Best condo insurance companies of 2022
Lemonade is a relatively new insurance company that’s been around since 2015. It provides pet insurance, term life insurance, renters insurance, homeowners insurance and car insurance in select areas. Its condo insurance policies are customizable and include all of the standard coverages you need, plus a few add-on options.
Lemonade set what it claims to be the world record for the fastest insurance claim, paying it out within three seconds of filing. It uses artificial intelligence (AI) technology with algorithms that analyze the claim and are able to make decisions on some claims without the review of a live representative.
Homeowners should be aware that Lemonade currently faces a class-action lawsuit related to its alleged collection of biometric data. Despite the legal matter, we still view Lemonade as a reputable company and found that, overall, many customers leaving reviews on third-party sites are generally satisfied with Lemonade’s fast claims and overall policies.
+Offers bundling discounts with its pet insurance, term life insurance and other products
+Provides an appliance breakdown coverage add-on that protects your electronics and appliances from mechanical or electrical failure
+Donates up to 40% of unclaimed premiums annually to charities you choose when signing up for your policy
–May require you to provide a recent inspection report before signing up for a policy on your condo
–Isn’t available in 25 states
