Lemonade Renters Insurance Review 2024

Highlights

A tenant pet damage endorsement will cover up to $500 per year after your security or pet deposit kicks in for damage to the landlord’s property.
Water back-up coverage pays to replace your personal belongings (up to $10,000) if they are damaged by water coming out of your drain or sewer.
You can buy additional coverage for items such as bicycles, cameras, fine art, jewelry and musical instruments.
Watch out for a possible “dangerous dog surcharge” that might add to your cost if you own a pit bulls, Staffordshire terrier, Doberman pinscher, rottweiler, German shepherd, chow, Great Dane, presa canario, Akita, Alaskan malamute, Siberian husky, wolf hybrids and/or any canine with a prior bite history.

Table of Contents

What Does Renters Insurance Cover?

Personal property coverage is for personal items such as clothing, dishes, jewelry, furniture, electronics and everything else you own. It’s part of a standard renters insurance policy and covers damage to your belongings from common problems such as smoke, fire, vandalism and theft.

Liability insurance Personal liability renters insurance pays for property damage and injuries accidentally caused to others who may be visiting the property you’re renting. It can also pay for legal costs if you’re sued because of an accident.

Medical payments coverage pays for small medical expenses that you’re blamed for regardless of who is really at fault, with coverage amounts usually starting at $1,000.

Additional living expenses coverage pays for hotel bills, restaurant meals and other extra expenses when you can’t live at home because of damage covered by the policy, such as a tornado or explosion. Additional living expenses (ALE) coverage is also called “loss of use.”

What Does Lemonade Renters Insurance Cover?

If a standard renters insurance policy from Lemonade is insufficient, you can add additional coverage types to increase coverage for items such as bikes, jewelry and fine art. You can also buy coverage to help pay for damage to your landlord’s property for problems such as pet and water damage that you cause.

Additional Personal Property Coverage

If you need extra coverage for certain types of items, you can buy additional coverage for:

Bicycles up to $10,000
Cameras up to $10,000
Fine art up to $20,000
Jewelry up to $50,000
Musical instruments up to $10,000
Portable electronics such as laptops, phones and tablets, up to $6,000

You can also add water back-up coverage (up to $10,000) to replace your personal belongings if they are damaged by water that comes out of your drain or sewer.

Additional Landlord Property Damage Coverage

You can add these additional coverage types for accidental damage to your landlord’s property:

Tenant pet damage. If your pet damages your landlord’s property, this covers up to $500 per year after your security or pet deposit kicks in.
Tenant water damage. If your landlord’s property is damaged by water, this covers up to $100,000 per claim.

Lemonade Renters Insurance Discounts

If you’re looking for cheap renters insurance, make sure you ask about discounts. Here are some Lemonade renters insurance discounts you’re likely to find.

Annual payment. You can save if you pay your full term up front rather than monthly installments.
Bundling discount. You’ll automatically qualify for a 10% discount if you bundle your renters insurance with Lemonade car insurance or pet insurance.
Protective devices. You can get a discount if your home has fire alarms and burglar alarms.

Lemonade’s Giveback Program

Lemonade takes a flat fee from the premiums it takes in. After paying claims, Lemonade gives what is left to charities that their customers choose as part of its Giveback program.