Friday, August 12th
2022 Home Insurance Company Reviews
Lemonade
- Sign up or cancel online
- Giveback program donates excess premiums to a charity, rather than the company just keeping the money
- Send in videos or photos when submitting a claim
- Receive claim money almost immediately
In today's society with so much of our busy lives spent on the internet, Lemonade's innovative focus is doing business entirely online, from getting a quote to filing a claim. If there's an excess of your premium at the end of the year, they'll bundle it with that of other clients and donate it to a charity (though we might also want a refund option). Use the app to upload a video of the damage, and save the time by not speaking to a person throughout.
Standard coverage
Your policy will cover rebuilding or repairing the structure of your home and other structures that are unattached to the home. They repair or replace personal property, provide hotel stays, restaurant meals, and other expenses if it's determined you can't live in your home for the time being. If guests are injured on the property, your policy will usually pay for up to $5,000 of their medical costs.
Add-ons
You can get extra coverage for additional valuable items and equipment breakdown, water backup, swimming pool liability, and more. These policies can be added on to your standard Lemonade policy as needed.
Discounts
If you pay on an annual basis rather than more frequent payments, Lemonade may offer you a discount as a thanks. They may also give you a discount due to home security systems, deadbolts, and smoke alarms. If you choose to bundle your pet insurance with your homeowners insurance, there may be a discount there as well.
Not available everywhere
Lemonade is available in several states, but not all of them. Check in for a quote and you'll see if your state is covered. If you happen to live in Europe, you can currently get coverage in France, Germany, and the Netherlands, and soon Lemonade policies will be available in 28 more European countries.
No bundling... yet
Well, you can bundle with your pet insurance, but you probably can't bundle with your car insurance. At the time of our review, we saw that Lemonade auto insurance was available in Illinois and Tennessee, so perhaps bundling is a possibility there now and may be available nationwide soon.
Chatbot
When you're interested in a policy with Lemonade, you'll interact with a chatbot called Maya rather than a real agent. If you need to file a claim, you'll do that through the app and send photos or videos if requested. Due to the immediacy of sending and receiving information, it's actually possible that they will send you a payout within a few seconds if your claim is approved on the spot.
Live person
Lemonade realizes there might be situations, or even people, that call for a real person - pun intended. If automation or a chatbot isn't working for you, contact them during regular business hours where there's a live person on duty.
How charity donation works
Lemonade takes their fee off the top and then pays claims and other expenses. If there's any money left over, they will donate to charitable organizations that are suggested by policyholders. In 2021, they donated more than $2,300,000.
Customer experience
The people who use Lemonade seem pleased with the immediate response, and even though there may not be a real person to walk them through the claims process, most feel that the process was still seamless. They are surprised and grateful that the payment for a claim can happen within seconds. At the time of this evaluation, the BBB had designated Lemonade as "Not Rated" due to the company's working to resolve a few previously-closed complaints, but that's nothing to be concerned about.
Best new way to get home insurance
Lemonade is quite different. If your life is already pretty automated and much of what you do is via an app or other digital system, you might like Lemonade. There aren't a lot of options in personalizing a policy for you, they might not be available in your state, and they don't bundle house and car unless you are in Illinois or Tennessee. But think about it: if you look at the prospect of how automated our lives will be in the near future, Lemonade is ahead of the game. They've earned our highest rating.
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Which Company Offers the Best Home Insurance?
Your home is probably one of the most important and valuable assets you have. Whether you've purchased a new home or have paid off the mortgage years ago - congrats on either! - your home is an asset you'll want to protect and not be without.
If you have a mortgage on your home, the lending company may require you to show proof of insurance to assure both them and yourself that you are protected, financially and otherwise, in case of a disaster causing damage or complete destruction. Even if you have paid for your home in full, a disaster that leaves your home damaged or uninhabitable could cost thousands to repair or hundreds of thousands to replace. Most people don't have that cash on hand; or if they do, that's not how they would choose to spend it.
Home Insurance Company FAQ
Continued from above...
It's fast and easy to get a policy online. For many, it's a great decision. However, when it comes time to make a claim, you might not have purchased the right policy for you. For example, you may not have considered flood or earthquake insurance. You might not have insured your very valuable items individually, and if they're stolen, they're probably not covered.
On the other hand, if you work with an agent to get your policy, they will probably ask you a myriad of questions to get the policy you need. Online can be great, just be sure you know what you want in a policy.
Here are a few things to consider when purchasing a homeowners policy.
- Standard coverage. What does the standard policy include?
- Add-ons you might need. You might need insurance for floods, earthquakes, or hurricanes. You might want to insure specific valuables under a separate policy so you know they are covered..
- The limits of the coverage. Limits are the maximum amount they would pay out per situation. Make sure the limits are high enough to cover your costs.
- Your deductible. This is the financial responsibility you will have per occurrence. If you don't want to pay much per occurrence, you'll lower your deductible, but pay more in your yearly premium.
- Discounts. There can be a few discounts that could pertain to you, depending on your situation and depending on the insurance company. You might qualify for a discount if you have had no claims, have a new house, are a senior citizen, have an HOA, and the list goes on.
- Reputation of the company. More reliable companies might cost you more, and the less reliable companies might be super inexpensive. Beware: you might get what you pay for.
To provide you with the best information so that you can get the right policy and best insurance company for you, TopConsumerReviews.com has evaluated and ranked the most popular sources of homeowners insurance available today. Getting the right policy is like cuddling with a warm blanket, since you'll have that assurance you'll be covered if any damage or destruction to your home. The process of choosing a homeowners insurance policy might have seemed daunting and you may have avoided it for as long as you can, but we can help make it easy.
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