Lemonade Renters Insurance Review

Lemonade is an online insurance company, offering many types of policies, including renters insurance as well as homeowners, auto, pet, and life insurance to parts of the U.S. and Europe.

Lemonade renters insurance covers your personal belongings, protects you from liability claims and pays for alternative living arrangements if your home becomes uninhabitable. Plans are available in 28 states and Washington, D.C., and start as low as $5 per month. You can get coverage in minutes, and claims are simple and fast on the Lemonade app.

Lemonade offers renters insurance with a feature that sweetens the deal. You choose a charity when buying insurance through Lemonade, then your payments are pooled with those of other policyholders. After paying expenses and claims each year, the company gives any money left over to customers’ favorite causes.

How It’s Compared

Lemonade vs. GEICO Renters Insurance

The main difference between Lemonade and GEICO renters insurance is that Lemonade sells its own policies while Geico offers coverage through third parties. With GEICO, your coverage and discount options may vary depending on which company ends up writing your policy. Both GEICO and Lemonade offer bundling discounts if you buy more than one type of insurance.

The claims filing experience is another area where the companies differ. Lemonade claims are filed through its app, and some are processed instantly. With GEICO, you’ll need to reach out to the third party that services your policy to file a claim.

You can get quick online quotes from both companies, but Lemonade’s renters policies aren’t available in all 50 states the way GEICO’s are.

Lemonade vs. State Farm Renters Insurance

Lemonade takes a digital-first approach to insurance, offering most customer service functions, such as quotes, payments and claims filing, through its app. State Farm also has a robust website and app, but it has a large network of local agents for policyholders who want more personalized help.

Lemonade comes out ahead when it comes to the speed of claims processing. Some of its claims are paid out almost immediately after being submitted through the app. However, State Farm’s renters policies are available in more states than Lemonade’s.

Bottom Line

Lemonade offers a fast and convenient way to get renters insurance, with its user-friendly quote process and the ability to buy a policy online. The company’s insurance product is designed for digital natives and people who are more comfortable managing their insurance policy online or in an app rather than speaking to an agent.

Lemonade is an excellent choice for people looking for basic coverage at affordable rates. It offers some of the cheapest insurance quotes, and in exchange for those lower rates, you’ll give up extra features like specialized coverage and in-person customer support.