- 21 Dec 2020
- Reading time
- 5 minutes
Lemonade is a modern, forward-looking insurance company that aims to simplify home and pet insurance for the 21st Century. Young and quick to apply for, Lemonade Insurance has a stylish mobile app from which you can control your insurance cover.
Lemonade Renters’ Insurance Consumer Rating
Lemonade has built up a sound reputation in the insurance business, having earned some top-notch rating in some pretty coveted places.
The Lemonade app has earned a 4.9-star customer review in the Apple App store, and on Google Play as well.
Lemonade is top-rated by Supermoney and Clearsurance as well. A quick trip to their website also displays a wealth of happy customer reviews that you can read.
The highly respected Nerdwallet gives Lemonade the thumbs up for those who want a simple and easy to understand policy from a technology-driven company, and award the company a score a 4 out of five stars.
How Reliable Is Lemonade Coverage
Lemonade’s insurance coverage has received great feedback from users, and this does not come easily in the insurance market.
Lemonade’s coverage is proving to be extremely reliable for renters and homeowners alike, and many are impressed by the speed of their payout in the event that they made a claim on their policy.
What Does Lemonade Offer For Homeowners
Lemonade offers two main types of insurance for homeowners, covering single-family homes, and apartments.
Both are slightly different and each covers the individual requirements of those who either own their own home or own their own condo.
In each case, Lemonade highlights the benefits of homeowners insurance.
For homeowners, Lemonade offers comprehensive insurance policies that cover the main building’s physical structure. Your personal property contained within is of course covered and so are any outbuildings and other structures such as driveways and fences. In fact, Lemonade says that if it is not created by nature and living in your yard or garden, then your Home Owner policy will cover it.
The Home Owner policy also protects for personal liability whilst someone is on your property and covers legal expenses and medical costs. The medical coverage also extends to visitors to your property as well.
In addition, the policy covers loss of use, so if your home becomes uninhabitable due to unforeseen events, then Lemonade will cover the costs of a rental home or hotel, and also cover living costs as well.
How About Their Renters’ Insurance?
If you rent your property, then you should consider carefully your renters insurance coverage.
Lemonade offers excellent policy terms for renters.
Their renters' policy will cover your belongings in your apartment, and whilst you’re on the go as well.
Their standard policies cover a variety of ‘named perils’, including fire, lightning, windstorm, hail, smoke, vandalism, theft, freezing, damage from vehicles and aircraft and riots as well. This is not everything that’s covered but gives you an idea of the kinds of situations that your policy will help you with.
Valuables that you take out with you, such as laptops and cell phones are also covered.
If you have any specific items such as fine art or jewellery, then you may need to take out additional cover for these.
It is also worth noting, that amongst some area-specific peculiarities, that floods are not covered on the renters’ policy.
More About Lemonade
Let’s take a closer look at some other aspects of Lemonade’s insurance policies for homeowners, renters and pet owners.
How Does Lemonade Process Your Complaints
Lemonade customer services operate in a different way to most other insurance companies.
For a start, Lemonade makes extensive use of AI and bots to streamline their service, so that the everyday stuff can be handled quickly and efficiently.
Making a claim from the app on your phone is as simple as clicking on the claim button. In most cases, the claim is handled seamlessly by an artificial intelligence algorithm (AI). In cases where the AI cannot handle the clam, then it is passed over to real people to assess and carry forward.
Lemonade has a unique business model, which places all premium payments into a pot from which claims payouts are made. There is no benefit to Lemonade by denying payouts, and so most payouts are made in full in a very short amount of time.
As such, Lemonade has a much lower than expected level of complaints to regulators than other insurance companies of comparable size.
You can also read what users have to say, and check out Lemonade reviews here.
How Good Is Lemonade’s Financial Stability?
Financial stability and strength ratings give an indication of an insurance firm’s ability to pay claims made against their policies.
Lemonade’s financial strength is rated as A.
This is the third-highest rating achievable by financial analysis firm Demotech.
Lemonade’s financial strength has not been rated by A.M. Best
More About Lemonade Insurance
Lemonade Insurance has really shaken up the traditional insurance world. Their unique business model means that there is no incentive for them to not payout on claims.
This, combined with their novel use of AI to process claims has meant policyholders have been able to take advantage of reduced premiums and super fast payouts on claims.
All of this serves to bring Lemonade’s young and forward-thinking approach to insurance to the forefront of the market today.
Their app-based interface and new pet insurance products are proving increasingly popular with those looking for a simpler way to manage their insurance needs.
The Lemonade API makes getting insurance easier than it has ever been.
The API allows seamless integration of Lemonade insurance into any app or website.
This allows real estate and rental websites to offer insurance at the click of a mouse, and customers to ensure their purchases as they buy.
Lemonade's Competitive Pet Insurance
Recently, Lemonade has added pet insurance to their range of policies.
Their policy is handled in the same app as their standard insurance policies and covers diagnostics, procedures and medication for your pet in the event of accidents or illness.
An optional wellness package also offers savings on health care such as vaccines and other essential care.