As a Lemonade Renter, you may remember how easy it was to sign up for your policy and get covered after a brief conversation with our chatbot Maya. But what happens when your policy expires and it’s time for renewal?
The good news is that renewing your policy is a straightforward process.
TL;DR
- Your Lemonade Renters policy lasts for one year.
- The policy will automatically renew.
- We’ll send you an email in advance letting you know of any changes in coverage or premium.
- There are various ways you can lower your costs, like changing your coverage amounts or raising your deductible.
Let’s outline what you need to know about the renters insurance renewal process at Lemonade.
Does my policy automatically renew?
In short, yes. At Lemonade, we believe in making things easy for our customers, which is why we automatically renew your renters insurance policy unless you tell us otherwise.
A Lemonade renters insurance policy lasts for one year from the date it took effect. This means that your policy will automatically renew on the anniversary date of your original policy.
You’ll receive an email from us letting you know that your policy is set to renew, and outlining any changes to your policy or premium.
What happens when my Lemonade Renters policy renews?
When your Lemonade renters insurance policy renews, we’ll send you a renewal policy document via email. This document will outline any changes to your premium, and will also serve as your proof of insurance.
Feel free to contact us if you have any questions after taking a look at your renewal policy.
Will my renters insurance premium increase at renewal?
Your premium may go up or down at renewal, depending on a number of factors.
If you’ve filed any claims or increased your coverage amounts, your premium could change. For example, as inflation continues to reshape the economic landscape, you may need to update your personal property coverage to reflect the increased cost of replacing your belongings.
How can I save on my renters insurance premiums?
We understand that everyone is looking to save money, and we’re here to help. There are a few ways that you can save on your renters insurance payments with Lemonade.
Bundle your Lemonade insurance policies
One of the easiest ways to save money on your renters insurance is to bundle it with our car or pet or insurance.
When you bundle your policies, you’ll be eligible for a Lemonade bundle discount. The more policies you bundle, the more you’ll save.
Increase your deductible
Another way to save on your renters insurance payments is to increase your deductible. Your deductible is the amount you’ll need to pay out-of-pocket before your insurance coverage kicks in.
By increasing your deductible, you can lower your monthly premium.
Adjust your coverage
Lastly, you can adjust your coverage to fit your needs. The more coverage you have, the higher your premium will be. If you’re looking to save money, consider reducing your coverage to only what you need. Just be sure that you have enough coverage to protect your belongings and liability, and to meet any requirements for coverage that may be laid out in your lease agreement.
Before we go…
At Lemonade, we want to make the renters insurance renewal process as easy and transparent as possible.
With automatic renewal and renewal process reminders, you don’t have to worry about missing your renewal date. Here’s to another year of protection!
Not yet insured by Lemonade? Give us a spin and see how we make it possible to protect a lot, for not a lot. And check out some of our FAQs about renters insurance, too.
A few quick words, because we <3 our lawyers: This post is general in nature, and any statement in it doesn’t alter the terms, conditions, exclusions, or limitations of policies issued by Lemonade, which differ according to your state of residence. You’re encouraged to discuss your specific circumstances with your own professional advisors. The purpose of this post is merely to provide you with info and insights you can use to make such discussions more productive! Naturally, all comments by, or references to, third parties represent their own views, and Lemonade assumes no responsibility for them. Coverage may not be available in all states.
