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Everything You Ever Wanted to Know about Lemonade.com
Insurance

Everything You Ever Wanted to Know about Lemonade.com 

Nearly everyone needs some kind of property insurance. If you rent your home or apartment, renter’s insurance can help you cover the cost for replacing items that are damaged or destroyed by a covered event, like an electrical fire. People who own their home need homeowner’s insurance. This goes a step further, covering both damaged items and structural repair costs. Finding good and affordable coverage can be a daunting task. However, Lemonade.com, a property insurer, aims to simplify the process while keeping your costs low.

What is Lemonade.com?

Lemonade.com is a property and casualty insurance company. It embraces technology to help keep the company’s overhead costs low, and it passes those savings onto the customers. Additionally, Lemonade believes in transparency.

All of their customers pay a simple flat fee for the service, which means Lemonade has no incentive for denying or delaying any claims. With traditional insurers, unpaid claims lead to bigger profits. Since Lemonade only takes in a flat fee to cover its costs, denying claims doesn’t create a financial benefit.

If there is any leftover money after covering all of the valid claims, Lemonade doesn’t keep it. Instead, through its Giveback program, the extra cash is donated to various charitable causes. Customers even get a say in where this money goes based on the virtual group they join.

Lemonade.com Coverage Options

In order to get a policy with Lemonade, you have to either use the company’s Android or iOS app, or head to its website. By issuing claims digitally, Lemonade can keep operational costs low, allowing policyholders to get more affordable coverage.

With Lemonade, you get two primary coverage choices. The company offers both renter’s and homeowner’s insurance, so you need to select the option that aligns with your living situation.

Renter’s insurance can cost as little as $5 a month while homeowner’s starts at $25 a month. Your exact premium will depend on a range of factors, including anything from the amount of stuff you own if you have any high-value items (jewelry, computers, etc.), your credit history, the size of your deductible, and your number of recent claims. For homeowner’s insurance, the property’s details also come into play.

Lemonade considers other risks as well. For example, if your area is susceptible to severe weather, that may lead to a higher premium. Additionally, if you have home security devices, your premium might be lower.

Once you create your policy, you can pay your premium with a credit or debit card. If at any point you no longer need the coverage, you can easily cancel the policy.

With any policy, you also get additional coverage when your items are outside of your home. For example, if your laptop is stolen while you are at a coffee shop, you are covered for that loss. Further, if your dog bites someone, you have might coverage for that too.

Filing Claims with Lemonade.com

While no one ever hopes to file a claim, it is nice to know that Lemonade’s process is incredibly easy. Use the smartphone app and tap the Claim button. Then, follow the simple process to submit your claim. It usually only takes a few minutes as long as you can provide sufficient information about the loss or damage.

During the process, you do need to submit a short video. In that clip, you describe what happened in your own words, making it easier for Lemonade to get a realistic picture of the situation.

If you have receipts to show the value of their items, you can submit those too. But, that isn’t a requirement; it can just help speed up your claim.

Once you submit those details, you give Lemonade bank account information for a wire transfer. Once approved, Lemonade sends the payment (minus your deductible) straight to your bank account.

In most cases, the approval process is almost instant. However, there may be situations where Lemonade needs to take a closer look, so it can take longer if a manual assessment is necessary.

Where Lemonade.com is Available

Lemonade.com doesn’t offer coverage in every state yet, though they are continuously expanding the company’s service area. As of June 2019, renter’s, condo, and homeowner’s insurance are available in:

  • Arizona
  • California
  • Colorado
  • Connecticut
  • Georgia
  • Illinois
  • Indiana
  • Iowa
  • Maryland
  • Michigan
  • Nevada
  • New Jersey
  • New York
  • Ohio
  • Oregon
  • Pennsylvania
  • Tennessee
  • Texas
  • Virginia
  • Washington DC
  • Wisconsin

Rhode Island residents have access to renter’s and condo insurance, while Arkansas and New Mexico residents can sign up for renter’s insurance. However, Lemonade continues to expand, so other states and options could be forthcoming.

Is Lemonade Always Cheaper?

While Lemonade aims to offer the best price possible, that doesn’t mean they will be the cheapest in every scenario. The company’s policies do tend to cost less, but each insurer uses different pricing models, so not everyone will find a deal with Lemonade.

However, since getting a no-obligation quote is free, you can also go through the process and see if Lemonade is right for you. If so, then you can sign up and have coverage in just minutes. If not, you can keep looking elsewhere until you find the right insurer for your needs.

Do you use Lemonade.com? Are you interested in trying Lemonade the next time you need insurance? Tell us about your experience or share your thoughts in the comments below.

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