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Is Lemonade Insurance Worth It? (Home, Renters Insurance Review, Mass and Rhode Island) - YouTube
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in this video you'll learn if lemonade
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insurance is the right fit for
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homeowners or renters in the state of
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massachusetts or rhode island
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hi i'm caitlin owner of berry insurance
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and i've been in the industry for 19
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years
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[Music]
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and i'm corrine and i'm the senior
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marketing manager here at very insurance
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and i also happen to be a lemonade
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customer in this video we're going to
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give you an overview of lemonade
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insurance
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share some pros and cons about the
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carrier and leave you with some personal
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takeaways
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let's get started
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alright so the first thing that it asks
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me is if i want to quote renters
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homeowners car insurance pet insurance
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or term life insurance
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and i really like that it has a
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artificial intelligence um like chat bot
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that goes through it and her name is
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maya which is really cute so i feel like
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i'm talking to a real person as i'm
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going through it and i'm going to click
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on homeowners insurance
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and it's asking me first for my home
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address
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and
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it automatically pre-fills my town so
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that's good i don't have an apartment
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unit
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okay so next it wants to know if i'm
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closing on a new home thinking of
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switching or other i'm not sure what
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other would be so i'm going to say i'm
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thinking of switching
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and then they want to know what type of
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property it is condo co-op or home so
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i'm going to choose it's a house
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and they want to know what type of
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building it is single family duplex or
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triplex
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single family and is this my primary
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residence i'm going to tell maya it is
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my primary residence
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and next she wants to know how i
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describe my exterior and interior
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this i think is a little complicated
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because my choices are standard high or
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superb
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um
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i'm not quite sure how to describe my
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home so i guess i'm gonna go for middle
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of the road and just say hi
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okay uh did your home undergo any
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substantial renovation and if so when so
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i'm gonna say never and click on next
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and when my was my roof replaced that
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actually just happened this past year so
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we'll say one year ago
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and now it looks like from what i can
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understand it appears that she's pulling
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information about my home probably from
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the town assessors database uh that we
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live in
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looks to be pretty accurate um
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they're verifying my foundation the
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framing of the building
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uh the roofing the siding the slope of
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my roof how many stories how many car
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garage your square footage and your year
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built
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it looks as though if any of this
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information wasn't correct i would be
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able to edit it so that's good because
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sometimes the property assessor sites
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with the towns are not a 100 updated so
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this is really important to pay
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attention to so i'm going to say looks
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good and move forward
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all right
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do you have any of these at this address
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fire alarm burglar alarm built a buried
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oil tank so i'm going to say no
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and do i share my home with anyone
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partner kids dogs or cats so i like that
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i'm gonna say partner kids and dogs and
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we'll say next
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[Music]
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all right almost there so now it wants
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to know when my birthday is never ask
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your age maya
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just kidding
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[Laughter]
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oh so i my birthday's in may and she
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said yay taurus is rule which is really
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funny
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and now she wants to know if i have a
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mortgage i do but i'm just going to say
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no to kind of skip this step
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and uh have we filed any claims in the
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last five years so i'm gonna say no
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she gave me a um
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bicep muscle like
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congratulating me and wants to know if
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my home is in a state of foreclosure so
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that would be a no
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[Music]
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and she wants the last four digits of my
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social security number
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says we need this to get you the best
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price possible it will not affect your
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credit score in any way i'm not really
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sure why they would need the last four
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of my social
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but we'll enter it in here
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okay now she's crunching some numbers
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so it said connecting to municipal
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databases connecting to environmental
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databases so it looks like because a lot
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of the lemonade insurance is working off
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of artificial intelligence they're
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pulling from a number of different
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resources to try to get all the
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information about my home typically as
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insurance agents we will ask much more
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detailed information about your home to
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make sure that we are assessing the
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replacement cost value appropriately
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so it looks like she's all ready to give
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me my price
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all right so
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my initial quote came up at 246 dollars
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a month
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which is actually quite higher than what
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i'm currently paying so if i scroll down
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on here it looks like they have my
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homeowners deductible as a thousand
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um really cool they have some really
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nice icons that show like the coverage
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highlights so that you know what you're
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covered for fire smoke bad weather crime
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and vandalism
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liability water damage and then there
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they have icons that are grayed out to
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show you what is excluded so earthquake
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high-risk dogs and flood
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looks like they've got in here
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my structure my dwelling limit for my
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home personal property limit portable
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electronics loss of use personal
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liability and medical payments
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some of these limits are typically lower
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than what we would see with our standard
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carriers that we work with and um
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it's in terms of personal liability a
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lot lower than what we would recommend
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to our clients so these would be limits
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that i would recommend clicking the
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little pencil icon on and editing
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i'm gonna go ahead and update my
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personal liability from the three
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hundred thousand dollars that they
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defaulted to to a million dollars
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and
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i'm gonna apply that and then because i
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have a very high tech world in my home
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with lots of kids and ipads i'm going to
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increase my portable electronics as high
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as it can go
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um interestingly though because most of
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our carriers don't create sub limits for
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this
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and it looks like it takes a little
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while so we'll just
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increase it to 3 000.
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and then loss of use medical payments
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i'm going to increase
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we typically recommend the minimum of
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five thousand dollars and they were
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quoting me at a thousand dollars
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um this coverage is very inexpensive so
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i would definitely recommend increasing
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to the maximum of five thousand
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and i'm going to leave my deductible at
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a thousand
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and then they have an option where i can
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either finalize the payment or i can get
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discounts so i'm gonna see what the
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discounts are
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all right so it wants to know if i have
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any safety devices installed wind
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protection fire protection theft
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protection water leak detection system
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or i can say i don't know uh so i'm
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going to say i have fire protection and
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just
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next
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and it wants to know what type of
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protection i have so i'm going to say i
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have an extinguisher and smoke alarms
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all right and then next it wants to know
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if i live in a gated community so
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i'm not sure
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i'm sure that's a security question but
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i don't
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and we're done so not a ton of discounts
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available through lemonade most of our
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carriers that we work with offer quite a
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few more um so that would be something
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to consider when uh shopping with
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lemonade but i'm gonna apply my discount
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because it said that just having those
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smoke security systems saving 117 a year
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which is nice
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so my payment came out to 240 a month
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which is in the range of like 3 000 a
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year uh quite a bit more expensive than
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what i'm paying right now i'm only
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paying 1900 for my homeowners insurance
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so while i really love the app and the
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simplicity of it and i love the ai um
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talking to maya and as she's going
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through my quote i think that's really
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cool coverage is not the same as what
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many insurance carriers in massachusetts
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offer
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it's priced
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very high compared to what i've got
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currently
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and just some interesting things about
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lemonade is
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one of the major downfalls that i find
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is it doesn't offer personal injury
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coverage which is for libel slander
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really important in today's world
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especially when everybody is very
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litigious you want to make sure that you
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have that coverage all of the carriers
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that we work with here at berry
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insurance offer it automatically on
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homeowners policies lemonade uh does not
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even offer that coverage currently so
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it's something that you definitely want
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to consider before moving forward with a
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quote with lemonade
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the only other downside to lemonade that
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i have found is i can't get an umbrella
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on my homeowner's policy and i can't get
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auto insurance here in massachusetts yet
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so um really cool app really cool system
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very simple to use but quite a bit more
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expensive and the coverages just aren't
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nearly what they would be normally with
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our agency
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[Music]
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so i'm actually a lemonade customer
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because i live out of state so
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my options with berry insurance
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unfortunately are as abundant as they
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are for a massachusetts resident and a
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renter so
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um
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i have lemonade and surprisingly
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i have auto insurance with a direct
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writer
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in the state of rhode island and i
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always heard and i know it's usually the
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case that bundling is the best option
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bundling your home and your renters but
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when i quoted with
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the carrier my auto insurances with the
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limits were actually super low in the
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policy they quoted with me and the
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premium was really high for renters
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insurance so
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rather than bundling i decided to look
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for other options and i found out about
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lemonade so i decided to get a quote
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through them
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after i got my quote i was satisfied
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with the price i was able to increase
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the limits beyond what they were with my
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auto insurance carrier and the price was
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less than half of what it would have
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been through that
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carrier even taking into account the
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bundling
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so this is the policy that i have
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it includes
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forty thousand dollars in personal
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property coverage twelve thousand
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dollars loss of use
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a hundred thousand dollars personal
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liability one thousand dollars medical
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payments to others
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fifteen hundred dollars portable
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electronics with a five hundred dollar
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deductible
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so
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with limited insurance knowledge i do
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know the the limits are much better than
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what was being offered through the other
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carrier but i'm curious caitlin what you
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think about these these limits as an
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insurance expert
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so i mean
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you know renters insurance is a pretty
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basic policy and what you've got are the
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basic coverages that you're going to see
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on a renter's policy i would definitely
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consider increasing your personal
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liability coverage um
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to go from 100 000 to a million dollars
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should only be maybe 20 if that
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and
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in today's world i would feel more
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comfortable having that protection and i
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would definitely want that for you
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medical payments is also something that
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i would increase from a thousand to the
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maximum of five thousand and this is
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kind of a
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um
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a great coverage to have if somebody
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gets injured on your property if they're
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in in your apartment and they fall and
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they need medical uh
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services right away you can have this
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coverage kind of give an immediate um
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medical service to them so a thousand
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isn't really going to go very far if
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somebody gets injured needs to be
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transported to the hospital i would
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increase it to the five thousand dollars
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other than that you've got all the basic
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coverages the only thing again with
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lemonade insurance is they don't offer
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that personal injury coverage um
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you're
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newly married no children probably not
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concerned about being sued for libel or
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slander or anything like that but as
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your family grows that would be
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something that you definitely would want
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to consider
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[Music]
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okay that makes sense um
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yeah so so far with lemonade you know
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that limits are definitely something to
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look into but i was happy that i was
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able to increase some of the limits
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beyond what was being offered to me and
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i feel like the premium is pretty pretty
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decent for a renters insurance policy
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it's also worth noting that i got pet
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insurance at the same time and so far i
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mean i haven't had to file any claims or
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anything thank goodness but so far the
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service i think has been great with
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lemonade they immediately sent me a few
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emails that were super helpful i wanted
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to schedule my engagement and wedding
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ring on the policy and they sent me an
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email showing me exactly how to do that
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by a click of a button
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um they also had really fun gifs like
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welcoming me to the lemonade team of
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their team like cheering and the pet
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insurance had them with all their dogs
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and a gift cheering so they're really
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like friendly good customer service i
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feel like
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after reviewing lemonade caitlyn and i
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came up with a few main takeaways of
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things we like and don't like about the
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carrier we really loved the use of maya
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and the ai chat because even though we
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knew it wasn't a real person on the end
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of the line there she was still funny
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had jokes along the way and was friendly
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and helpful and it made it seem like we
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were talking to a real person quoting us
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the interface was fun and simple to use
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and it was really convenient to get a
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quote within minutes just from a few
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quick questions on the website as a
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client myself i also really like
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the service i've gotten them from them
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so far through their emails they've been
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really fun and interactive and if i've
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had any sort of thing i needed to update
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on my policy they sent a quick email
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with easy instructions on how to do it
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when i first moved into my apartment
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complex i knew you know there was a
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number of risks anything can happen so i
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wanted a quick and easy policy that i
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knew would protect my family and my dog
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and all of my possessions that are
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important to me it was really great to
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know that there was an option there for
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me when the carrier that wrote my car
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insurance wasn't able to deliver a
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competitive quote to me they have a
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really easy to use website and app so if
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i ever need to change anything about my
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policy it's really easy to do now here
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are some shortfalls that kaitlyn and
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identified they're kind of limited in
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the coverages they offer for when they
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don't have auto insurance or umbrella
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insurance here in massachusetts yet
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their limits aren't also as high as some
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of the traditional carriers like the
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ones we work with here at berry
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insurance and we always like to make
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sure our clients have thorough policies
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that are fully covering them when
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picking your coverages some of the
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defaults are also kind of lower on the
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coverages and consumers might not
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realize that it should be higher or
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really know what they need during the
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quoting process you can't really speak
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to a live person if you have questions
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for example when caitlyn was filling out
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her quote she wasn't sure of what some
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of the questions were asking about her
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home features and she felt like her home
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fell between like two of the categories
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that she had to choose from they also
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didn't up front explain all of the
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exclusions they had so they explained
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some of them but when caitlyn was
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quoting they asked if she had a dog she
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said yes and they didn't explain that
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certain breeds were excluded so
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consumers could potentially think that
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they have something covered that might
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not be here are some breeds that aren't
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covered these breeds aren't really
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unusual for insurance carriers to not
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cover but our agents here at berry
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insurance typically will ask about your
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dog breed and then tell you if it's not
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going to be covered also some coverages
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that are typically standard here in
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massachusetts such as personal injury
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aren't covered through lemonade and in
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today's world the possibility of getting
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sued for libel or slander is higher than
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it used to be thanks for watching this
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video if you'd like to learn more about
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insurance be sure to subscribe to this
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channel and head on over to our learning
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center and if you'd like to see more
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reviews like this in the future comment
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below we hope you've learned a little
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bit more about lemonade insurance so
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shopping for a policy will be a sour
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experience for you thanks for watching
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[Music]
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you
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