Lemonade Insurance: What You Need to Know

Lemonade insurance provides renters insurance, homeowners insurance, car insurance, pet insurance, and life insurance. Lemonade is a newer insurance company that prioritizes a digital customer experience that makes buying insurance and filing claims fast and easy.

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D. Gilson is a writer and author of essays, poetry, and scholarship that explore the relationship between popular culture, literature, sexuality, and memoir. His latest book is Jesus Freak, with Will Stockton, part of Bloomsbury’s 33 1/3 Series. His other books include I Will Say This Exactly One Time and Crush. His first chapbook, Catch & Release, won the 2012 Robin Becker Prize from Seve...

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Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insuranc...

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Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years Leslie Kasperowicz

UPDATED: May 13, 2022

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The Highlights

  • Lemonade insurance is a newer insurance company that relies on a digital customer experience to make obtaining quotes and filing claims quick and easy
  • Lemonade provides renters insurance, homeowners insurance, car insurance, pet insurance, and life insurance
  • At the end of every year, Lemonade donates up to 40% of unclaimed money to a charity of its policyholders’ choice

Lemonade insurance was established in 2015, making it a newer insurance company that lacks the reputation of some of the best insurance companies with long-standing histories. There are still many questions consumers have about Lemonade insurance, such as “does lemonade offer car insurance?” However, Lemonade has begun making its mark as an affordable insurance company with an easy-to-use platform and a caring brand.

If you’re interested in learning more about Lemonade, continue reading to discover its insurance products, rates, and Giveback program.

You can also enter your ZIP code into our free quote comparison tool above to find companies with insurance policies similar to Lemonade’s.

What is Lemonade Insurance?

Lemonade insurance is a newer insurance company known for providing policies at highly affordable rates. In addition, Lemonade uses high-tech solutions, such as a mobile app and artificial intelligence, that help people receive quotes and manage existing policies.

Lemonade’s claims process is speedy, affirming that they can pay claims in approximately three minutes. In addition, Lemonade is a Certified B Corporation, wherein the company donates up to 40% of unclaimed money at the end of each year to charities of its customers’ choosing.

When prospective policyholders apply for coverage, they select a charity that they would like to support. The money that they pay for their policy is then pooled with policyholders who choose the same cause. Lemonade takes a flat fee from every policyholder and uses the funds to pay claims. At the end of the year, they give up to 40% of the remaining funds to the policyholder’s charity. In 2021, Lemonade donated over $2 million to charities.

In addition, Lemonade plants trees to offset the carbon footprint from its car insurance policyholders.

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What types of insurance does Lemonade provide?

Lemonade provides renters insurance, homeowners insurance, car insurance, pet insurance, and life insurance.

Standard Lemonade renters insurance will cover a policyholder’s belongings if damaged or destroyed in many events, such as a fire, theft or vandalism, smoke damage, freezing conditions, and more. Also included in Lemonade renters insurance policies is personal liability and medical expense coverage for people who are injured on the policyholder’s property.

Additional renters insurance coverages include coverage for high-value items and accidental loss or damage. However, valuables may require a value assessment or proof of purchase.

Lemonade homeowners insurance includes coverage for your dwelling and other structures, personal property, personal liability, loss of use coverage, and medical payments for others who are injured on your property.

A common question is “does lemonade do car insurance?” Unfortunately, Lemonade car insurance is currently only available in Illinois, but the company plans to expand to more states soon. Lemonade offers basic auto insurance coverage, including liability, collision, and comprehensive. In addition, policies include emergency crash assistance, roadside assistance, and glass coverage at no additional cost.

Lemonade insurance for pets provides coverage for diagnostics, procedures, and medications if your pet is injured or becomes ill. However, if you want coverage for routine examinations and veterinary services, you will need to add a wellness package to your pet insurance.

Finally, Lemonade sells term life insurance with durations between 10 and 30 years. Lemonade doesn’t require a medical exam for coverage approval, and death benefits are as high as $1.5 million.

How much is insurance from Lemonade?

Lemonade has extremely affordable starting rates for all of its insurance products. Let’s examine how much you might pay for each type of policy.

Lemonade Insurance Starting Rates by Insurance Type
Type of InsuranceStarting Monthly Rate
Lemonade Renters InsuranceAs low as $5 per month
Lemonade Homeowners InsuranceAs low as $25 per month
Lemonade Car InsuranceAs low as $30 per month
Lemonade Pet InsuranceAs low as $10 per month
Lemonade Life InsuranceAs low as $9 per month
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It is helpful to remember that your insurance rates, regardless of their type, will vary by location and coverage levels.

In addition, Lemonade may provide some discounts relative to the type of insurance you purchase. For example, Lemonade relies on telematics to track the driving behaviors of its car insurance policyholders, which can help them earn discounts. There are also some bundling discounts if you have more than one type of insurance with Lemonade.

What do customers think of Lemonade insurance?

Lemonade insurance’s posted online customer reviews generally disclose positive experiences. Many policyholders are happy with the claims process from Lemonade and with the customer service they have received both before and during the claims process. Other reviews also reveal the ease of the quote and purchasing process, especially since it is conducted online.

Unfortunately, Lemonade is not rated by A.M. Best; therefore, we are unable to provide a strong opinion regarding the company’s financial reputation. In addition, Lemonade has an NAIC complaint index of 1.85, which indicates that it receives more customer complaints than expected for a company of its size.

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How do I get Lemonade insurance quotes?

You can receive a Lemonade insurance quote on the company’s website or app. The quote process only takes a few minutes. However, you will need to provide some basic information about yourself, such as your name and address.

Depending on the type of insurance that you are attempting to learn more about, you will need to answer relevant questions. For example, if you want homeowners insurance, you may need to provide information about your home. On the other hand, if you desire car insurance, you may be required to supply information concerning your car.

Should I buy Lemonade insurance?

Lemonade has its advantages and disadvantages. It is a newer company that has approached insurance with a completely digital customer experience. This strategy can help attract younger customers and those who appreciate using their Lemonade insurance login for almost everything.

The Lemonade app makes it easy to apply for coverage, make payments, file claims, and manage your policies. However, the computerized experience may not be the best choice for people who prefer more personalized customer service.

Lemonade provides affordable rates, and it also rewards causes that are important to its policyholders. However, not all of Lemonade’s insurance products are available throughout the 50 U.S. states. Therefore, you will need to determine if it’s available in your area.

If you want to compare policies similar to Lemonade’s, enter your ZIP code into our free quote comparison tool below to find affordable insurance companies in your area.

References:

  1. https://content.naic.org/

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