We assume that you are reading this article because you have just begun to learn about renters insurance. If you think that this is a subject that includes complex terms and requires extensive knowledge on your part, then we can politely say that you are very wrong. This type of insurance is really easy to understand and use, and what’s even better – it is really affordable.
In this article, we are going to present a company called Lemonade. This company is doing a wonderful job of bringing people’s attention to the importance of renter’s insurance. This guide by Lemonade is what every person should read before deciding to buy renters insurance. But, if you’re too lazy and demand the shorter version, we’ve got you covered. Read on and discover how Lemonade can make renters insurance easy for you and your family.
What Is Renters Insurance?
First, let’s start from the basics. If you are living (or planning to live) as a tenant, you should know that your possessions will not be covered by anyone else but yourself. If your landlord has renters insurance, it only includes his things that are in the apartment/house, and none of your own. Your parents might have renters insurance, but it doesn’t cover your stuff as you are no longer living with them.
So, in plain English, renters insurance is a way for you to protect your possessions from different kinds of perils. If you are unfortunate enough to experience a break-in, a fire, a flood, or other types of disasters in the apartment, and your things gets stolen, broken, or damaged, renters insurance can cover for them.
At first, you might think that you don’t even have that much stuff worth protecting. However, you should think again. How expensive are your phone, computer, TV, bicycle, certain jewelry pieces, and some other valuable items? If a fire broke out and all of your possessions burned, it would take a lot of money to replace them.
Nevertheless, renters insurance doesn’t exclusively cover personal property. If your apartment is in no condition for you to live in it after a peril, your temporary living expenses might be covered as well. In addition, medical and legal fees might be covered in some cases too.
How Does Lemonade Make Renters Insurance Better?
Lemonade offers its customers a light and easy-to-use mobile app that contains all the necessary details about your renters insurance. That’s right, no boring paperwork or wasting your precious time by talking to your broker or insurance support team. Everything is there on your screen — from your monthly charges to coverage amounts.
What’s even better is that the Lemonade app allows you to change your policy at any given time. This is an insurance policy that you can interact with live – a first of its kind. Again, there’s no paperwork or pending processes. Everything can be taken care of in a matter of seconds.
With the use of this free app, you can change your deductibles, personal property limits, and you can add or remove people from your policy. It’s as easy as drinking your morning coffee.
Why Don’t more People Have Renters Insurance?
It is estimated that around 70% of renters don’t own this type of insurance. It’s fair to say that renters policies don’t fall in the category of the most common types of insurance. People care more about their health, car, residential property, or life insurance, which is not unusual. Your smaller belongings are secondary to all of that.
However, it is strange that people don’t find renters insurance worth considering since it’s relatively cheap – Lemonade policies can cost as low as $5 a month. This may be the case due to the fact that many people don’t know the details about renters insurance, or are simply misled by what it covers or how much it costs.
Renters insurance needs rebranding, so that more people can learn how practical and affordable it is. Plus, people need to understand that good renters insurance will give them greater peace of mind. Lemonade is certainly moving in that direction, and their live policy mobile app has been a huge hit so far.
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