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Sunday, February 16th
You probably would have never put the words "delightful” and "insurance” together in the same sentence, but Lemonade dares to do so. They say they are a full-stack insurance carrier "built to provide the best, most delightful, and most transparent insurance experience in the world.” They offer renters, home, life, and pet insurance all throughout the United States and in parts of Europe. They're a public benefit corporation and certified B-Corp, so they are involved in giving back to the community and environment. Once a year, they give leftover premiums to the nonprofits that their customers choose.
Giving back to charities
Most insurance companies take whatever premium is left over after paying claims and expenses to generate profits. At Lemonade, they take a flat fee from your premium as their profit and donate whatever is left, after paying claims and expenses, to charities (Lemonade Giveback). This ensures that their duty to pay claims does not conflict with their desire for profit. They aren't incentivized to deny claims since none of the leftover money ends up in their pockets anyway. Pretty cool, right?
Potential for savings
Homeowners premiums are calculated through Lemonade based on individualized factors like the value, condition, and construction quality of your home. Your insurance history, previous claims, and other factors will also play a role. A few ways you might be able to save a bit of money is by having a well-maintained home in a low risk area, installing protective devices into your home like deadbolts, smoke, and burglar alarms, bundling with other Lemonade products, and paying annually.
Honest about the competition
We appreciate that Lemonade tells customers upfront that they are confident that their prices are usually lower than other big, established companies. However, they don't promise that it will always be the case. Since all insurers use different models and data sets to establish the prices they charge, it's possible in some cases that the quote you get from Lemonade will be higher than what you've gotten elsewhere. At the end of the day, Lemonade says if you still choose to work through their company, you can have peace of mind knowing that the leftover funds will be donated to a good cause.
6 standard areas of coverage
Homeowners policies are broken into six types of coverage at Lemonade:
Online quote within minutes
Straight from Lemonade's website, you can answer some questions and get a quote for insurance. Just like anywhere else that provides online quotes, Lemonade will ask you your name, email, address, what type of dwelling you have, what security features have been installed, and more. All of these together will give them enough to go off of to give you a quote. Many people are happy with the competitive pricing they're offered and choose to go with Lemonade because of it.
Review the FAQ
Lemonade has an FAQ page about homeowners insurance that's extremely insightful. It covers just about any question you might have about your policy, how to keep your account accurate and up-to-date, how to add extra coverage for things like jewelry, fine art, body cameras, instruments, and how payment and claims work. We highly recommend at least skimming through all this information so that you have a clear overview of how this company runs things.
Impressive customer ratings
We are completely blown away by how well-liked Lemonade is by their customers. We already loved the processes they have and how they generously donate so much money to the community, but they clearly follow through with their promises and deliver positive results consistently based on what we've seen. They continually have customer reviews rolling in and people rave about how quickly claims are taken care of, how responsive customer service is, how user-friendly their site is, and more. There are thousands of people who are extremely satisfied with this company and we're happy to see it. They aren't rated by the Better Business Bureau at this time, but we aren't concerned about it.
The top contender
Overall Lemonade nearly seems too good to be true. A company that takes a fixed rate and donates the leftover money to a charity? Round of applause. As of right now, customers are really happy with rates and performance here, so we are confident in giving them our highest recommendation. We've seen some concerns from people that their stock is dropping and that they only seem to want to insure newer homes to avoid too many claim payouts, but you'll have to see what type of quote you find here and decide if it's a good choice for you. We highly recommend giving Lemonade your top consideration.
No one wants to imagine their home getting overrun with water damage, enduring a natural disaster, having a fire destroy their property, or having to deal with theft, but it happens. Everyone should have homeowner's insurance for peace of mind and to be taken care of in case of an emergency or unfortunate occurrence. In fact, it's so important that you can't take out a mortgage anymore unless you can prove you have homeowner's insurance in place.
It makes sense that banks don't want to hand over a loan with the risk that something will happen to the property and render the owner unable to continue paying their mortgage. Since your home is such an important asset, you don't want to risk being responsible for thousands of dollars in costs if unexpected damage or destruction were to occur. Being uninsured in a time of crisis could result in total financial ruin.
Most people don't have enough cash in the bank to cover a major portion of or even the entire cost of their home. It's probably the last thing you want to spend your money on when you're already paying a monthly mortgage. Having good home insurance is the best way to stay financially protected and ensure that you always have what it takes to repair and maintain your house if something goes wrong.
If you're a new homeowner, it may seem a little overwhelming to find an insurance policy. Luckily there are lots of companies available these days for you to choose from. Companies have gotten better at using layman's terms and really spelling out all their policies for you, so that you know what you'll be paying monthly, what the policy covers, and how to make a claim if you need to. Usually a company will offer a few different price ranges you can choose from, depending on how much coverage you think you need, and you can easily compare them to decide what works best with your budget and covers the risks that most threaten your property and surrounding area.
We've done some of the heavy lifting for you here by going over the process different companies require for you to get quotes and reviewing what people have to say about their customer service and follow-through with claims. When it comes to a situation regarding insurance, you don't want to mess around. We can't overstate the importance of being able to rely on a company that's affordable and will hold your hand while you navigate stressful situations.
Since there are quite a few insurance companies to choose from that have different types of policies, keep the following things in mind when choosing who to go with:
Top Consumer Reviews has researched the most important things you'd need to know about choosing a home insurance plan. We hope this information helps you find peace of mind knowing that one of your most valuable assets is protected. We've tried to make things as easy as possible for you to feel confident in your decision about which home insurance company to go with.
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