Although not as robust as other, larger insurance providers, Lemonade offers coverage for Personal Property, Loss of Use, Personal Liability (up to $500,000), and Medical Payments to Others. Lemonade's base policies cover 16 different perils, including theft, fire, explosion, and vandalism for personal property and loss of use. Their policy also includes liability coverage. They do not cover damage caused by flooding, vicious dog attacks (high-risk breeds or dogs with a history of attacks), or damage to a roommate's property. Earthquake coverage is optional and can be requested as an add-on. We encourage consumers to review coverage options during the quote process to make sure what their policies will and will not cover.

Lemonade's policy price varies depending on a variety of factors, including the property’s geographic location and condition, as well as the coverage amount selected. However, the company provides premiums for basic renters insurance for as low as $5 per month. Coupled with the Zero Everything option (where you pay an additional $10 in premiums for 0 deductibles), Lemonade offers some of the most affordable renters insurance rates in the industry. Because of this, their discounts are not as varied as other insurers, although they do provide discount options for fire and burglar alarms.

Lemonade operates with a customer-first mindset. As part of their focus on technology, all quotes and claims are done exclusively through the Lemonade app and website. Lemonade boasts that it takes 90 seconds to receive a quote and 3 minutes to establish a claim. Positive reviews online praise the simplicity of these electronic processes, while negative reviews stem from the difficulty of contacting live agents over the phone. According to their latest Transparency Chronicle, they operate with the primary objective of surprising customers with great service, simplicity, and transparency. Lemonade received an NPS score of 70, which measures how likely customers are to recommend a service to others. According to Lemonade, 97% of customers renew their insurance policies with for another year. Although their BBB rating of F seems unfavorable, it should be noted that the company has only been active for about 2 years.

Since Lemonade is still a new player in the insurance industry, they are not yet included in rating's sites like Moody's, S&P, or A.M. Best. However, the company has a Financial Stability Rating of A (Exceptional) from Demotech, Inc., and their Annual Statement for 2017 is available to peruse in the Lemonade website. They’re also reinsured by some of the biggest names on the planet, including Lloyd’s of London and XL Catlin.