A relative newcomer to the insurance space, Lemonade touts low premiums for home and renters insurance and takes pride in its somewhat unusual business model: peer-to-peer. Most traditional insurance companies collect premiums and keep the remaining capital after paying out claims and other expenses as profit. In Lemonade’s case, after pocketing a fixed percentage of premiums as profit, and paying for claims and reinsurance, the company donates the leftover funds left in the pool of unclaimed premiums to charities and non-profits chosen by policyholders. This program is called Giveback.
In addition, Lemonade does not employ insurance agents or agencies to sell policies; instead, the company relies on AI and other technologies not often employed by insurance providers. Policies are only sold through the Lemonade website and mobile app, and the company is known for its speedy claims process.
With an easy-to-use website, cheap rates, and a message advocating for social good, Lemonade may be an appealing choice for those looking to save on home or renters insurance.
Lemonade coverage is currently available in Arizona, Arkansas, California, Colorado, Connecticut, Georgia, Illinois, Indiana, Iowa, Maryland, Massachusetts, Michigan, Missouri, Nevada, New Jersey, New Mexico, New York, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, Tennessee, Texas, Virginia, Wisconsin, and Washington, D.C.
Our Lemonade insurance review explores coverage options, discounts, and more to help you make an educated decision with your renters or home insurance coverage.
*The Zebra may receive a commission for policies purchased through links on this page. This does not influence our editorial choices or the contents of this review.