Lemonade Insurance Company focuses on providing customers with instant service for homeowners and renters insurance. It uses technology to create a fast experience, providing customers with insurance and paying claims in just minutes. Lemonade also uses extra money left over from premiums after it pays claims to give back to charities.
How do customers rate Lemonade Insurance Company?
Lemonade Insurance Company’s rating is based entirely on customer reviews written on Clearsurance. The rating is determined using an algorithm that analyzes a range of inputs from our independent community of insurance customers, including:
- Customer Service
- Claim service
- Likelihood to renew
The algorithm also takes into account the percentage of what customers say Lemonade Insurance Company does well vs. the percentage of what customers say the company could do better.
What coverages does Lemonade Insurance Company offer?
On standard Lemonade Insurance policies, your personal electronic equipment is covered by your Lemonade policy up to the coverage limit you select for Property & Valuables coverage. This can include laptops, phones, tablets and TVs. It covers theft or damage caused by a covered peril, but it won’t cover them if you damage it by dropping it.
Lemonade policies also cover personal property stored in a self-storage unit up to $1,000, in most cases. If you live in New York, California or Connecticut, your property that’s stored in a storage unit is covered for up to 10 percent of your personal property limit (Coverage C).
Earthquake insurance: Lemonade currently offers earthquake insurance coverage in Arkansas and California and plan to expand to other states soon.
Lemonade Insurance FAQs
What makes Lemonade Insurance different?
Lemonade differs from other insurance companies because of its business model. Lemonade utilizes technology to offer customers fast service for homeowners and renters insurance. Customers can purchase a Lemonade policy and get payment for a claim in just minutes.
Everything customers need can be accessed from Lemonade’s mobile app. Each year, Lemonade uses any extra money left over from customers’ premiums after they’re paid claims and taken care of other unavoidable expenses to give back to charities with its Giveback feature.
Does Lemonade offer homeowners insurance?
Yes, Lemonade offers homeowners in addition to renters and condo insurance.
How does Lemonade Insurance work?
Lemonade insurance utilizes artificial intelligence and technology to offer customers insurance quotes through its website or mobile app. Unlike most other insurance companies, Lemonade takes a flat fee out of your premium, pays for expenses and uses the rest of your premium for paying out claims. Lemonade’s Giveback program donates any leftover money from premiums that wasn’t needed for claims to charities. If the claims exceed the money available in the pool for claims paying, Lemonade uses reinsurance to cover it.
Can you cancel Lemonade Insurance?
You can cancel your insurance policy through the Lemonade mobile app at any time and you’ll receive a refund for any of the remaining period that you’ve already paid for.
More about Lemonade Insurance Company
Lemonade operates through its website and mobile app. Anything you need can be done from the app or website, such as making a claim, adjusting your coverage, signing up for a Lemonade policy and canceling your policy.
Social good is a top priority of Lemonade. The company takes a flat 20 percent fee out of your insurance premium and uses the rest of it to pay claims. Lemonade takes the extra money after it pays claims and donates it to nonprofit charities that its policyholders choose.
Lemonade allows policyholders to add extra coverage on items like jewelry, fine art, cameras, bicycles and musical instruments.
What states does Lemonade Insurance Company do business in?
Lemonade Insurance Company sells homeowners insurance in 23 states and Washington, D.C. and renters insurance in 27 states and Washington, D.C.. See the state Lemonade Insurance Company sells in below and click the link to see how Lemonade Insurance Company compares to the other top companies in that state.