Lemonade Insurance Review | Buy Insurance Online Instantly In 2022!

Written By Licensed Agent Sa ElDecember 10, 2021

One of the most confusing aspects of purchasing your home can be shopping for homeowners insurance to close on your home. 

And get this, we found that over 70% of people do no research before they buy home insurance and 73% miscalculated how much coverage they would need.

Some 60% of insured households are underinsured on their homeowner's policy.

Our Lemonade Insurance Reviews: 


lemonade insurance logo

Lemonade is becoming the best way to buy insurance online and avoid the traditional 3 to 5 day application process. Lemonade even offers Earthquake Insurance in some states and has a Give Back program.

In this review today I am going to show you how Lemonade's process works, and why it's the best way to buy homeowners, renters, auto, pet, or life insurance insurance online.

Who Is Lemonade Insurance?

lemonade insurance review

Lemonade is a property and casualty insurance company that is transforming the very business model of insurance.

Their business runs by mixing technology and transparency into the space of insurance and they only take a flat fee so there is nothing for them to gain by delaying or denying claims. 

Lemonade has been rated A (Exceptional) by Demotech which evaluates the financial  stability of regional and specialty insurers..

What Makes Lemonade Insurance Different?

Unlike other insurance companies, Lemonade only takes a fixed fee out of your monthly payments.

They pay for expenses like reinsurance and then use the rest for paying out claims.

Then at the end of the year they do an annual "Giveback" with the remainder of the unclaimed premiums.

We talk more about how the Giveback works below, but below is a quick review:

Every year leftover money is donated to causes that you might care about.  Whatever cause you choose, gets matched with other policy holders or "peers". Lemonade then uses the premiums collected from each group to pay for the group's claims, and then gives back any leftover money to their common cause. 

And don't worry, if the group's claims exceed what is left in the group or "pool", reinsurance will kick in and cover the difference. Lemonade also offers the ability to purchase additional Earthquake coverage depending on the state that you live in.

Almost none of the top home insurance companies give you the option to add earthquake insurance. 

THE SIMPLY INSURANCE WAY

Home Insurance made easy.

Agents not required.

Get quotes and sign up online without talking to an agent. But, we are here if you need us.

Unbiased, expert advice.

Get unbiased insurance education from licensed experts and also avoid dodgy sales calls.

Coverage in minutes.

You can get home insurance coverage within minutes of getting your quotes and applying.

Pros And Cons Of Lemonade Homeowners Insurance

Below is a list of some pros and cons of Lemonade's homeowners insurance plan.

Lemonade Insurance Review - The Pros

  • Super Fast Quotes
  • Instant Online Coverage
  • Earthquake Insurance Rider (CA & AR)
  • The Zero Everything Service
  • Detailed Explanation Of Claims Process
  • Lemonade Gives Back

Lemonade Review - The Cons

  • Not Available Nationwide
  • Some Policy Options Cost Extra

It's easy to see, the pros outweigh the cons and honestly, isn't that what you want in a home insurance company?

What Does Lemonade Homeowners Insurance Cover?

Coverage For Your Home

It will cover your home and any secondary structures on your property.  This part of your coverage does not include the coverage for your personal property or personal liability.

Rebuilding Cost - Just a general estimate of how much it would cost to rebuild your home and any secondary structures on your property in the event of total damage.

Extended Replacement Cost - For an extra cost, this added protection increases your standard home coverage by an additional 25% or 50% (depending on which option you select) in case the cost of rebuilding your home is higher than expected. 

Replacement Cost (RC) - When something in your plan is insured for its Replacement Cost, a covered claim would be reimbursed for the cost of replacing that item as of today, minus your policy deductible.

Coverage For Your Belongings

This is the coverage that will cover some of your personal property both inside and in certain instances, outside of your home.

When claims are made for covered items, your insurance pays the replacement value of your belongings.

The amount of coverage paid out may vary depending on type of item, location of item (in vs. out of home) and the specific type of peril. 

You can add additional coverage for the below items:

  • Jewelry
  • Fine Art
  • Bikes
  • Cameras
  • Musical Instruments

Coverage For Your Liability

This is the insurance that covers certain instances of bodily injury, personal injury (emotional or other non-physical damages), medical expenses, and property damage sustained by others for which you or your family members are legally responsible.

If someone is hurt at your home and decide to file a law suit against you, this part of the coverage will kick in.

Loss Of Use Coverage

If your house is damaged by a covered loss to the point that you can't live in it, Lemonade will put you up in a nice hotel or similar rental home.

They will also include living expenses to get you back on your feet.  This part of the policy does have its own maximum limit that you can choose.

Portable Electronics

These items will have a max, you can go up to $6,000 in coverage so be mindful when considering the costs of all your portable electronics.

It covers things like:

  • Phones
  • Tablets
  • Laptops
  • Headphones

Medical Payments To Others

If your date cuts a finger while chopping veggies for dinner at your place and needs stitches, or the babysitter sprains an ankle running down the stairs to answer the door. 

You will be responsible for their medical payments, but don't worry. These medical expenses are covered in your policy.

Self-Storage Locker

If you have your personal property stored in a self-storage facility, or usually store it at a different place, Lemonade's policy covers you for theft up to a limit of $1,000. 

Note, if you’re in NY, CA, or CT, their policy only covers your personal property in self-storage units for up to 10% of your Coverage C (personal property limit).

Additional Policy Options

Some additional policy options you can choose are: 

Mortgage: Add your mortgagee to your policy, and they will send them your proof of insurance for free. 

Spouse: Your spouse is automatically covered by this policy. You can easily add their name if you wish

Significant Other: Living with your significant other? Easily add them to your policy at an additional cost.

Water Backup: Covers damage caused by water coming out of your drain or sewer for an additional cost.

What Else Is Covered?

Lemonade covers other things as well such as: 

Fire & Smoke: A faulty Christmas light or your attempt at deep frying can cause some smoke and fire damage. They cover you for both.

Bad Weather: Wind, lightning, and hail are scary. You're covered for all of them. 

Crime & Vandalism: Your home is full of stuff: furniture, clothing, appliances. Lemonade will cover you if any of it is stolen or damaged.

Water Damage: Your pipes may be feeling a chill, or your neighbor's bathtub is leaking through your ceiling. Aka, if there's sudden or accidental water damage, you're covered.

Mold: Sometimes, water damage can cause side effects like Fungi, Bacteria and mold. While gross, the happy side is that you're covered for up to 5% of your replacement cost for this kind of damage. You can add more coverage if you'd like.

Earthquake Insurance In CA & AR

If you are lucky enough to live in CA or AR you can actually pay an additional fee and get earthquake insurance added to your policy.

Lemonade is one of the few companies that offers this option and they are looking to expand it into more states.

How Your Deductible Will Work

This policy has a General Deductible and you have the option to choose deductible ranges from $250 up to $10,000.

Keep in mind the lower your deductible the higher your monthly premium will be. 

The higher your deductible the more it's going to cost you out of pocket when you file a claim.

Coverage For Your Liability

This is the insurance that covers certain instances of bodily injury, personal injury (emotional or other non-physical damages), medical expenses, and property damage sustained by others for which you or your family members are legally responsible.

Additional coverage included in all Hippo plans

The best thing about a Hippo Insurance policy is that it comes with all types of additional coverage, check out what else is covered below:

Loss of Use - Will cover you for any extra living expenses while your home is being repaired; things like food, hotels and storage.

Ordinance Coverage - This will cover you if an ordinance change in your area increases the cost of construction when you need to rebuild part of your home. 

Water Backup - Covers any damages caused by the backup and overflow of water from drains or sewers.

Jewelry & Watches - Covers for loss by theft of Jewelry, Watches, Furs, Precious and Semi-Precious Stones, coverage amount depends on the type of policy you purchase.

Enhanced coverage also included in all Hippo plans

But Wait... There's more, I know it seems gimmicky, but Hippo has even more enhanced coverage that's also included in all of their plans:

Equipment Breakdown - Covers the cost of repair or replacement for pretty much everything in your home that uses electric power, in the event of electrical or mechanical breakdown.

This includes things like your: 

  • Washer & Dryer
  • Kitchen Appliances
  • Water Heaters
  • Computers & TVs

The Equipment breakdown coverage protects up to $100,000 and the deductible is only $500, which is less than the standard deductible for other types of claims.

Domestic Workers - This coverage protects you if a residence employee (like a nanny, gardener or babysitter) is injured on your property.

Home Office - Covers home office equipment such as computers and printers for up to $10,000. If you work from home, this is an awesome benefit. 

Computers - Laptop & desktop computers and related storage devices covered up to $10,000. 

Extra Water Backup - This doubles your standard water backup protection, covering up to $15,000 for damages caused by backup and overflow of water (Included in Hippo’s Extended Protection plan). 

Mortgage Payment Protection - In the event that your home becomes uninhabitable, this coverage provides up to $1,500 a month, for up to 12 months, toward your mortgage payments (This coverage is included in Hippo’s Our Best Value and Extended Protection plans).

Extra Jewelry & Watches - Increases coverage up from $2,000 to $5,000 for loss by theft of Jewelry, Watches, Furs, Precious and Semi-Precious Stones (Included in Hippo’s Extended Protection plan).

3 Different Types of Deductibles

Your policy is going to have 3 different deductibles, this is the amount of money you will need to pay for an eligible claim before Hippo starts to pay.

We detail them below:

General

Applies to eligible claims that are not a direct result of wind, hail or a named hurricane. Also known as "All Peril Deductible".

Wind Or Hail

Applies to eligible claims that are the direct result of wind or hail damage.

Hurricane

Applies to eligible claims that are the direct result of a named hurricane at the time the loss occurred.

Keep in mind that all of the above deductibles will have a different amount so be sure to remember what amount you will need to cover based on how the loss occurred. 

Rental Property & Vacation Home Protection

If Hippo insures your primary residence, they can also insure your secondary or vacation home.

This is awesome if you are renting out a condo you are still covered. 

INSURANCE WHERE YOU LIVE

Home insurance by state.

What Does Lemonade Insurance Not Cover?

Lemonade Insurance offers a very comprehensive plan; however, there are a few things that they Do NOT cover, like:

  • Flood damage
  • Sinkhole Damage (In certain states)
  • Landslides & Mudflow Damage
  • Vicious Dog Attacks

The dog Breeds they don't cover are:

Pit Bulls, Staffordshire Terriers, Doberman Pinschers, Rottweilers, German Shepherds, Chows, Great Danes, Presa Canarios, Akitas, Alaskan Malamutes, Siberian Huskies, Wolf-hybrids.

I know it doesn't seem fair to pet parents, but this is pretty much industry standard.

Who Does Your Lemonade Insurance Policy Cover?

One of the most often asked questions is, "Who will this policy cover?"  

The reason this is an important question to ask is because it is easy to assume that because you have homeowners insurance that your room mate is covered.

However, that isn't true, they would need their own policy if they are renting, Lemonade made a nice video about who all is covered: 

How Much Does Lemonade Home Insurance Cost?

The average cost of homeowners insurance is about $109.00 per month.  However, the main driver of your premium is the cost it would take to rebuild your home in case of a disaster. 

This is based on the materials used to build your home, number of rooms, number of stories, and many other factors. The location of your home and your personal history with home or renters insurance claims are also taken into account.

Lemonade has made it very easy to compare quotes and review insurance rates online. The best way to find out your cost is to check out our home insurance calculator.

Lemonade Insurance Availability & Options

There are a few things to take note of with a Lemonade policy:

  • Lemonade offers Homeowners, Condo, & Co-Op insurance.
  • Lemonade Customers can add payments to their loan or pay with a debit or credit card.
  • Customers can add payments to their loan, pay via a checking or savings account or pay with a debit or credit card.
  • Currently Not Nationwide, we detail below where they offer each product. 

Where is Lemonade homeowners insurance 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

Where is Lemonade renters insurance available?

Arizona, Arkansas, California, Colorado, Connecticut, District Of Columbia, Florida, Georgia, Illinois, Indiana, Iowa, Maryland, Massachusetts, Michigan, Missouri, Nevada, New Jersey, New Mexico, New York, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, Tennessee, Texas, Virginia, Washington, and Wisconsin

Where is Lemonade condo insurance 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, Rhode Island, Tennessee, Texas, Virginia, Washington, and Wisconsin

Where is Lemonade pet insurance available?

Alabama, Arizona, Arkansas, California, Colorado, Connecticut, District Of Columbia, Georgia, Illinois, Indiana, Iowa, Maryland, Michigan, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, and Wisconsin

Where is Lemonade term life insurance available?

Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District Of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, and Wyoming

Where is Lemonade car insurance available?

Illinois

THE SIMPLY INSURANCE WAY

Home Insurance made easy.

Agents not required.

Get quotes and sign up online without talking to an agent. But, we are here if you need us.

Unbiased, expert advice.

Get unbiased insurance education from licensed experts and also avoid dodgy sales calls.

Coverage in minutes.

You can get home insurance coverage within minutes of getting your quotes and applying.

Lemonade Condo & Co-Op Insurance Review

Your Lemonade Condo Insurance or Co-Op Insurance quote can still be completed in about 30 to 60 seconds and have the policy finalized within 4 minutes.

This is awesome for anyone who wants to insure multiple homes with them or for anyone who wants the same great product and speed for their condo. 

The best thing about these two products is that they come with the same benefits of Lemonade's homeowners insurance.

What makes them different is that these products only cover your actual unit and the items inside, it doesn't cover the entire building. If you own a Condo or Co-Op, you should definitely consider Lemonade.

Lemonade Landlord Insurance

Lemonade is also offering landlord insurance if you have a rental property.

The way it works is if you're a condo/co-op owner in NY, CA, TX, IL, PA, DC, or NJ, and rent out your property less than 5 times a year, you can get their landlord insurance policy. 

If your property is in one of those states, you can get this policy by clicking here and just letting them know you own your unit, but will be renting it out.

Keep in mind that a landlord policy only protects the actual property and not the contents inside of it for your renter.

You'll want to encourage them to get their own renters insurance policy (or make it mandatory in your lease!).

Unfortunately, at this time, they do not provide landlord policies for single family homeowners.

Alternatives To Lemonade Homeowners Insurance 

Your Best alternative to Lemonade Insurance is going to be Hippo. Not only do they offer a 100% online seamless process, but they also give you approval in minutes. You can check out our detailed Hippo Insurance review here

Lemonade Claims Process

How do I file a claim?

Lemonade has made filing a claim super easy, all you need to do is open the Lemonade app and click the "Claim" button. 

You will get guided through the rest of the process after that.

How will I get paid for my claim?

Once you finish the claim report inside of the Lemonade app, you will be asked to enter your banking information for wire or direct deposit.

As soon as the claim is approved they will issue your payment minus the amount of your deductible, directly into your bank account. 

How fast will a claim be paid?

Lemonade's goal is to pay almost instantly for the majority of simple property claims.

For more complicated claims the process is going to depend on how long it takes you to get back the requested information to make a decision on the claim.

It's best to keep copies of all your documents in a safe place to get out of the claims process as fast as possible.

Why does Lemonade ask me to record a video during the process?

Honestly, there is no better way to understand your situation than for Lemonade to look a video of the incident and hear you go over the situation.  

It only takes a minute to record the video and it's used only for the process of reviewing your claim. 

What’s considered a claim emergency?

Lemonade considers an emergency as an event that requires immediate assistance or temporary housing as a result of fire, ongoing water damage, or any other structural damage that leaves your home exposed.

Once you report an emergency, their response team will call you to get an idea of the situation and provide you with emergency services. 

They have a network of emergency response and repair partners that are available 24/7 to assist you with almost anything at any time.

For emergencies, and in cases where you don't have access to our app or website, you can call them at: (844) 733-8666.

What documentation do you need from me? Should I take inventory?

It's always best to keep a copy of your receipt for expensive things, but, we all know that not everyone saves their receipts. 

The best thing to do is keep a copy of your receipts for things that are expensive, like $250 or more, this way your claim can get settled faster.

Even if you don’t have the receipt, keeping note of where and when you purchased more expensive items will help Lemonade help you faster. 

Taking Action

No other Lemonade Insurance Reviews are as long as mine; however, I wanted to make sure that you received as much information as possible.

If you have been holding off on buying homeowners insurance for any reason,  I say give Lemonade a chance. 

You have nothing to lose, if you decide to cancel the policy before the year is up, your remaining days of coverage will be pro-rated and you will receive a refund based on days remaining.

Just click here or on any of the above buttons to get started.


{"email":"Email address invalid","url":"Website address invalid","required":"Required field missing"}
>