Lemonade Insurance Reviews - What Is It?
DO NOT USE Lemonade Insurance!!! You Must Read This Review!
Fully Researched: Price, User Feedback and More!
Lemonade Insurance positions itself as a go-to source for homeowners' policies and urban renters, help you to get nice coverage to protect your possessions in just 90 seconds from your smartphone fast and easily. According to the website, if you have to file a claim, it will take just three minutes. The company promises to take only a flat 20% fee for operational costs, compared to traditional insurers. It is also said that no brokers are involved; the savings are directly passed along to consumers. According to their official site, 31% of Lemonade's customers come from Homesite, Farmers, Assurant, and Progressive, while another 19% come from Allstate. But can this company truly save your money? Are they worth your attention? Let's try to answer these questions by discussing the fundamentals. Lemonade Insurance was co-founded in September 2016by CEO Daniel Schreiber and Shai Wininger. Daniel earlier worked as President of Powermat and SVP of SanDisk Mobile Network Operators. Shai acted as founder, CTP and CPO of Fiverr.com.
The company's website emphasizes that Lemonade's homeowners and renters insurance only covers the property you legally own, at replacement cost. By default, it also covers you and all residents of your household who are linked to you by blood, marriage, or adoption. It can be personal property anywhere in the world. If a fire forces you out of your dwelling, or your upstairs neighbor pours you with water running all day and the rain got inside your apartment - you will need to stay at the hotel for some time. You are recommended to review your policy to check what amount of coverage you have. "Sixteen bad things" include coverage for smoke and fire damage, damage caused by crime and vandalism, bad weather, water damage, medical payments to others, and even dog attacks. Liability limits ranged between $100K and $500K for homeowners policies and renters. Earthquake coverage was excluded, even though it can be added by contacting the company by phone.
Customer Reviews - Does Lemonade Insurance Really Work?
Lemonade Insurance application process is claimed to be straightforward and simple. You will need to enter your address, your first and last name, and whether you are interested in homeowners or renters. You will need to indicate if you had any fire/burglar alarms, roommates, dogs on the premises, any valuable jewelry (or bikes, cameras, or fine art), and whether you had coverage in place. Enter your date of birth and email address, after what you will be presented with a quote, which will take a few minutes to complete. Getting a quote through Lemonade's quoting system involves answering a few questions, including your first and last name. When dealing with the Lemonade's "Maya" artificial intelligence system you won't be provided with any additional details unless you ask for them. You may even need to start the process again, if you make the same error. Dealing with the Lemonade's quoting system may not be as easy a claimed, since you will need to experiment with different variables. Some users report receiving "ineligible" notifications for no reason, which can be frustrating. There is Lemonade's App for you to use for more convenience. Based on the description, Lemonade’s iOS and Android apps appeared to be an extension of their website. You will be able to get coverage, talk to support, and so forth. Both the website and app provide access to such features as instant messaging and quoting.
What are Lemonade Insurance policyholders reporting about their experience in their reviews? Well, SuperMoney.com contains ten reviews from the clients of this insurance company. They gave it an average rating of three stars. Most compliments referenced ease of use, competitive prices, and quick coverage. On the other hand, there were some complaints which revolved around problems with claims and less-than-stellar customer service. Another website, NerdWallet, says that that no complaints had been filed to the National Association of Insurance Commissioners (NAIC) and that Lemonade has a high financial strength rating. Another positive feature is that the quoting process can be completed in less than two minutes. InsNerds.com said that there is nothing special about the Lemonade insurance company. You pay premiums, and they pay claims from the pool of funds. The average rating of the company on Google Play and iTunes is about four stars. Most compliments referenced ease of use of Lemonade's iOS and Android apps and quick quotes. The most common complaints revolved around eligibility and bugginess criteria. Let us take a look at the actual customers' reviews available online.
"Don't use LemonadeInsurance ever. I filed a claim several months ago, have submitted everything, talked to those in charge of my claim but I am being given the runaround all the time. They told me that they are working on my case or finishing up my paperwork and will call me back later but they never do. They have given me many forms via email to fill out as they cannot locate them even after I send them in. They have asked me for the same receipts I have provided many times. Avoid them!"
"I am very disappointed with Lemonade insurance. The items I filed were not included in my claim. I was violated and I have a lot of headache now. I have to experience the insurance company that is not handling my claim properly. It is so wrong. I wish I have not chosen this insurance company. I would not recommend them to anyone!"
"I strongly advise against opting for Lemonade Insurance for Renters insurance. I have already filed a complaint with the state because they refuse to pay my claim. I have got an attorney already. Think twice before starting any business with this company or better stay away from them!"
My Final Summary
Lemonade Insurance seems to offer a lot of advantages on their official website; however, their services are associated with a number of drawbacks. Their policies prove to be too expensive when compared to the competition. Their iOS and Android apps, as well as the official website come with mostly negative online customer feedback. The company has got an average rating of three stars from different websites. Based on what we have learned from the company's customers and from their official website, they don't seem to offer coverage targeted at urban dwellers despite their advertisement. There are dozens of better companies out there that offer much more benefits. With all this in mind, I cannot recommend Lemonade Insurance.
Lemonade Insurance Pricing and Rates
On the official website it is said that they offer renters insurance for $5 per month, along with homeowners from $25 per month. Premiums are calculated individually for each client and are based on different factors such as recent claims, your credit history, and information about your property like its size, age, and quality of construction. The sensitivity of your home to severe weather damage, windstorms, and fires is also taken into account. Then they provide discounts for protection of the equipment you have installed, such as burglar and fire alarms. For instance, quoting a CA renter's policy with minimum $10K personal property, $100K liability, $3K loss of use, $1K medical payments, a $250 deductible, and an additional $7K coverage for bikes, returned a $60 annual premium.