Lemonade’s unique approach to renters and homeowners insurance


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Written by
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UPDATED: 2019-12-30T22:09:03.006Z
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Lemonade Insurance policyholders move boxes in the living room of their new apartment

Lemonade is a renters and homeowners insurance company that utilizes technology to provide consumers with the best coverage in minutes. The company’s mobile app is useful and convenient and allows Lemonade to revolutionize how you buy and use your insurance.

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What makes Lemonade different from other homeowners and renters insurance companies

Lemonade is unique because of their business model, which is focused on technology to create a transparent insurance experience, while also doing some social good.

Lemonade operates on its mobile app and website, allowing you to do everything you need on the two platforms. You can make a claim, adjust your coverage, sign up for a policy and cancel your policy all from Lemonade’s mobile app.

Aside from providing consumers with the best insurance coverage as quickly and easily as possible, social good is also a top priority of Lemonade. The Lemonade Giveback is the company’s way of giving back to the community. Lemonade takes a flat, 20% fee from insurance premiums, uses the other money to pay claims, and, if there is any leftover money, Lemonade donates it to nonprofit charities of your choice. So instead of insurance companies pocketing all of the policyholders’ unused premiums, policyholders can have peace of mind that their premiums are helping society.

How it works and how Lemonade is so efficient

Lemonade’s claims process is among the quickest and easiest around. According to the company’s website, 25 percent of Lemonade’s claims are paid in three minutes. Many claims made with Lemonade are instantly approved and paid with a guided process in their app. You will not have to fill out forms for a claim; instead, you provide information in the app with a video explaining your claim. In some cases, claims may need a closer look and will need to be reviewed by Lemonade’s team before they are approved.

Because Lemonade takes a flat fee from your insurance premium, the company doesn’t make more profit by delaying or denying a claim unlike typical insurance companies. Instead, that pool of money is used to pay out claims or given to charities of your choice. This model helps Lemonade focus on paying claims quickly.

Lemonade is also quick when it comes to getting you insured. The company claims they can get you insured in just 90 seconds. Because all of your insurance needs and questions can be answered with Lemonade’s app — and by its AI bot Maya — you can get answers and assistance quickly.

What the Clearsurance community thinks of Lemonade

As of July 1, Lemonade ranked No. 1 for renters insurance on Clearsurance’s website among companies with at least 25 reviews. The Clearsurance community has overwhelmingly positive opinions on both renters and homeowners insurance from Lemonade, and users rate the company very highly. Nearly 80 percent of Clearsurance Lemonade reviews rate Lemonade as a 5-star company. Lemonade has earned a score of 4.68 on Clearsurance. Our scores are generated from an algorithm that looks at our reviews and creates a score based on users’ overall experiences with the insurance company, their likelihood to renew with the company and their likelihood to recommend it to a friend.

Is Lemonade available in my state?

As of July 1, Lemonade offers insurance coverage in Arkansas, Arizona, California, Georgia, Iowa, Illinois, Maryland, Michigan, New Jersey, New Mexico, Nevada, New York, Ohio, Oregon, Pennsylvania, Rhode Island, Texas, Washington D.C. and Wisconsin. Lemonade plans to expand within the next year to offer coverage in additional states.

If you’re interested in learning more about Lemonade and getting a quote, visit Lemonade’s profile page.

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