Lemonade: Revolutionizing Insurance with Renters, Homeowners, Pet, and Life Coverage

hey everyone welcome back to the channel and in this video we're going to be reviewing renters insurance from Lemonade so if you're considering renting a place to live you need to understand that your landlord's insurance covers the building but it does not cover your stuff so if there's theft a fire or something else like say someone visited you gets injured and you get sued because of it you and your stuff are not covered

now I had applied to rent a really nice place which was a real step up for my family but in order to get the lease my potential landlord told me that I needed renters insurance first so I looked into what was on offer and that's how I found out about lemonade so I'll tell you what lemonade offers for renters how it works how much it costs what it covers and how easy it is to process claims I'll tell you all about my experience and what the pros and cons are so you can decide if it's the right kind of insurance for you or not and if you find this review interesting or helpful you can show your appreciation by liking this video and subscribing to the channel if you haven't already to see more of my reviews

okay so first let's look into the company lemonade is a new york-based insur that provides coverage to renters homeowners and pets and they also do car and life insurance in many states as well and they're actually a newer company they were founded in 2015 and their renters insurance is only available in these US states and if you want to check out if they offer renters insurance in your state you can go directly on their website and see

and lemonade is doing something pretty cool with insurance they're kind of changing the game a bit by bringing in new tech and keeping things really really transparent they're making it super easy for folks to get insured and get their claims paid fast they call themselves a tech company doing Insurance not an insurance company doing an app and in a market that's known for boring details and fine print lemonade really stands out

their website is packed full of useful information that's written in a really simple way that's easy enough to digest and it's much easier to navigate and use than any other insurer that I considered and I know that it may not be for everyone but using Maya their AI chatbot or their mobile app to get covered paid out or make claims and manage your policy is really really simple and that's a word I never expected to use with insurance

so this high-tech approach allowed lemonade to cut backend costs so their premiums are some of the lowest in the industry and in terms of how they charge lemonade operates on a flat fee structure and because they work with reinsurance companies that insure them they're known for paying claims out quickly and without a fuss which is definitely a game changer in the insurance industry another thing that impressed me about lemonade is their giveback program where your unused premiums are donated to Charities that their customers can choose

okay so in terms of how they work lemonade works like other renters insurance with plan starting as low as five bucks per month they cover personal property temporary living expenses if something happens to your place along with personal liability and medical bills for guests injured at your place and this includes fire damage some kinds of water damage theft and vandalism plus you're covered if you or someone else gets hurt while they're in your home

and just to recap there's personal property that covers your stuff say if your laptop is stolen or a fire that your greasy hamburgers made destroys your kitchen then there's loss of use which will pay for you stay in a hotel if your home is unlivable after a covered event like a fire or a tornado for example whereas personal liability will cover you for injuries or property damage to other people because of your actions at home or elsewhere and medical payments will help pay for treatment bills if you or your guest need medical care because of something that happened in your home

and in terms of premiums they're tailored to your circumstances like your location your age and your credit history and the more comprehensive your coverage the higher your monthly payments will be of course and you can also add specific coverage for high value items like jewelry cameras artwork expensive Tech or instrument stuff like that so once your policy is active you pay a monthly premium and you can manage your policy by logging into your account on their website or by using their really really good app which is hands down one of the best insurance apps I or anyone on my team for that matter has ever come across in the industry

and at this point I just want to reiterate if you decide that you want to get renters insurance or pet insurance from Lemonade check out the affiliate link that I left down in the description below which if you use it might give you a bit of a discount which isn't available if you go right to their website okay so what I really liked from the start is that getting signed up was almost as easy as ordering takeout Maya the AI assistant took me through some basic questions like where I live whether I have fire or burglar alarm and who I share my home with

next Maya asks if you have any valuables like cameras bikes jewelry or art and whether you have portable Electronics like laptop or phones worth more than $1,500 and then the system looks into Municipal databases to see how old and durable your building is how far from the coast and how close you are to the nearest fire station so on and so forth and within a few minutes you have a quote and mine was for 20 bucks a month with the option to add my landlord and a spouse for free or if you pay a buck 70 to add a significant other although roommates are not automatically covered

now I live with my wife and my dog and I was able to add coverage of up to $500 for any damage that my dog jet causes to others properties like the landlords for a buck 50 a month so now all of these choices can be changed later and you can also add water damage for less than a dollar a month as I said I already added my dog jet because he sometimes likes to chew on things and I also added my landlord's details so he was notified of my coverage which was required by my lease

now one thing I did and I would advise you to do this too is make a list of all my stuff with approximate values for each item so I had a rough idea of how much coverage I needed so even if you're not prepared what I really liked about lemonade was how they guided you through all your choices to make your decision as easy as possible and another thing you can adjust your deductible amount from $250 to $2,500 which is the amount subtracted from your claims payout so I made mine $500

finally Maya Lemonade's AI spells out what's covered and what's not for instance if your dog is a high-risk breed and it bites someone then you're not covered for that and if you want earthquake coverage for example you need to add that separately so you can keep adjusting your coverage until you're happy and then you choose your start data and activate your insurance it's really that simple

so I only got insured because my landlord insisted but when my bicycle was stolen I made a claim using the lemonade app and it was approved within a few minutes which really impressed me and I also liked how they talked to you in PL English without using small print or fancy words and terms that are near impossible for the average person to understand and all of that puts you more in control and makes the whole process as painless as possible

okay so like I mentioned lemonade gives you a lot of options to customize your coverage their personal property coverage starts at $10,000 in which case you'll pay around 9 bucks a month depending on where you live and the state of your building and the more personal property you cover obviously the higher your monthly cost will be now what you get with basic coverage is damage caused by theft crime or vandalism fire or smoke weather like lightning wind or hail and water damage from burst pipes or a flood in your building but it doesn't cover flooding that comes from outside

you also have the option of adding extra coverage for anything you value like musical instruments cameras and jewelry stuff like that which you can do when you sign up or at any time after you've started your policy plus lemonade uses an algorithm to process claims and they say that around a third of claims are processed in about 3 seconds which is extremely fast and you also qualify for a discount if you use more than one kind of insurance offered by Lemonade so it's worth looking at their other policies while you get a quote for renters insurance

and like I mentioned before lemonade also offers comprehensive car life and homeowners insurance and I personally also opted for their pet insurance like I mentioned because it comes with flexible plans to cover your pet's Health from blood test x-rays MRIs LAB Works CT scans and ultrasounds to Specialty Emergency Care hospitalization and surgery and their fees are pretty low on that end as well with prices starting as low as 10 bucks a month for cats and dogs for example you will pay around $45 a month for a 4-year-old golden retriever in Chicago enrolled in a plan with 80% co- insurance and an annual deductible of $250 so for pet owners like me it's a great option

also a portion of unclaimed premiums goes to a few different animal Charities for that as well and they offer coverage on cars as well for as low as 30 bucks a month but the price is going to depend on the type of car you're driving record and how much you drive like if you're insuring work cars and the like other drivers you want covered as well as their records and so on and so forth and lemon also offers life insurance their plan start as low as 8 bucks a month and if God forbid you die your family can use the money to cover things like home mortgage payments college loans tuition and any other debt which could help your loved ones maintain their quality of life and lastly their homeowners insurance starts at only 25 bucks a month and covers the cost if your home gets damaged say if a tree falls on it or if your stuff gets stolen or if a visitor gets injured or damaged from some other natural disaster

okay so when I was shopping around for rent insurance I settled on lemonade because I like their website and how transparent and accessible they were but two other options worth mentioning are Geo and State Farm okay so Geico is available in all 50 states and lemonade is not yet so you might want to consider Geico if you live in a state that isn't covered by Lemonade but Geico coverage is offered through third parties and if you make a claim you'll likely be dealing with other companies which makes the whole process more complicated and there's a lot more red tape and small print in their contract than lemonades now State Farm is a much older company than lemonade and they have a much more old school approach to renters insurance if you don't like the idea of being served by a Charming bot called Maya and would rather have a real person to deal with then State Farm might be a good place to go but personally I find that Maya offered the best and most hassle-free service that I've ever had from an insurance provider and I couldn't argue with the premium that I was offered but it's really really up to you

okay so my bottom line is that some people will tell you that renters insurance isn't necessary but if you're not a homeowner I highly recommend you cover your stuff if it's a choice and if it's required by your landlord you'll need affordable coverage and out of all my research I was really impressed by how lemonade got me covered in just a few minutes in a process that was easy and not only did they offer some of the lowest premiums in the business they also have a reputation for paying out fast and without any fuss so check it out and see how much you'll pay for a lot of peace of mind and help if and when you really need it

okay that's it for this review if you found this video helpful or interesting give it a thumbs up and subscribe to see more videos like this and as I mentioned earlier if you do decide that you want to give Lemonade's renters or pet and rs to try check out the affiliate link down in the description it doesn't cost you anything and you might even get a bit of a discount which you wouldn't find directly on their website and as always I enjoy hearing your thoughts and I'll try to get back to any comments or questions that you leave down below as fast as I can and finally guys thank you so much for watching and I'll see you in the next video.