ons

With Lemonade, you can expand your coverage limit for higher value items and also extends to outdoor storage unit items. You can customize your limit directly from Lemonade’s mobile app – a unique feature not found with other insurance companies. Extra coverage includes theft anywhere in the world!

Mobile App

Lemonade’s mobile app offers a seamless user experience that simplifies the insurance process. You can request a price quote, become a policyholder, and even file claims – all from the mobile app! Customers can enjoy fast service conveniently from the comfort of their homes.

Transparency

There are no elaborate schemes or hidden charges – no complex phrasing or policy rules with loopholes. Lemonade Insurance shows you exactly how much you’re paying for your premiums, where the leftover money goes and has transparent pricing for every additional $1,000 worth of items you want to insure.

Family coverage

Lemonade automatically covers all your family members at no additional cost. Well, even your landlord if your tenant agreement deems it necessary.

Significant others can be added for an added charge. However, roommates will have to get their own insurance coverage.

Pay What You Can Afford

The cost of becoming a policyholder with Lemonade depends on a variety of factors: your property value, its location, your choice of the insurance deductible, and the extra coverage you’ve taken up.

If we dive into the specifics, Renter’s Insurance starts at $5/month, and Homeowner’s Insurance starts at $25/month. That’s way cheaper than traditional insurance firms! Still, getting an individual quote is far smarter, so you’ll know exactly what to pay to meet your needs.

But Lemonade Isn’t For Everyone

People who prefer in-person services from insurance agents might be confused regarding Lemonade’s tech set up. This explains why 75% of their customer base is less than 35 years old.

Moreover, homeowners with complex insurance needs and policyholders looking to bundle home and auto insurance will not find Lemonade Insurance and its simplified process an ideal fit.

Unfortunately, one of the few drawbacks of Lemonade is that it isn’t available in all US states.

Pros and cons

Pros

• Free family coverage — Lemonade automatically covers all your family at no extra charge
• Easy and simple — Lemonade makes it super easy to sign up and make claims
• Incredibly affordable rates — Get renters insurance as low as $5 a month
• The Lemonade Giveback — Any leftover money is donated to a charity that you choose

Cons

• Not available everywhere — As of now, Lemonade is only available in 20+ states.

The Final Word

Lemonade peer-to-peer insurance is a refreshing take on lackluster insurance models that have nothing to offer for the modern consumer. It is a quality service that makes homeowners insurance affordable to everyone.

Lemonade’s Giveback Program, smart mobile app, and easy claims process are the reasons customers can’t seem to get enough. Its unique features make Lemonade’s offerings too good to pass up. Positive reviews and happy customers should reassure you that you’re making a smart choice,

What are you waiting for? Sign up with Lemonade Insurance now.