While these two insurance companies differ in many ways, they offer common insurance products that can satisfy many different types of customers. GEICO is one of the largest, most recognizable insurance companies in the country, with years of experience behind them and nationwide availability.
Lemonade is much newer to the insurance space but has made a big splash in a short time. Offering a growing number of insurance lines, Lemonade focuses on providing a seamless online experience at a low cost. Let’s explore both companies’ coverages, discounts and extras to decide which carrier is right for you.
Insurance coverage comparison: Lemonade vs. GEICO
Though both companies offer other lines of insurance, in this review we compare each companies’ common products: home, renters, pet and life insurance. GEICO also offers the following lines of insurance:
Lemonade and GEICO property insurance comparison
Lemonade and GEICO’s homeowners insurance policies offer all of the standard coverages included in a basic home policy: dwelling, other structures, loss of use, personal property, liability and medical payments. Lemonade offers water backup coverage as an endorsement and GEICO offers additional protection for valuables at a higher cost. GEICO’s full list of endorsement options is not listed on their website— you must call in and speak to an agent to discuss further additions.
Known primarily for its renters insurance product, Lemonade renters policies include coverage for everything you own from damage or loss. GEICO also offers renters insurance; both companies cover damage from fire, smoke, vandalism, theft, windstorm, water damage and visitor injuries, as well as liability coverage and medical payments. Lemonade renters policies start at just $5 per month and GEICO offers policies starting as low as $12 per month.
Click the button below to start your renters insurance quote from Lemonade.
Where are Lemonade and GEICO policies available?
|Insurance company||Available states|
|GEICO||AZ, AK, AR, AL, CA, CO, CT, DE, DC, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NY, NC, ND, OH,OK, OR, PA, RI, SC, SD, TN, TX, VA, WI, WA, WV, WY|
|Lemonade (renters)||AZ, AR, CA, CO, CT, DC, GA, IL, IN, IA, MD, MA, MI, MO, NV, NJ, NM, NY, OH, OK, OR, PA, RI, TN, TX, VA, WA, WI|
|Lemonade (auto insurance)||IL, OH, TN|
Lemonade and GEICO home insurance discounts
While most insurance companies offer an array of discount opportunities to their customers, Lemonade and GEICO only offer a few discount opportunities for homeowners policies. The number of available discounts compared to companies of a similar size is slim.
- Home materials: See some savings if your home is built with masonry — which is more fire-resistant than a wood frame, and therefore less risky.
- Fire and security systems: Get discounts for having fire extinguishers, smoke detectors, central station and fire department reporting alarms, sprinkler systems and deadbolts in your home.
- Gated community: Living in a gated community could reduce risk. Get a discount if your residence is gated.
- Bundle discount: If you bundle any combination of homeowners, pet, term life and renters insurance, Lemonade will automatically apply a discount.
- Home security system: Discounts are available for in-home home extras such as burglar alarms.
- Bundle home and auto: Bundling home and car insurance can earn you a discount.
- Smoke detector and fire extinguisher: These safety features could result in a home insurance price break.
Other insurance products from Lemonade and GEICO
Life insurance from Lemonade is 100% digital and does not require medical exams. The only type of life insurance available is term, with options of 10, 15, 20, 25 and 30 years. With GEICO term life policies, some eligible applicants may qualify for a no-med exam policy and instead answer a series of questions about their physical and financial health and hobbies. If applying for whole or universal life, a medical exam is necessary to obtain a policy. GEICO customers can get a life insurance quote online or speak to an agent over the phone.
Lemonade pet insurance starts at just $10 per month and covers diagnostics, procedures, and medications due to accidents or illness. Lemonade also offers an optional wellness package that offers savings on annual care like wellness exams, heartworm tests, fecal tests, bloodwork and vaccines. Lemonade offers a 10% discount on pet insurance if you also have your home insurance through them.
With a GEICO pet insurance policy, coverage includes accidents, illnesses (not pre-existing), dental issues, cancer and more. GEICO allows you to choose any licensed veterinarian for care and reimburse up to 90% of the bill. GEICO offers discounts on pet insurance if your animal is spayed or neutered, if you have multiple pets you’re covering or if you pay in full. According to their website, plans start as low as $30 per month. Learn more about pet insurance.
Third-party organization and customer reviews
The Zebra consults J.D. Power, AM Best and the NAIC Complaint Index to gather customer satisfaction, financial standing and customer complaint information, respectively.
- Claims satisfaction (J.D. Power) – Not rated
- Customer satisfaction (J.D. Power) – Not rated
- Financial strength (AM Best) – Superior: GEICO received an 'A' rating from AM Best, underlining its solid financial standing.
- NAIC Rating – Excellent: The National Association of Insurance Commissioners (NAIC) received fewer customer complaints than average regarding GEICO homeowners insurance in 2020.
- NAIC Rating — Good: Lemonade has only been rated by the NAIC, with its homeowners product receiving a slightly below-average number of complaints from customers in 2020.
- Forbes — 4/5: In a review by Forbes, Lemonade was positively assessed for its affordable rates, coverage options and mobile app.
Lemonade and GEICO mobile apps
The Lemonade mobile app is an essential tool for managing your policy. Their artificial intelligence bot is able to efficiently retrieve quotes, begin a policy and file claims. You can also view your policy, add endorsements, make payments and select the charity of your choice for the Giveback program.
GEICO also has a mobile app available for download. Via the GEICO app, you can access your ID cards, chat with an agent and consult the virtual assistant with questions. The app is primarily useful for customers with an auto policy, allowing users to submit photos of the damage and receive an estimate, call for roadside assistance and check out your vehicle’s service history with CARFAX.
Lemonade GiveBack program
Lemonade is a public benefit corporation and employs a program called Giveback. While most major insurance companies keep leftover premiums as profit, Lemonade donates these extra funds to the charity of your choice. This is ideal for philanthropically-minded policyholders and people who value corporations that prioritize social responsibility.
Which company is right for you?
GEICO and Lemonade typically attract different customer bases. Each company caters to different needs, so the best fit for you depends on your unique circumstances.
Because of Lemonade’s competitive rates and basic policy packages, applicants who are new renters or homeowners in covered states should consider this carrier. Lemonade is also a good choice for policyholders who value high-technology services and social responsibility.
If your insurance needs are a bit more complex, GEICO might be the better route. With its extensive list of insurance products and a nationwide network, GEICO is more accessible and broad. With many years of experience under its belt, GEICO’s practices are tried and true. If GEICO’s rates are within your budget and you require multiple lines of insurance, consider them as your next insurance provider.
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About The Zebra
The Zebra is not an insurance company. We publish data-backed, expert-reviewed resources to help consumers make more informed insurance decisions.
- The Zebra’s insurance content is written and reviewed for accuracy by licensed insurance agents.
- The Zebra’s insurance content is not subject to review or alteration by insurance companies or partners.
- The Zebra’s editorial team operates independently of the company’s partnerships and commercialization interests, publishing unbiased information for consumer benefit.
- The auto insurance rates published on The Zebra’s pages are based on a comprehensive analysis of car insurance pricing data, evaluating more than 83 million insurance rates from across the United States.