Lemonade home insurance
Newer to the industry than other providers in this review, Lemonade is revolutionizing the industry with its tech-forward approach to insurance coverage. The company uses artificial intelligence to provide simple quotes and a rapid claims process through its mobile app and website.
Lemonade is not featured in the most recent J.D. Power homeowners insurance survey, nor does it have an AM Best rating available. However, many of the company’s most complimentary customer reviews on the Better Business Bureau (BBB) are centered around its rapid claims process, which is what puts it at the top of our list. Lemonade states that its goal is to pay out straightforward claims, such as stolen personal property, instantly.
Additionally, the company’s website has an exhaustive FAQ page that details its plans, endorsements and discounts. You can learn what coverages and discounts are available in your area when you get a quote.
Although the company faces a class-action lawsuit related to its alleged collection of biometric data, we still view Lemonade as a legitimate and reputable provider given its charitable giveback program, easy-to-use website and advanced mobile app.
* All AM Best ratings are accurate as of Jan. 19, 2022.
** All J.D. Power scores are accurate as of Jan. 19, 2022.
Pros and cons of Lemonade home insurance
+Offers cheaper coverage than most providers in this review, on average
+Has nearly instant claim payouts for basic claims, such as a stolen computer
+ Donates excess premiums to nonprofits at the end of each year
–Doesn’t sell flood insurance, which could be an essential separate policy for some Michigan residents to carry
–Doesn’t connect you with a local agent, limiting human customer service with its AI-based platform
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