I’ve recently heard my friends talking about a new insurance company called Lemonade that offers renters’ insurance. They seemed pretty keen on it because it’s cheap and straightforward – necessary attributes in the age of the smartphone.
So, as the curious cat that I am, I downloaded Lemonade to see what all of the buzz was about. Let’s just say I was pleasantly surprised.
Lemonade Has You Covered
I learned that if my bike is stolen, I’m covered. If a person slips and falls at my house party, breaks a leg, and sues me, Lemonade would, in most cases, cover my legal expenses. If my (nonexistent) boyfriend cut his finger while chopping veggies for dinner and needs stitches, his medical expenses are covered.
Now for the drum roll – Lemonade covers your stuff even if something happens to it when you’re outside of your house. You’re at a bar on a Friday night and your phone is stolen. Your worst nightmare has become your new reality. Immediately, you want to start screaming and crying, but then a shiver runs down your spine. You remember that you’re covered! Lemonade is there for the win! They always have your back.
This Is How Renters’ Insurance Works
A blond-haired bot named Maya, my personal renters’ insurance assistant immediately greeted me by asking for my home address. I handed over the address to my Brooklyn apartment and then Maya proceeded to ask if I rent or own my space. I notified her that I’m a renter and she quickly crunched some numbers for me.
By taking a look at the age of my apartment building, its durability, distance from the coast, and proximity to a fire department, she determined that I would pay a little over eight dollars a month. (If I owned my apartment this monthly cost would start at $25.)
For the price of two Starbucks coffees, I could have renters’ insurance. I would say that’s a deal! Also, I had the option to add extra coverage for valuables such as jewelry, cameras, fine art, bikes and musical instruments. Most add-ons are less than a dollar depending on the value of your goods. I added coverage for $1,000 worth of camera equipment for just 92 cents a month. Seems like a solid deal to me.
Also, if you’re married, your spouse is covered by the policy for no additional charge (just make sure you have enough personal property coverage for the both of you!). If you live with a significant other, you can add them to your policy for a little more than five dollars a month.
If you want to offset the cost of renters’ insurance check out some of the ways you can make some extra money on the side here.
When you sign up for a Lemonade policy, you get to select a nonprofit you care about and at the end of the year Lemonade donates the unclaimed money to the charity of your choice instead of pocketing the profits.
It’s cheap. It’s easy. Lemonade donates leftover money to charities you choose. It seems to debunk the longstanding stereotype of the greedy insurance agency and becomes something refreshingly different. I’m in.