Lemonade Insurance Review

lemonade insurance

lemonade insurancePurchasing a policy from Lemonade insurance is an excellent way for homeowners, renters, and even pet owners to secure their belongings and take care of their pets’ health.

This certified B Corp insurance company is all about affordable, modern solutions that won’t put a huge dent in your budget. They believe in new technology; that’s why you won’t encounter the traditional insurance agent approach from them.

Lemonade is a company that works with all major lenders, making it much easier for everyone to afford the insurance they need. It’s one of the first peer-to-peer (P2P) insurance brands that is available on the market. Thanks to their policies’ affordability, I became interested in knowing all about the services they offer.

This review gives a detailed insight into Lemonade’s pet, home, and renters insurance policies, together with the costs, what they cover, and what you need to think about before choosing one.

Now, let’s discover the kind of insurance products this company offers, along with its big pros and cons.

Pros

  • Good customer service
  • Affordable prices
  • Bundle discounts
  • Charitable programs
  • Quality apps

Cons

  • Not available nationwide
  • No insurance agents

What Insurance Products Are Available With Lemonade Insurance?

Before we dive into my more detailed Lemonade insurance review, let’s see what insurance products the company has:

  • Renters
  • Homeowners
  • Pet Health

How To Get A Quote

Lemonade makes it very easy for you to get a quote. The company is reachable through its website or through their iOS or Android apps.

Not many insurance companies go through the effort to have such a good website and invest in their own apps. That makes the experience easy and effortless, and you can literally get a quote in minutes. What’s even better, their apps have earned 4.9 stars both on Google Play and the App Store.

Another way to go is to send them an email and include all the questions or concerns you have.

Finally, you can always pick up the phone and call the company’s number that is listed on their website.

The good news is that Lemonade is slowly spreading into Europe as well. At the moment, they have Contents and Personal Liability plans for people who live in The Netherlands and Germany. Soon, they will be expanding all over the Old Continent.

What Does Their Insurance Cover?

Today, we will get a sneak peek into the types of plans that you can get from Lemonade if you rent, are a homeowner, or if you are a pet owner.

Renters Insurance

The basic Lemonade renters insurance protects you and your belongings, and includes coverage for anyone in the household who is related to you by marriage, blood, or adoption, excluding your roommate.

  • Personal property—covers the cost of lost items and damage to your items that happens during a range of scenarios (fire, hail, smoke, vandalism, lightning, theft, windstorm, freezing, riots, damage from aircraft or vehicles, and more)
  • Temporary living expenses—covers your living expenses in case your home becomes temporarily uninhabitable
  • Personal liability and medical bills—covers damages and amounts you’re legally obliged to pay (medical and legal fees)

This insurance does not cover damage to things that belong to your landlord unless you include them in the policy. It also doesn’t include floods and natural disaster coverage, depending on the state where you live. Other things that it does not cover are car theft, damage by pests, your roommate’s stuff, undocumented items, and property damage.

You can add extra coverage to the basic plan for valuable things like jewelry, art, and more.

Home Insurance

Suppose you’re not sure when and where to get homeowners insurance. Check out these two policies that Lemonade offers, and you might get a better idea of what you need.

HO3 Homeowners Policy

The HO3 policy, or insurance for single-family homes, is one of the most popular options among homeowners.

There are six different policies that are a part of the HO3 insurance:

  • Coverage A deals with the dwelling and protects your house and all of the structures attached to it (roof, chimney, and more).
  • Coverage B deals with other structures, things that are not attached to your house (fences, pools, etc.).
  • Coverage C deals with personal property, or all the things that you own located in your home and elsewhere.
  • Coverage D deals with loss of use, or living expenses if your home becomes uninhabitable.
  • Coverage E deals with personal liability, or property damage if you or anyone on your policy is responsible for the damage.
  • Coverage F deals with bodily injuries that results in costs less than $5,000.
  • Insurance for single-family homes

  • Protects everything you have

HO6 Condo Policy

The HO6 policy, also known as condo insurance, protects your condominium investment, your family, and your things. This is a plan that belongs to property and casualty insurance.

It focuses on five different areas:

  • Personal property to protect the things you own
  • Personal liability to protect you in case you get sued or if you accidentally cause damage or harm to someone else
  • Dwelling coverage to protect your condo, together with additions, alterations, and improvements
  • Loss of use coverage to protect you in case your condo becomes uninhabitable
  • Medical payments to others to protect you in case someone else encounters medical issues while in your condo (under $5,000)

As you can see from our Lemonade home insurance reviews, you can create a plan that covers quite a lot.

The home insurance does not cover roof damage (when it happens due to age, neglect, improper maintenance, mold, birds, rodents, insects, fungus, wear and tear, wet rot), termite damage, dog bites (when they bite someone covered under your policy, if it’s a high-risk dog, or if the dog has a history of biting), tree damage (when you knew that the tree was rotting and you didn’t do anything about it, or if it falls due to a natural disaster), roof leaks (when they happen due to age, wear and tear, improper maintenance, mold, fungus, birds, rodents, neglect), mold (when it happens over time and you didn’t address it), or water damage (when it happens due to a continuous leak, a flood, mold, rot, corrosion, or water backup from a drain or outside sewage).

Pet Insurance

Pet coverage is the most recent insurance addition that Lemonade introduced in 2020. This is a type of insurance that covers cats and dogs, and there are three plans you can choose from and combine.

  • Accident and Illness Plan—covers diagnostics, procedures, and medication in case of accidents or illness
  • Extended Accident and Illness Plan—an extension of the basic accident and illness plan that covers exam fees (for accidents and illnesses) and functionality treatments (acupuncture, chiropractor visits, hydrotherapy, physical therapy)
  • Optional Wellness Package—covers preventative care costs and includes an annual checkup, screening for most common illnesses, heartworm test, fecal test, bloodwork, three vaccines per year, wellness reminders, and medical advice chat

Things that are not covered by the pet insurance are pre-existing conditions, experimental treatments, things that happen before the wait period is up, bilateral conditions, dental care, things that are not due to an accident or illness, or conditions that you could’ve prevented (neglect and inadequate care).

I recently did an in-depth review of Lemonade’s pet insurance, so if you’re interested, feel free to check it out and get all the details.

  • Variety of Coverage Options

  • Customized Plan Opportunity

Cost

As with most other types of insurance, this one also depends on the plan that you’ll pick.

The renters insurance policies start at $5 per month. The cost depends on the coverage that you choose and on the state in which you live. Make sure to read the policy well so that you know what you’re getting.

The homeowners HO3 insurance starts at $25 per month. The more you want to protect, the more you need to add to the policy, but make sure that it fits your needs. This is a type of insurance that depends on the state in which you’re located, the amount of coverage you choose, the condition of your home, and your deductible.

The condo HO6 policy also starts at $25 per month. If you’re thinking about creating a personalized plan, it will be influenced by factors such as the location and age of your condo. The deductible and the chosen coverage amounts are the other features that shape the final price.

The cost of the Lemonade pet insurance starts at $12 a month, both for cats and dogs. If you decide to include the extended coverage or the Wellness Plan, the cost will rise. You can only calculate the monthly premium after consulting with the company and giving information on the state where you live, the health condition of your pet, their age, and more.

Customer Service & Satisfaction

Online customer reviews reveal many positive experiences with this company. Their customer service is said to be friendly, kind, and fast to respond. At the same time, they are qualified to give answers to your questions and provide help whenever needed.

Although some customers complain that they had to wait for a long time on hold before they got in touch with an agent, most of the people highly praise the company’s customer service.

Our Tips / Buying Guide

When buying insurance, whether it’s home, renters, or pet, there are several tips you can follow.

First of all, make sure you’re paying a company that you trust. If it’s one that’s hard to reach or you can’t get a hold of their agents, or it takes them days to reply, that might not be the best choice. That’s why you need to explore your options and find someone reliable that will answer all of your questions.

The next step: set a budget. Different companies offer different packages. Basic packages are always cheaper, while the premium ones can be quite costly. Now you need to decide how much you’re willing and able to spend.

If you want to enjoy all the benefits, you need to splurge more. If all you need is basic insurance, then there will definitely be a plan to fit your budget.

Why Is This Company Better Than Others?

There are several key features that make this company a better choice than others when you’re looking for insurance:

  • Low-cost plans
  • Detailed plans
  • Discounts for bundle deals
  • Certified B Corporation
  • Policies that are easy to understand
  • Expanding in the US and Europe

Frequently Asked Questions (FAQs)

Is Lemonade A Legit Insurance Company?

Yes, Lemonade is a legitimate insurance company. You don’t have to be afraid that you’ll get scammed. This is a reputable company with thousands of happy customers.

Can You Call The Lemonade Company?

Yes, you can call Lemonade in case of an emergency or whenever you can’t use their website or apps to get in touch. They have a phone number listed on their website, which you can dial to contact employees from the company.

Is Lemonade Insurance Good?

I’ll say again, this is a reliable insurance company that offers great prices paired with good plans. If you’re looking for homeowners insurance, renters insurance, or pet health insurance, this is a company that you want to take a look at.

Final Thoughts

Lemonade might be a fairly new company in the insurance industry, but they are sure making headlines with their great prices and offerings. This is a legit company that is one of my favorites when it comes to home insurance, and that’s not only because of their low prices.

The insurance policies they promote cover all the basics, while also making sure to fill gaps that not many other companies do. Their customer service is fast, friendly, and always ready to help. Finally, you can’t get these deals with the price points that Lemonade has at many other places.