Lemonade Homeowners Insurance Review

Considering purchasing from Lemonade? This article will give you the information you need to help you find a Lemonade homeowners insurance quote.

Does Lemonade Offer Homeowners Insurance

If you currently own a property or are thinking of purchasing one, then the benefits of owning homeowners insurance cannot be stressed enough – after all, your home is most likely one of the most, if not the most, valuable asset you have. With homeowners insurance, you will be able to be certain that your property is protected from damage or loss. But before you can purchase homeowners insurance, you need to first find and compare several different insurance providers to find the right one. In this article we will discuss one of many – Lemonade. Lemonade is an insurance company that, you will be glad to know, does offer homeowners insurance. You might be surprised to hear that Lemonade’s homeowners insurance service is unique in that it relies heavily on technology and artificial intelligence (AI). As such, it can provide you with lightning-fast claims decisions, and it also has a 5-star-rated mobile app through which filing claims and making policy adjustments can be done. Its online-first approach makes your homeowners insurance incredibly easy to manage from wherever you are. Not only that, but it’s affordable too! In this article we will be discussing Lemonade homeowners insurance in further detail so that you can make the best decision.
home insurance logo

Lemonade Homeowners Insurance Review and Costs

One of Lemonade’s primary selling points is that it’s affordable – Lemonade’s homeowners insurance cost annually on average for a policy with a $400,000 limit was $171, proving to be almost $912 cheaper than the national average, which may seem very attractive to many people. Monthly premiums for homeowners insurance start at $25 a month, and will vary depending on factors such as your location, size of your home, and the coverage limit you select. Its second strong point, as discussed previously, is its simple-to-use mobile app, which makes receiving quotes and signing up for coverage quick and intuitive. This is ideal for those who are on-the-go and may not have the time to go through lengthy processes to file claims, make adjustments to their policy, and so on. If you encounter any issues, Lemonade offers good customer service, with a BBB rating of B+, which rates how well or poorly the business interacts with its customers. Lemonade’s main limiting factor, however, is that it is only available in 27 states.
Lemonade Homeowners Insurance High-Level ReviewBy the Numbers
BBB rating for Lemonade Homeowners InsuranceA-
Lemonade Renters Insurance JD Power RatingN/A
Avg. Cost for Lemonade Homeowners Insurance Yearly$1,334.40
Avg. Cost for Lemonade Homeowners Insurance Per Month$111.20

Lemonade Howeowners Insurance Coverage

One of the most important things that you need to know is: what does Lemonade homeowners insurance cover? As is the case with most homeowners insurance policies, Lemonade’s homeowners insurance covers five main things: reconstruction costs for your home if it is damaged, your personal property in the case of damage or theft, personal liability when you’re legally liable for another individual’s medical expenses, medical payments to others if someone is injured on your property, and loss of use if you’re unable to stay in your home due to a covered cost. With Lemonade’s homeowners insurance, you can add further coverages onto your standard policy, though these options may not be as extensive as those of Lemonade’s competitors. The most noteworthy optional coverages are: water backup (i.e. damage from sewer drain backup), earthquake coverage, extended reconstruction cost, and valuables coverage (which increases coverage limits for valuables such as jewelry and art). You can choose whichever ones best fit your needs and what protection you prioritise.
Lemonade homeowners insurance does cover several types of water damage, typically those that are “sudden and accidental” such as burst pipes, water backup and supply hose breakage. However, like most homeowners insurance policies, Lemonade homeowners insurance does not cover flood damage. Saying this, many people may not even need flood damage coverage for their homeowners insurance – you can try and get a hold of a flood map to determine your risk level, but typically only properties in coastal areas, flood plains, or dry land are at a high risk of flooding. If you are living in one of these high-risk areas, then you can purchase flood insurance as a separate policy from the National Flood Insurance Program. Lemonade also does not cover mold, but this is on a case-by-case basis. For instance, mold caused by a covered loss such as fire, lightning, frozen pipes and ice that is hidden in the walls, ceilings or floors is covered. Mold resulting from sudden and accidental situations such as burst pipes is also covered. Mold is not covered by Lemonade homeowners insurance, however, when it results from negligence, such as the mold that forms over time in damp places such as in your shower or under your sink.

How Much is Lemonade Homeowners Insurance Near You

As we discussed earlier, Lemonade’s homeowners insurance offers an average annual premium of only $171, which Is significantly cheaper than the national average of $1,083. Additionally, Lemonade homeowners insurance was found to be $344 cheaper annually than its competitors such as State Farm and Amica. It also offers discounts, such as a material discount if your home is made of fire-resistant material, or a fire protection discount if you have measures such as a fire extinguisher or sprinkler system in your home. Premium rates may vary, however, depending on factors such as your location, meaning they can differ state-to-state.

Ahome insurance content image 01

Get a Lemonade Homeowners and Auto Insurance Discount

For insurers who offer both homeowners and auto insurance, it is common to find that they will offer a discount if you bundle these two insurances together – for example, with insurance providers such as State Farm and Progressive, by bundling your auto insurance with your homeowners insurance you can save around 15% on total insurance costs. This is a common strategy that people use to save money and get more out of what they pay. However, Lemonade, though it does offer homeowners insurance, does not offer auto insurance coverage. As such, customers cannot bundle these two insurances and take advantage of this common discount. However, there are other discount options, as was briefly mentioned earlier, so you won’t be missing out on money saving. On top of the fire protection and material discounts, there are other options such as protection equipment discount where you receive a discount from your Lemonade homeowners insurance if you have equipment such as fire or burglar alarms set up. There is also a gated community discount, which, as the name suggests, means you can receive a lowered rate for your Lemonade homeowners insurance if you live in a gated community.

Costs of Lemonade Homeowners Insurance Compared with Competitors

To further explore Lemonade homeowners insurance cost compared with its competitors, we can look further into each one’s average annual premium. You can’t argue against Lemonade’s unbeatable affordability - for a homeowners insurance policy with a $400,000 limit, Lemonade’s average annual cost is $171, whereas that of State Farm is $268, and Amica’s $373. Even at a $250,000 coverage limit, Lemonade is still cheapest at $120, State Farm being more expensive at $186, and Amica at $237. You will see similar trends across several policy limits: Amica is the most expensive annually, followed by State Farm, and Lemonade coming in as the cheapest. However, affordability isn’t everything, and in terms of other factors such as a wider range of optional coverage options or bundling with auto insurance such as that offered by Nationwide, other insurers are more likely to win out.

Reaching Out to Lemonade Homeowners Insurance

Should your property sustain damage from a covered peril such as a violent storm, a guest in your home become injured, a burglar break in, or another disaster, you will need to know how to make a Lemonade homeowners insurance claim to be covered for your damages and/or losses. There are several steps to this: first, in the case of a crime such as theft of vandalism damaging your property, your primary move should be to call the police and file a report before anything else. Then, notify Lemonade as soon as possible – with Lemonade’s mobile app, this can be done incredibly fast, though you can also find the Lemonade homeowners insurance phone number online if you do not have the app with you. After this, if there has been damage caused to your property, you are allowed and encouraged to make any reasonable emergency repairs in order to prevent further damage, though you must make sure to take photos of the damage before starting any work, and also keep copies of any receipts for reimbursement. This ties into our last tip, which is to document any and all evidence of damage and losses, which will form the basis of the claim.
Though it is incredibly important to have homeowners insurance, maybe Lemonade homeowners insurance in particular isn’t for you. This could be for a number of different reasons – maybe you want different discounts such as an auto-homeowners insurance bundle discount, or perhaps Lemonade doesn’t have enough coverage options for you, or the right kinds. No matter the reason, if you want to cancel your Lemonade homeowners insurance, then you can do so quickly with no hassle thanks to Lemonade’s quick and intuitive mobile app and online service. You can either choose to call Lemonade customer service and talk to an agent to cancel your homeowners insurance policy, or you can do so through the Lemonade mobile app, which only takes a few button presses and a brief exchange with an assistant. With Lemonade it’s quick and simple – although, please, try and purchase a new homeowners insurance policy as soon as possible afterwards! You never know when disaster might hit, and you would much rather not be caught without homeowners insurance in the case of property damage.

Deciding on Whether Lemonade is Right for Your Home

Homeowners insurance is incredibly important if you currently own or are about to own a property, and I hope I stressed that enough in this article! Now that you know almost everything you need to know about homeowners insurance and, more specifically, the homeowners insurance policy that Lemonade offers, you are now more well-equipped to make the right decision for your home and find the best Lemonade homeowners insurance quote for you. Lemonade is a great insurer if you are looking for an affordable premium and do not need more than basic coverage, as its online service makes it easy to navigate and manage, and is also very easy on the wallet compared to many of its competitors such as State Farm and Amica. However, if you need more diverse coverage options or discounts (more specifically that which you can receive from bundling auto insurance with homeowners insurance), then Lemonade may not be the insurance provider for you. At the end of the day, it depends on your personal requirements, so take into consideration the information given in this article to decide if Lemonade homeowners insurance is the right policy for you.