Lemonade Home Insurance Review

Lemonade Home Insurance Ratings at a Glance

Purchasing a new home is an exciting time, but it's important to keep practical things in mind during the process. And one of the most important considerations is home insurance. Finding a homeowners insurance policy can be difficult if you don't know where to turn. Benzinga has done some of the work for you by providing the Lemonade Home Insurance review below.

Lemonade offers homeowners insurance policies for single-family homes and for condos. It provides 6 types of home insurance coverage.

Types of Coverage Offered by Lemonade Home

• Dwelling coverage
• Other structures
• Personal property
• Loss of use
• Medical payments
• Personal liability
• Buried Utilities coverage
• Equipment/appliance breakdown coverage

Dwelling Coverage

This helps you repair or replace the physical structure of your home (the walls, floors and roof) along with any attached structures, like a garage or patio, damaged in certain circumstances. The coverage protects you from specific perils named in your policy. 

These perils typically include:

• Fire
• Lightning
• Windstorms
• Hail
• Vandalism
• Theft
• Damage from vehicles
• Smoke
• Falling objects
• Freezing
• Damage from the weight of snow, ice or sleet

Like other insurance companies, Lemonade doesn’t cover damage from floods or earthquakes. California residents can buy a separate earthquake policy from Lemonade.  

Other Structures

This covers structures that aren’t attached to your home, including fencing, home swimming pools, gazebos and detached garages. It will pay to repair or replace those structures if they’re damaged by a peril named in your policy.  

Other structures coverage is 10% of your dwelling coverage limit. If you have $250,000 of dwelling coverage, you’ll have $25,000 of coverage for other structures. 

Personal Property

This covers your belongings in your home, as well as personal items you bring with you anywhere in the world. 

You’re covered up to your policy limit, even if something happens when you’re away from home. For example, if you’re traveling and your laptop is stolen, it would be covered according to the terms of your policy. It also covers items friends and family may have left at your place. 

You can apply for Extra Coverage for specific items: jewelry, fine art, bikes, cameras and musical instruments. Extra Coverage doesn’t have a deductible, and it also covers accidental damage or loss of these items, which isn’t covered by your base policy.

Loss of Use

In some situations, it may not be safe for you to remain in your home while it’s being repaired. In that case, Lemonade offers loss of use coverage to help cover the extra expenses associated with living away from home. This can include hotel bills, restaurant bills, laundry costs, parking fees,moving and storage costs. 

Medical Payments

This coverage helps pay for medical bills if someone is injured on your property. It typically covers up to $5,000. 

Personal Liability

This coverage helps to cover bodily injuries or property damage you’re legally responsible for. It includes scenarios like: 

• Someone injured on your property when you’re responsible 
• You or a member of your household damaging someone else’s property 
• You or a member of your household (including pets) injuring someone else. 

Liability coverage helps to cover legal fees along with settlements or awards. Keep in mind that it doesn’t cover damage to your property or injuries to you and other members of your household. This coverage has its own coverage limit. 

Buried Utilities (BU) Coverage

BU coverage is an add-on for your homeowners insurance that protects underground utility lines. This policy offers up to $10,000 in protection for damage to an underground utility line. Damage is defined as a leak, tear, break or collapse caused by: a mechanical breakdown, wear and tear, freezing, weight of people, animals or equipment and/or artificially generated electrical currents.

This recently launched endorsement is available in Wisconsin, Virginia, Oklahoma, Tennessee, Oregon, Arizona, Rhode Island, Connecticut, Georgia, Arizona and New Jersey.

Appliance/Equipment Breakdown

Lemonade home insurance also recently began providing appliance breakdown coverage to new and existing Lemonade policyholders. This covers your appliances that break down mechanically. This is available to new customers as well as existing policyholders renewing their coverage.

It was initially launched in Wisconsin, Arkansas, Arizona, Connecticut, Georgia, Illinois, Michigan, New Jersey and New Mexico with expansion to Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, Tennessee and Virginia.

Like other insurance companies, Lemonade only covers named perils. For example, if your power goes out and you can’t stay in your home, that wouldn’t be covered under loss of use because it’s not a covered peril. It also doesn’t cover personal property that’s lost or broken unless you purchased Extra Coverage for that item. 

How much is homeowners insurance from Lemonade? Lemonade's pricing is individualized, but overall Lemonade provides a top-rated homeowners insurance experience that's easy and hassle free. Award-winning customer service and digital, super-fast everything from just $25 a month.

Your premiums depend on several factors, including:

• The value of your home
• The condition and construction quality of your home
• The location of your home
• Your previous property insurance claims

To help offset those costs, Lemonade offers a variety of homeowners insurance discounts. 

These include discounts for:

• Burglar alarms
• Deadbolts
• Smoke alarms
• Bundling with other Lemonade products like pet insurance
• Paying annually

You can also adjust your coverage for cheaper home insurance. For example, you can lower your coverage limits or increase your deductible. Your coverage is the most your policy will cover for an event. Your deductible is the amount you pay before Lemonade starts coverage. 

For example, if you have a $500 deductible, you’ll pay the first $500 in costs related to a claim. After that, Lemonade home insurance would pay according to the terms of your policy. 

Keep in mind that these changes could increase your out-of-pocket costs if there’s a covered event. 

Lemonade uses artificial intelligence (AI) to streamline its claims process. According to Lemonade, claims can be handled in as few as 3 seconds, and 30% of claims are handled instantly. 

To file a claim, just tap the “Claim” button in the Lemonade app. You’ll need to record a short video explaining what happened, and enter your bank account information to have your payment deposited. 

If your claim can’t be paid instantly, Lemonade’s dedicated team will review your claim. 

If you have a claim emergency, you can also reach Lemonade at 844-733-8666. 

While some insurance companies offer an app as an afterthought, Lemonade’s app is essential. You can buy and manage your policy, file claims and contact customer service through the app. It’s available through the Google Play and Apple App stores and has excellent ratings from users. 

Like most of its features, Lemonade gets 5 stars for its customer service features. Maya, their AI-powered chatbot, helps you create an insurance plan perfectly suited to your needs and budget. It takes as little as 90 seconds to get coverage, and most claims are paid in less than 3! minutes.

Switching coverage is from another provider is super easy, too.

Wondering how to contact Lemonade? You can call them at their home number, 1-844-733-8666, or reach out to them at help@lemonade.com. You may also always get in touch with them using their app or website. And if you're an existing or previous customer, you can log in to your account and get in touch there.

Lemonade home insurance is one of the best homeowners insurance companies because it makes every step of the process simple. You can buy a policy in a few minutes, file a claim from the app and many claims are paid at record speed. 

It also allows you to do good with your insurance premiums. You choose a charity when you apply for a policy. When you pay your premium, Lemonade takes a flat fee out to cover its expenses. After that, it pays claims. Any money left after claims are paid goes to the charity you chose. 

Lemonade home insurance isn’t available everywhere yet. Its homeowners insurance is available Arizona, California, Colorado, Connecticut, District Of Columbia, Georgia, Illinois, Indiana, Iowa, Maryland, Massachusetts, Michigan, Missouri, Nevada, New Jersey, New York, Ohio, Oklahoma, Oregon, Pennsylvania, Tennessee, Texas, Virginia, and Wisconsin.

Condo insurance is available in Arizona, California, Colorado, Connecticut, District Of Columbia, Georgia, Illinois, Indiana, Iowa, Maryland, Massachusetts, Michigan, Missouri, Nevada, New Jersey, New York, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, Tennessee, Texas, Virginia, Washington, and Wisconsin.

Lemonade is an excellent choice if you want to buy and manage your insurance on-the-go and feel drawn to use your money to support the greater good.

Next Steps: How to Get Lemonade Home Insurance Coverage

Visit Lemonade to learn more and get started. Maya will assist you in getting coverage and show you the rope.

Frequently Asked Questions