4.8
6.5
Overall Score
Transforming an industry that generally confuses consumers with complicated technical terms and lacks the latest technology is a sizable task, but that's exactly what Lemonade aims to do.
Lemonade is a licensed insurance company offering homeowners insurance, pet health insurance, and renters insurance in the United States. The company is powered by artificial intelligence behavioral economics and is driven by social good. Lemonade is a certified B-Corp and donates its unused premiums to nonprofits selected by the policyholders.
Traditional insurance companies make a profit by keeping the money they don't pay out in claims. This means that the company loses money every time it pays a claim, giving the company the incentive to deny or delay funds.
Lemonade is unique because instead of keeping the money from your premiums, it donates the unclaimed remainder to charitable organizations.
At the end of the year, Lemonade gives back any leftover money to causes chosen by policyholders and uses reinsurance to cover the cases where the group's claims exceed what's left in the pool.
Lemonade's Giveback program includes charities such as American Red Cross, ACLU, New Story, Teach for America, The Trevor Project, 350.org, Direct Relief, and more.
Lemonade is known for being extremely technology-friendly. So it's incredibly simple to sign up and get a quote. While the company advertises that the process only takes about a minute and a half, we think 5 to 10 minutes is more accurate if you're carefully going over the coverage and including everything you know about your home or condo. Once you've entered the necessary information, Lemonade provides you with a monthly quote. From here, you can add coverage, choose your deductible, and check for discounts.
When buying homeowners insurance, you can add your mortgage to your policy, and Lemonade will send your proof of insurance. If you're already insured with a different company, you can easily switch since Lemonade will take care of that process for you.
Lemonade offers reasonably extensive coverage that's extremely affordable. The coverage you need will affect your monthly price, but homeowners can expect the following coverage from their basic insurance plan:
Lemonade customers can add extra coverage for additional personal property coverage. This extra coverage is helpful for expensive jewelry, fine art, bikes, cameras, and musical instruments to their policies. You can also quickly add your spouse or significant other to your policy (spouses are free, significant others can be added for a few extra dollars a month), add water back-up coverage (covers damage caused by water coming out of your drain or sewer), and add loss assessment (which covers you if your home or condo association charges you for damage to your building).
Lemonade received a Financial Stability Rating® of A-Exceptional, from Demotech Inc.
The insurance provider is also reinsured by some of the largest reinsurers in the industry.
In May 2016, Lemonade became a Public Benefit Corporation and was awarded the provisional B-Corp Certificate (both firsts for an insurance carrier).
According to the Certified B Corporation website, "Certified B Corporations are businesses that meet the highest standards of verified social and environmental performance, public transparency, and legal accountability to balance profit and purpose. B Corps are accelerating a global culture shift to redefine success in business and build a more inclusive and sustainable economy."
Back in 2018, Lemonade announced that it was extending its business to Europe.
In 2019, Lemonade began offering contents and liability insurance in Germany. A year later, the company launched in the Netherlands and 2020 in France.
Best Company has not received many Lemonade home insurance reviews, which means an assessment of the customer experience is not available.
Despite this lack of insight, Lemonade's innovations and giveback program make it attractive for people interested in convenience and supporting nonprofits.
Although Lemonade plans to be available throughout the United States one day, its coverage is still limited.
Lemonade's Homeowners Insurance is not available to residents of the following states:
|
|
|
Additionally, Lemonade’s Condo Insurance is not available to residents of the following states:
|
|
|
Lemonade encourages people to stay tuned as the insurer is continually expanding its services.
Homeowners should keep in mind that Lemonade's insurance coverage does not include structural or personal property damage caused by floods. However, this is not unusual as most insurance companies don't offer flood insurance in their base homeowners policies. But if you specifically want flood insurance, you'll need to look at other insurance providers or buy a separate insurance product.
Depending on your location, you can add earthquake coverage to your Lemonade homeowners insurance policy. However, it's only available to homeowners in California and Arkansas.
Lemonade does not cover high-risk dog attacks. This means you're covered if your dog bites someone as long as they're not considered a high-risk breed and don't have a history of aggression.
High-risk breeds include Pit Bulls, Staffordshire Terriers, Doberman Pinschers, Rottweilers, German Shepherds, Chows, Great Danes, Presa Canarios, Akitas, Alaskan Malamutes, Siberian Huskies, and Wolf-hybrids.
The only exception to the breed restriction is if your dog is certified as a seeing guide dog, hearing dog, or is trained to assist the physically disabled.
Lemonade's structure and technological innovations make it quite different from a traditional insurance company. Lemonade has become popular due to its low insurance premium rates, social good platform, and its technology-driven and transparent pricing policies.
Homeowners can pay as little as $25 per month for homeowners insurance - of course, your insurance rate will depend on a variety of factors such as how much personal property you have, if you choose to add extra coverage, etc. Lemonade is known for being extremely affordable, so we recommend getting a quote and comparing it to other insurance providers.
Homeowners should keep in mind that Lemonade homeowners insurance doesn't cover everything. Be sure to read the fine print and make sure you're getting the exact coverage you need.
As previously mentioned, a Lemonade policy isn't available nationwide. The company has plans to expand; however, when that will happen isn't disclosed.
While insight on the customer experience is limited, homeowners should anticipate a positive experience when working with Lemonade. The insurance provider aims to transform the insurance industry, and we applaud the company's dedication to providing consumers with a fast, affordable, and hassle-free experience.
Disclosure: Notwithstanding anything to the contrary in the Privacy Policy, Best Company will not sell the information you provide to us on this page or the information we collect automatically on this page to any third parties.
Filter by:
Sort by:
Verified Customer
Review Source
Bruce Boguslav massachusetts
1 year ago
Review Source
Neil Bansal Chicago, IL
2 years ago
Review Source
ed feria Union City, CA
2 years ago
Review Source
Julia Selezneva Redwood City, CA
2 years ago
Review Source
David Kushner Dallas, TX
2 years ago
Shawn T. Appleton, WI
2 years ago
Review Source
W Thomas Oldroyd Daytona Beach, FL
2 years ago
Review Source
dbn Sacramento, CA
2 years ago
Review Source
Jesse Tandler Los Angeles, CA
2 years ago
Review Source
Keyz Conclase New York, NY
2 years ago
Review Source
m.s. Dorchester, MA
2 years ago
Review Source
William
3 years ago
Review Source
Khadijah Poston Baltimore, MD
3 years ago
Review Source
Betty Thabet Queens, NY
3 years ago
Review Source
E Augustine Las Vegas, NV
3 years ago
Review Source
Jane Bond Flemington, NJ
3 years ago
Review Source
Aaron M Cupertino, CA
3 years ago
Ryan Gunderson
3 years ago
Review Source
Nicole K.
11 months ago
Review Source
Michele Carlucci Brooklyn, NY
1 year ago
Review Source
Cedarchick M Frisco, TX
2 years ago
Review Source
Carol Potter Penryn, CA
2 years ago
Review Source
jdhdidkd San Francisco, CA
2 years ago
Review Source
Angelic Williams Sacramento, CA
2 years ago
Review Source
yelena pshennaya Staten Island, NY
2 years ago
Review Source
Daniel Wherrett Los Angeles, CA
2 years ago
Review Source
Tommy Kim Round Rock, TX
2 years ago
Dion Cozamanis Egg Harbor, NJ
2 years ago
Review Source
Alicia F. B. West Orange, NJ
2 years ago
Review Source
Gloria Aquino Menifee, CA
2 years ago
Review Source
Vupegui Lake Forest, CA
2 years ago
Review Source
Liza Linsao Monterey, CA
2 years ago
Review Source
Nitay Gold San Diego, CA
2 years ago
Review Source
Seth Geist Las Vegas, NV
2 years ago
Review Source
Emily Seferovich Portland, OR
2 years ago
Review Source
Robert Morris Cypress, CA
2 years ago
Review Source
Steph Glendale, CA
2 years ago
Review Source
Sarah Love Irvine, CA
2 years ago
Review Source
Eric Teetsel MN
2 years ago
Review Source
Meedy Mek Marietta, GA
2 years ago
Review Source
Juels124 Oceanside, CA
2 years ago
Guili Pan Union City, NJ
2 years ago
Portia Carteret, NJ
3 years ago
Review Source
Drew Isaacman San Diego, CA
3 years ago
Review Source
Marinelle Warren Sharpsburg, GA
3 years ago
Review Source
Amir Khosroshahi New York, NY
3 years ago
Review Source
Eileen Haas Azle, TX
3 years ago
Review Source
Scott Welfel Jersey City, NJ
3 years ago
Review Source
Alex Richards Columbus, OH
3 years ago
Review Source
Hoda Mehr Trabuco Canyon, CA
3 years ago
We're on a mission to empower consumers to make the best decisions and connect confidently with companies that deserve their business.
© 2024 BestCompany.com LLC - All rights reserved Privacy Policy | Terms | Do Not Sell My Personal Information