Lemonade Renters Insurance for College Students Review
Going away to college is a big step for most students. For many of these students, it’s the first time they’ve lived away from home. It’s a great experience but can also be a lot of responsibility. Whether you plan on living in an apartment or at the dorms, it’s important to have some renters insurance to protect your personal belongings from damage or loss. The building may be the responsibility of the landlord or college, but the personal belongings are the responsibility of the college student. Read this overview or review of Lemonade renters insurance for college students.
About Lemonade Renters Insurance Coverage
If there is one thing students get out of this Lemonade renters insurance review, it’s that Lemonade has a lot to offer for renters insurance. Choosing the right renters insurance can be complex, especially for students unfamiliar with renters insurance or unfamiliar with insurance in general. For many people, the cost is the most important factor when choosing insurance.
However, choosing the cheapest renters insurance is no guarantee you’re getting the best insurance for your needs. Comparing costs is a great thing, but the cost should be based on the coverage you’re getting. All renter’s insurance is not the same. Certain factors determine what your rate will be.
- The insurance company – Every insurance company offers different rates and different types of coverage.
- Your claims history – Customers who have a history of making claims are going to be charged a higher rate. Insurance companies do keep track of claims that have been paid.
- Where you live – If you live in an area with a higher crime rate, you’ll pay a higher rate. The same goes if you live in an area known for natural disasters. If you live in an apartment that has many units, your rates will be lower than if you lived alone.
- The coverage you choose – Insurance premiums are also based on the amount of coverage you choose. The more coverage you choose, the higher your premiums will be.
- Size of your home – Your rates can fluctuate based on the size of your home. Surprisingly enough, renters insurance is usually cheaper if you live in a large building or one that has several units.
- Home construction – The materials that your home is made of determining cost as well. The sturdier materials your home is made of, the lower the premiums will be. Try to remember the Three Little Pigs and their three homes (straw, sticks, and bricks).
- Fire prevention units – If your home is equipped with smoke detectors, this can lower your rates.
- Extra security – Homes or apartments that are equipped with security fixtures like onsite security, gated entry, or security systems will be cheaper to insure.
- Deductible – The deductible you choose plays a big part in determining your rate. The higher deductible you choose, the lower your premiums will be.
- Type of coverage replacement – Renters insurance often offers renters the choice of actual cash value (ACV) or replacement cost value (RCV). With ACV, you will be paid the amount the thing is worth at the time of the loss. With RCV, you will be paid what it actually costs to replace the item. If you choose RCV, your premiums will be higher than with ACV.
- Credit scores – College students with higher credit scores will pay lower premiums.
- Discounts – Insurance companies like Lemonade offer several discounts for college students. These may not seem like much, but they can really add up in savings.
What is Renters Insurance?
Understanding what renters insurance is, what it’s for, and what it covers can help you make an informed decision when choosing renters insurance.
What is renters insurance? Renters insurance is a type of insurance that covers your personal belongings and possessions that are kept in a building you rent. It does not cover the building where you live but only the personal possessions kept inside the structure. The owner or landlord is responsible for providing insurance on the actual building.
What is renters insurance for? Renters insurance is used to provide coverage on your personal possessions or the things that you keep inside your residence. It provides coverage against perils that would destroy your possessions, such as fire, storms, theft, and vandalism, among others.
What does Lemonade renters insurance cover?
Renters insurance typically offers the following types of coverage.
- Coverage for personal belongings – This includes your clothes, furniture, toys, bedding, appliances, and any other thing you own and keep in the house and/or garage.
- Liability coverage –This protects you from being sued by someone who visits you and is injured on your property. For instance, if someone slips on your steps and breaks a leg, the individual could sue you. Liability insurance pays for these things as well as medical bills for that person. It may also pay for your legal expenses for this lawsuit.
- Additional living expenses – This coverage will pay for you to live somewhere else while your home is being repaired. It may pay for rent, food, and even travel expenses if additional traveling is required while your home is being repaired or replaced.
Lemonade Renters Insurance Sample Quotes
Below are some sample rates you might find for Lemonade renters insurance for college students based on different factors. Keep in mind that these rates may fluctuate based on the factors listed above. These sample rates are based on certain locations and specific coverage amounts.
NYC Student Using Lemonade Renters Insurance
The first sample is for a 19-year-old student living alone in a New York City, NY two-unit apartment. Her annual premium for renters insurance is $185. This policy pays up to $60,000 for personal property; $100,000 for personal liability; $1,000 for medical payments to others; and $18,000 for loss of use (additional living expenses). There is a $2,500 deductible per claim on this policy.
Seattle Student Using Lemonade Renters Insurance
The second sample is for a 19-year-old student living alone in a Seattle, Washington apartment. The premium for this policy is $136 per year. It offers the same coverage as the first policy plus a $1,500 coverage for electronics like phones or laptops. The deductible for this policy is also $2,500. Like the first policy, this policy does not offer coverage on roommates, dog attacks, earthquake damage, or flood damage.
Ohio Student Using Lemonade Renters Insurance
The third sample is for a 19-year-old student living in a Cleveland, Ohio apartment. The premium for this policy is $472 per year. The coverage amounts are the same with this policy as the other two including the $1,500 electronics coverage. This policy also has a $2,500 deductible.
Michigan Student Using Lemonade Renters Insurance
This sample is for a college student that lives in Traverse City, Michigan. The house has both smoke detectors and burglar alarms. The premium for this policy is $196 per year. This policy has a $2,500 deductible and pays up to $50,000 for personal possessions; $100,000 for personal liability; $15,000 for loss of use; $1,000 medical payments to others; and $1,500 for electronics coverage.
Location Impacts Your Quote
When doing a Lemonade renters insurance review, college students will see how locations can really affect premiums. Another thing they’ll notice is that Lemonade offers various options, such as coverage if you have pets, roommates, or high-valued personal property. It’s also very easy to start up a new policy with Lemonade. College students may have their new policy activated in 90 seconds.
There are a lot of things that Lemonade covers with renters insurance but, like most insurance companies, there are limitations to what they will or will not cover. If you have valuable things, they may not be covered if they were not specifically mentioned when you took out the policy. These things include valuable art, jewelry, guns, and antiques.
Lemonade renters insurance will not pay for damages to your roommate’s things unless the roommate is a relative. Although there are various things that Lemonade will not pay for with their basic renter’s insurance, many of these things can be added to the policy so they will be covered.
Lemonade’s rental insurance does not cover natural disasters like earthquakes, floods, sinkholes, or similar catastrophes.
Although Lemonade may not have a dog restriction, it may refuse to cover dogs of certain breeds. If you choose to keep this breed, and the dog bites someone, there’s a good chance Lemonade with not pay for damages. They also will not pay for damages caused by pests.
Because renters insurance will only pay the maximum amount listed on the policy, it’s important that college students take an inventory of everything they own. They may think they don’t own much or that the value of what they own is not very high, but having to replace it can be surprisingly high.
Lemonade, like most renters insurance companies, has a limit to how much they will pay. College students who own additional items that may be worth more are advised to purchase add-on policies for these possessions so they’re adequately covered.
Lemonade renters insurance offers certain deductibles. College students can choose between $50, $500, $1,000, or $2,500 deductible. Your deductible is the amount you have to pay before the insurance company will pay on a claim. The deductible may be per claim or per year, but it’s usually per claim with renters insurance.
If you have renters insurance with a $2,500 deductible and need to file a claim for $10,000 in damages, you will have to pay the $2,500, and the insurance company would then pay the remaining $7,500. Insurers can choose higher deductibles to lower their premium costs or keep lower deductibles for better coverage.
One of the things that makes Lemonade so popular not just with college students but also with policyholders is its fast and easy claims process. Unlike many other insurance companies that keep you hanging and waiting for your money, Lemonade is fast with renters’ claims approved and processed almost immediately.
Every step of the claims processing can be done digitally through the company’s app. If a college student wants to file a claim, the student can file the claim through the app. In many cases, the claim is processed almost instantly. If you do have a problem filing a claim, there is always someone to help you. Once you hit “claim”, you can start the claims process or receive help from a trained professional on their site.
One unfortunate thing for college students is that Lemonade renters insurance is not available in all states. Currently, it’s only available in 27 states, but this is always changing, so stay tuned for availability in your state. Lemonade renters insurance is rated highly in terms of easy claim filing, coverage, discounts they offer, and an easy-to-navigate website.
They also offer coverage for water backup and equipment breakdown should your appliances stop working due to mechanical failure. Like many other insurance companies, Lemonade also offers several discounts, including multi-policy discounts.
College students who insure their property through Lemonade can get a discount if they put their renter’s insurance with their parent’s Lemonade renters insurance. Lemonade also offers auto, condo, term life, and homeowners insurance. Lemonade also has a “Giveback” program where they donate a portion of their premiums to the charity the college student chooses.
College students can pay their renter’s insurance monthly or annually. Students may get a discount if they pay annually. Payment can be paid with a credit or debit card. In addition to being popular for their great coverage, they’re also known for being one of the most affordable companies for renters insurance.
Annie Johnson is a licensed insurance broker, specializing in auto, home and renters insurance products. She reviews insurance content on College Educated for accuracy and has a particular passion for making sure that college students and recent graduates have proper insurance coverage. Her latest passion includes researching all forms of business insurance, to ensure that recent college grads who look to entrepreneurship can have the right protection.