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Lemonade Homeowners Insurance Review: An Affordable Option for Tech-Savvy Homeowners

Review Updated
Christy Bieber
By: Christy Bieber

Our Insurance Expert

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This homeowner insurance is a good fit for: Homeowners interested in buying insurance at an affordable price and who are comfortable completing the process online.

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Bottom Line

Lemonade homeowners insurance provides comprehensive coverage at affordable prices. Premiums start as low as $25 per month, making it very affordable. This insurer makes shopping for insurance quick and simple. There's even an all-online application process and its AI bot gives instant answers. But Lemonade isn't available in every state. And in-person help isn't available for those looking for a more traditional insurance experience.

Full Lemonade Homeowners Insurance review

Top perks

Lemonade charges reasonable premiums and doesn't aim to make a profit

Lemonade is a public benefit corporation. Its goal isn't to make a big profit -- unlike many insurers.

The company charges an affordable flat fee for policyholders. Premiums start as low as $25 per month for homeowners insurance. After covering claims and expenses, any unused premiums are donated to nonprofits (called the Lemonade Giveback) chosen by customers. This eliminates any conflict of interest that results from the fact that traditional insurers increase profits by keeping claim costs down.

Many claims are paid instantly

Lemonade indicates the majority of claims are paid almost instantly. Sometimes more investigation is required. This is especially common with policyholders who make multiple claims. But the goal is to ensure homeowners are paid quickly and can get repairs made ASAP.

Applying for and switching coverage is simple

Lemonade offers online quotes and an online application process. Consumers receive a price quote and a decision on their application instantly. Lemonade even takes care of handling the cancellation of existing homeowners insurance policies. And it manages escrow payments made on a monthly basis to cover homeowners insurance premiums.

What could be improved

Lemonade isn't available everywhere

Lemonade homeowners insurance is available only in 23 states and the District of Columbia:

  • Arizona
  • California
  • Colorado
  • Connecticut
  • District of Columbia
  • Georgia
  • Illinois
  • Indiana
  • Iowa
  • Maryland
  • Massachusetts
  • Michigan
  • Missouri
  • Nevada
  • New Jersey
  • New York
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Tennessee
  • Texas
  • Virginia
  • Wisconsin

In addition, Lemonade condo insurance is only available in 25 states and the District of Columbia: Homeowners who don't live in these states won't be able to get coverage through this insurer. However, Lemonade has been expanding fast and you can check its Twitter feed or sign up on its page for more updates.

There are limited bundling options

Lemonade currently offers only homeowners, renters, pet, life insurance, and car insurance. For those who want to bundle multiple policies, it may not be possible to get all the necessary insurance coverage through Lemonade. The limited range of policies also reduces opportunities for multi-policy discounts.

There's no in-person support

Lemonade policies are only sold online, through its website, or its mobile apps. Customers are required to download the app in order to manage their policy, get customer support from its team, and file claims. Lemonade offers support online or via phone. But there are no local agents to visit. Homeowners who want help from a local agent will need to look elsewhere.

Alternatives to consider

When looking for in-person support: State Farm has more than 19,000 agents providing service to customers throughout the United States. But keep in mind that State Farm's prices may be higher than Lemonade's. And claims aren't typically processed instantly with State Farm.

Rates / Pricing

Lemonade offers affordable homeowners insurance. Premiums start as low as $25 per month. Lemonade helps to keep costs down because it doesn't maintain a physical presence. It also isn't focused on making a profit. Unlike many insurers, it charges a reasonable flat fee from policyholders. The company donates any remaining premiums after covering claims and expenses.

Discounts available

Lemonade home insurance discounts are available for:

  • Installing certain protective devices in a home. These include a deadbolt or burglar alarm.
  • Bundling insurance policies, such as home and pet insurance.
  • Paying insurance premiums annually.

Coverage options

Dwelling coverage

Lemonade provides replacement coverage insurance for dwellings. If a covered home sustains damage, the insurer will pay the cost to reconstruct the property.

Other structures coverage

Other structures including sheds and garages are covered by Lemonade. The insurer will pay to repair or rebuild after a covered loss, such as a tree falling on the home.

Loss of use

Lemonade covers any added expenses policyholders incur if their homes become unlivable due to a covered loss.

Personal property

If personal possessions are stolen or destroyed by a covered event, Lemonade pays to replace them. Lemonade even pays to replace stolen property if the theft happens away from home.

Liability insurance

If someone is injured on a covered property or if a policyholder is sued because of an injury at their home, Lemonade will cover legal costs. The insurer will pay damages to the victim that the policyholder is held responsible for.

Medical payments

This helps pay for medical bills, under $5,000 in most cases, that you incur if something happens to guests while at your place.

Application process

Lemonade does not sell policies through agents. Homeowners can sign up for how much insurance coverage they need online from the company's website or via a mobile app. Homeowners will need to download the app to manage their account after becoming a customer.

The application process is simple. It involves providing personal demographic information such as name and contact details. You'll also need to provide information about the home, including the address. Decisions are made instantly in many cases.

Customer service and ratings

Lemonade slipped to No. 2 in J.D. Power's 2022 U.S. Home Insurance Study as a renters insurance provider. It had been ranked No. 1 for the past two years. Lemonade scored 853 out of 1,000. The segment average was 841. The insurer wasn't rated for homeowners insurance, though.

This homeowners insurance is the best option if:

Lemonade is best suited for people who:

  • Are seeking affordable coverage and instant claims handling
  • Are comfortable with an online application process and remote support
  • Want an insurer that charges affordable premiums and isn't out for a profit
  • Prioritize instant claims handling

But homeowners may want to consider State Farm if they prefer to work with a traditional agent.

Don't Forget Your Pets: Fido and Rex need insurance too. Check out The Ascent's guide to the best pet insurance companies and get your pet covered.

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