Hi Mark, I get what you are saying about the liability of $100,000 being the default. I work in property management and $100,000 is all that we require for renter's insurance. The resident can increase their limit as you illustrated. We filed one claim with them for a resident that had a small kitchen fire. We sent pictures of the damage and invoices from vendors for replacement and they paid promptly. It was the easiest claim we have filed to date. Keep up the good work.
Their prices are actually quite reasonable based on what I've been quoted. 40K of personal property for renters insurance isn't that high, especially in large, expensive cities.
Well done. Great review. The AI supposedly gets better over time. Could you do this exercise one more time today and see if there was a difference from when you made this video ten months ago? Thanks!
The other thing I noticed (unless I missed it) it didn't ask about the condition of your roof. That is a major factor in calculating premium. And for the renter's quote, it never asked if an additional interest is required. There's a lot of landlords that require that on documentation.
I have lemonade insurance for renter insurance they take could care of me so well especially when my place get torch. The adjuster that handle me is very caring and attentive of what i need. No complaint at all
At an apartment I was renting from 2017 to 2021, they required us to us their selected insurance company for the rental policy for damage coverage and liability. Started at $16 per month for $100k liability, but after two years they increased the requirement to $300k liability, which increased the premium to $24 per month. That didn't renter's insurance policy didn't cover any of my personal items, so I had a separate renter's insurance policy for that, which required it's own liability coverage.
Often a good agent can customize a policy for you; however, the insurance companies no longer allow their agents to custom fit policies - that want a basic formula where they jack up the rates matching higher replacement values and making the policies much more expensive than what the customer needs. They force customers to over insure and OVERPAY. it is getting harder and harder to get insurance, because the companies are GREEDY.
I actually don't really care about stuff like this but I am being forced by my apartment to get a renters insurance and I think $6 bucks a month is fine for me since I don't care if something happens to my stuff getting damaged or stolen. And I have a 1,200+ pc with an L-shape Desk worth 300+ and a 300+ monitor. Edit: But thanks to your videos im learning a lot, just in case I do need to get a home or car. I appreciate it man.
i have Lemonade insurance for over four years, well 2022 the pipes burst in my building i'm on the fourth floor, the pipes burst on the fifth floor since 12/24/2022 i have been going back and fourth with them about the damage and living situation with no results, finally i explaining my all this and letting them know they can contact my management i'm cancelling them!
Great video. I currently have State Farm and did renters quote for the same coverage (minus $700 for personal coverage), everything else the same and I'd be saving over $6/monthly. Oh, and I am also getting water damage, something I did not have with SF. I am highly considering it. However, after your video, I am considering Personal Liability now.
I applied earlier and they wanted 300 a month!!!! The dwelling was for 535,000 but I live in Baltimore City in the ghetto!!!! My house truly is only worth 100,000ish!!! I truly can’t find home owners and car insurance that I can afford 😭😭😭😭 I’m working on my life situation but for now I’m only making about 35,000 a year. I have been able to cut a ton of expenses and I’m putting about 700ish a month in my IRA/401k so It will get better but I’ll be 40 in a couple months and only just started saving for retirement. It feels horrible to need to cut my investing budget for insurances. My car insurance currently sent me a notice of 48% price hike and I’m going from a 10/month renter insurance to 200/month home owners. I say 200 because that’s my lowest quote offered so far 😭 I’m in MD and would love any advice. I am going to try and “tast drive” with root so I hope it works
Insurance in the us is nuts aye... In NZ if we drove over someone foot by accident the govt covers insurance. We all pay a very small sum on certain items to cover this. It takes a lot of stress and hassle away and everyone is covered
I am from the US and living in NZ (moving back to the US next month). Taxes here in NZ are WAY higher than back in Ohio. Housing crisis is insane along with all necessary commodities (petrol/food, etc). I don't see how young people ever plan on retiring here given the wages to expenses ratio. I'm 32 and was able to buy a large home in Ohio when I was 25. There is no way I could ever do that here in NZ. A million bucks doesn't buy much here. I have had a blast living here and exploring this beautiful place (both the North and South Island) but the prices for what you get especially for housing are astronomical/depressing. Right now is prime time for home/property owners in NZ to sell their homes and move to the US (midwest US). Can build a mansion and still have a bunch of money leftover in the bank considering the price differential. Real estate prices are starting to pick up in the US recently, but still a long way to go though to get anywhere close to what I am seeing here in the Auckland area.
@@Poker-is8dt I agree house prices are nuts and this is a failure. I 100pc like public health and public insurance system. It's good for state of mind.
@@monkeysezbegood Yeah, not having to worry about major health bills is very nice. I actually had to use it for the first time in my life a few months ago for a hospital stay in Hawks Bay when I got a bad arm infection from a cut. Depending on what ones employer offers in the States it would have been a lot of money. Felt great to not have to worry about the financial burden aspect while going through it. The hospital looked really old/aged compared to what I've seen in the US, but they took great care of me and that's all that matters. Whether home owner or vehicle insurance back in the states, neither is that big of a deal in my opinion though. For 2k a year that covers up to a million dollars towards our house/farm buildings and both of our vehicles. Any injuries that occur to other drivers is covered in the vehicle insurance (can't drive legally without vehicle insurance). We have cheap rates for our vehicles because of a good driving record (a Chrysler van and Cadillac escalade full coverage) only $600/yr total for both. Sports cars and whatnot can be more expensive especially if someone has a bad driving record. The one big thing is the healthcare in the US. Best doctors/tech in the world, but can be extremely expensive depending on what kind of healthcare plan is offered. The best is to work for the government (teacher,police,tax office,etc), they always get good plans/cheaper healthcare.
@@Poker-is8dt Good summary thanks. The thing I like about public healthcare isn't just the service. It's the sense of community, societal good. All in it together
I live in NYC and have a renters policy with Liberty Mutual. After going on Value Penguin it said my cheapest option was Lemonade surprisingly. Keeping the same $20 a month payment I was able to somehow triple or quadruple my coverage in the different areas. Generally the other quotes I got had a loss of use cap at around $4000 , with lemonade I can customize and now have 36,000. My personal liability went from 100,000 with liberty mutual to 300,000 with lemonade not paying anymore per month. Definitely noticed some other companies are cheaper per month(by half in some cases) but have limits on coverage like loss of use and a minimum $500 deductible instead of the $250 with Lemonade. In NYC if I had to live in a hotel it could easily be 18,000 a month as I have no family nearby. Am I missing something?
Only things I can think of is adding water backup coverage which some do and some don’t. Make sure that your property damage is replacement cost. Liability is the most important piece in my opinion.
@@ThinkInsurance I have 20,000 for property damage and I dont think I even have 10k worth of stuff. I am looking into the water backup coverage, thanks for the reply.
If there was a fire, yes in most cases it's covered. But there's still exclusions. If they were negligent or there was no safety measures met as stated in their conditions then the claim would most likely be rejected
As a landlord should i require renter's insurance? How easy is it to get recoup money for damages? Just take pictures before they move in and after they leave? Here is my big question: For section 8 renters, should i be willing to lower my deposit so they can pay renter's insurance in full? What i'd prefer is to require them to pay in full each year so i don't have to worry about them dropping coverage mid-year.
Quick answer: Yes! Not to cover damages specifically but any liability claim. If they don't have insurance for liability you could be sued even if you win the claim it costs you money. As a landlord some things I would ask myself are: 1) If I lower my deposit, what type of renter am I attracting? 2) How desperately do I need a tenant? 3) Do I want to be at risk of being sued if my tenant isn't required to carry their own? I don't know/think you can require them to pay their renters insurance in full. That would be a question for a lawyer. What I would do is require it and require them to have at least $300,000 liability if not higher. Make sure you have a lawyer draft the contract the negates you if their policy cancels for any reason. You don't want to be held responsible if they mess up.
@@ThinkInsurance Thanks sounds like good advice. So if they damage like the ceiling fans or floors, let the tub overflow, etc, i can't file a claim against their insurance? Is this difficult to do? While a lawsuit is possible, i think damages to the house are more likely. Thanks!
Their liability would likely cover it but you may still have to sue them but your insurance will likely cover your IF you carry that yourself and then go after the tenant or their insurance after the fact. Also, if something happens and you want to keep them as a tenant, it’s best both of you are insured properly and then you both can keep out of it letting the insurance companies fight it out. You cover the building and your end (liability, loss of rent etc...) and the tenant covers their liability (and items if they choose to)
I just did a free quote with standard renting house, 1 computer, 1 phone and i was quoted $9.97/month for 12 months but that is based on a house because I am renting a floor in a 2 story house but I am looking to move into an apartment and most the apartments i'm applying to are requiring renters insurance... so far between allstate/progressive/lemonade, lemonade has the best rate but very questionable about its reviews...
Hi! Thank you for your video. You have been living in NYC more than 5 years and I never heard of rental insurance. I am paying rent - $1200 (for room, hello!), and I am glad that I am not paying for this f... rental insurance. Unfortunately I am moving to another state and landlord requires me to buy it, so I will buy it cheap. How much money insurance companies make and their CEO, billions in salaries and stocks. Why renters should suffer?
LMND $4119 vs Allstate $2500, it is a no-brainer for me. I have two properties and both were higher quotes! There is no way I would invest in LMND just yet.
For other insurance for my apt. They would charge me like 70-90 dollars per month. I called around. The problem is I only have like 5 grand of stuff. However, with them I would only pay like 9 dollars per month but the problem is they don't' have earthquake insurance. So I don't have insurance.
Flat rate. Profits? Wow. They know everyone that lives in an apartment has to have insurance to lease as it part of the requirement or you do not get to rent! Threatens a chance of being evicted!
is it worth it to have renters Insurance through lemonade I live in a multifamily in rent but I'm hardly ever home. Was thinking about getting this insurance.
Do you think its worth it for those those seeking renter's insurance, though? Also, can you make a video regarding comparable renters insurance companies? Thanks for this video!
It’s worth it yes. If all you need is renters insurance they are crushing rates. I did a comparison video a few weeks ago, Progressive vs Lemonade which compares their renters and goes over coverage issues both have
Hi mark, I live in a townhouse and I am trying to see how much a homeowner insurance would be for my place. it asks me "What kind of building is it?" and if I choose house, it gives me 3 options, which is single family house, duplex, and triplex/fourplex. which one does the townhouse consider as? I have a finished walk out basement. also for the size of my house, should I include the basement or just the 2 top floors?
So many negative reviews on all these renters insurance companies. I just want one that will back up a claim in case my stuff gets stolen or destroyed in a fire.
Yea, renters insurance isn’t anyone’s specialty. Honestly if you get the right coverage you’ll be ok in most cases. Make sure it’s full replacement cost and let them know if you have anything more valuable than $1500 to see if it needs to be endorsed
Based on this video I think they will succeed as a company however, I am going to re-research them and make a follow up video on where they are now vs then
What if you get renters insurance pay your premium and the same day or maybe the next morning someone breaks in your house while you're at the doctor or at the grocery or in the hospital whatever or even at gunpoint and steals your personal belongings jewelry computers shoot I can't think of anything but within will they pay that quickly and then how long does it take to get paid or will they pay it all is there a time frame that you have to wait with renters insurance
There is no time frame. Likely it will take time and spurt an investigation if you file a claim the day after you get coverage. It’s up to the adjuster at this point
Also, for the crash scenario, would the homeowner liability even cover that? Car insurance should cover you first and after that you would need umbrella coverage for the 1.5 mio scenario in your video. As far as I was aware the liability coverage on your homeowners covers you for liability that occurs on your property.
Home liability can follow you outside of your house. You auto insurance will cover you in an auto because it has it's own coverage but outside of your car your home liability can kick in. If you exhaust either you will want to have an umbrella to protect the unforeseen.
My apartment made me get that insurance dont understand why i have to put them on my policy they not give me have to pay and the one I had was cheaper ?
Aren't. They already insured I not coved on their policy so how that make since I read about this a grief they coverd And I pay for them I was paying $60 a year now $100 and cover a company I on a fix inome this crazie stuff every since Reagan mess up with Ma Bell and Airline with the union people can take advantage something Big Brother do need keep I On
I found your video as i am researching this company due to their IPO filing. I need an insurance company in my portfolio and loved the idea of this insurtech. I think with AI they can make better prices in future as they collect far more data than any other insurance compandy due to the digitalisation and AI part. What do you think about this company long-term?
I think they are on a good path in general. I did have a few gripes as you saw in the video but they weren't much different than what a lot of companies do. One thing I always do when looking at a company is go to glassdoor and see what their employees say about them internally. That is some of the best info you can find.
@@ThinkInsurance thanks for the feedback, nice video again, was really helpful and insightful, even though i am living in germany. Lemonade is there too but not as extensive. Best, Oliver
@@oliverweldner8704 Have you checked the German site? I just tested a bit as a renter and got a offer that is competitive compared to my current insurence. Nice is the 2€ steal insurence which includes Bikes. But I'm not sure if they can hold that. The company rises and falls with the trust they can earn while fulfilling their promises to the customers.
I have heard of them but if you google the reviews on them, you may want to ask a few questions. It appears that their claims side is not very favorable. 2/5 stars with a handful of angry people. I didn't dive really deep, I would say watch my video I made this month on how to read reviews to determine a good insurance company. That will help.
That’s the same question no matter who you go with. Overall Lemonade is still going strong but they are losing money like crazy so how long it lasts 🤷🏽♂️.
But how much in tax credits are these companies receiving for donating to charities? Would they donate if there were no such thing as tax credits? Even though they give you a choice of charities to donate to keep in mind they are choices they have provided. Is that really a "your choice" when its their choice you are allegedly choosing from? Sounds like a mental sleight of hand to me. In corporate capitalistic America(and everywhere there is capitalism) the only thing that is given any damn about is the bottom line aka profit.
Hello Mark, thanks for the video. Its super helpful! I just have 1 question. IF i wanted to compare insurance prices in an average US neighborhood (middle income with not a high crime rate) could you give me an example of such a city and neighborhood in the US? Something like the "average US neighborhood"
That’s tough! I would say watch my video that I go over where car insurance is cheapest 👍🏼. I don’t get specific to the city but I do cover the states. Then you can narrow it down from there.
@@ThinkInsurance im looking for security, I stay in South Florida so i know I'm going to need flood insurance. I watched mostly 3 to 4 of your videos and I would pick progressive, but I want to find more options that gives better coverage and benefits if there is more. Or can you tell me which insurance you would go for if you stayed in south Florida or the one you prefer, if you do not mind? By the way I'm glad I found your channel it's very informative 👍🏾
One of the more popular companies in FL is Citizens. I’m not sure if they do renters but I would check that and Progressive myself. Lemonade is more of the budget option
@@ThinkInsurance thank you a lot sir I'ma go ahead and do my research. I won't lie if you ever come out with your own insurance company I'm signing up. Later days my friend.
I don’t know if i would today. It is a long shot but the stock is so cheap right now, I feel like flipping a coin would be equivalent. Might as well put all your money on red at the roulette table. 😆 I do think if they do fail, someone will buy them so it’s unlikely in my opinion they will go under completely
Great information & I really appreciate you sharing this information, it's very helpful. I also understand what your saying about the Personal Liability & it's importance (I respect your warning & emphasis on it) but I think the fact that they allow you to increase it should make it more of a non-issue. The bigger issue is the customer being informed/warned as to the importance of each coverage. Your video accomplishes that. I assume your "passion" about the personal liability comes from being an agent who has seen or heard about many under-insured liability claims so you are more sensitive to that coverage. I have one agent who is "passionate" about everyone "getting enough replacement coverage" I assume because that's what he experiences in his practice OR it may be his way of justifying that the insurance companies put that value on it and there's nothing he can do about it (or is there something he can do to lower it?). For some reason, it's very hard for us to find an agent or insurance company who doesn't try to over insure our home. The insurance company, actuaries, have a premium amount they have to get to and so they will get to that number one way or another...it's referred to as "smoke & mirrors" or "cost shifting". I'd be interested in getting your feedback regarding my noted opinions (over insuring or lack of flexibility by insurance company and/or lack of control I have in what I want my home insured for, etc). Thanks for the sharing your knowledge!👍
It is possible to get the replacement coverage changed. You’ll need proof from a builder or some source stating the estimate to rebuild your home at a specific value. They’ll add debris removal etc… Your agent will need to submit it to underwriting for approval.
Yes and No. No, if you are not familiar with what coverage you need. I recommend getting advice from an agent first. Yes, they are decently rated as a company if you know what you're looking for
@@ThinkInsurance I’m fighting to find better rates. Texas yearly tax increase and insurance BS is killing ppl on their mortgages. This is my second year of owning a house and man I’m trying to keep everything low 😩
@@halfsleep3554 There's a link in my description for "Cover App" they are based out of TX and let you shop 30 companies at once. I would check them out.
Ok. So if you’re the building owner it is a bit tougher in Detroit and surrounding areas based on some variables. Obviously the age and style of the dwelling makes a huge difference but what you’ll find is, most agents won’t want to quote a rental dwelling unless you’re going to be switching your personal home and auto as well. I’m trying to remember if AAA does rental dwellings. I know they are one of the better options in Detroit for home insurance. I would look into them because they are a lot less restrictive especially if you have an older building etc... You could also give Wolverine Mutual insurance a try. They are a hit or miss but if you have good credit can be really good.
Renters and pet insurance, I don’t see any major issues yet, I would lean towards at least looking. If you Want to get a quote for renters from Lemonade? Go here: go.lemonade.com/visit/?bta=36374&brand=rent
@@twinkles2150 As of right now, Lemonade is decently rated. I personally wouldn't shy away from getting renters insurance from them. If you're concerned with their different style, you can get slightly higher prices from Travelers and Progressive.
It would be interesting to do an updated video and compare the same rates now. I wonder if they would even cover an apartment that was near an area concentrated where all of the rioting/looting took place. I was thinking of investing because they filed to go public. I was quite impressed with their balance sheet. I believe they were still in the red but cut their debts drastically in 2019. Now I wonder if its because they deny a lot of claims. I'm sure a large portion is in R&D.
I may do an update. A lot of insurance companies are adding in, if they don’t already have, exclusions for riots. I would imagine you can still get insurance in an area that was hit. Most of the moratoriums are over.
But his current premium is not shown for proof. He obviously don’t want Ai driven insurance company to thrive. His entire career will be thrown out the window
would love to see this done again roughly 1 year later as the algorithm improves!
Be careful what you wish for...
Workin in it this weekend! :0)
@@ThinkInsurance awesome ty
@@ThinkInsurance I'm waiting for it :)
I had usaa $1800 and dropped to $1200 when I switch to Lemonade. Comparable coverage.
Usaa has proven to be equitable when you have to file a claim but lemonade bots will squeeze the seeds out of you
@@FighterFlash USAA talks a good game but is one of the most inept insurance companies. They're great until you have a claim!
Wow
These are my two comparisons now. Are you still suggesting lemonade over usaa?
@@voz2vozwe had a claim and they sent out a investigator to our house because they didn’t believe us shame on USAA
Hi Mark, I get what you are saying about the liability of $100,000 being the default. I work in property management and $100,000 is all that we require for renter's insurance. The resident can increase their limit as you illustrated. We filed one claim with them for a resident that had a small kitchen fire. We sent pictures of the damage and invoices from vendors for replacement and they paid promptly. It was the easiest claim we have filed to date. Keep up the good work.
Their prices are actually quite reasonable based on what I've been quoted. 40K of personal property for renters insurance isn't that high, especially in large, expensive cities.
Well done. Great review. The AI supposedly gets better over time. Could you do this exercise one more time today and see if there was a difference from when you made this video ten months ago? Thanks!
Tried two weeks ago. 30% less compared to Mercury insurance for my house in Los Angeles.
The other thing I noticed (unless I missed it) it didn't ask about the condition of your roof. That is a major factor in calculating premium. And for the renter's quote, it never asked if an additional interest is required. There's a lot of landlords that require that on documentation.
I have lemonade insurance for renter insurance they take could care of me so well especially when my place get torch. The adjuster that handle me is very caring and attentive of what i need. No complaint at all
That’s what I like to hear! Thanks for sharing.
Do a review 1 year later and see if their AI improved. Thank you
They just launched in Germany & Netherlands. I Checked renters insurance in my area and their quote is higher than my current insurance.
At an apartment I was renting from 2017 to 2021, they required us to us their selected insurance company for the rental policy for damage coverage and liability. Started at $16 per month for $100k liability, but after two years they increased the requirement to $300k liability, which increased the premium to $24 per month. That didn't renter's insurance policy didn't cover any of my personal items, so I had a separate renter's insurance policy for that, which required it's own liability coverage.
Often a good agent can customize a policy for you; however, the insurance companies no longer allow their agents to custom fit policies - that want a basic formula where they jack up the rates matching higher replacement values and making the policies much more expensive than what the customer needs. They force customers to over insure and OVERPAY. it is getting harder and harder to get insurance, because the companies are GREEDY.
It’s much better now and through Community Banks that gives back into charities that I love 💗
I actually don't really care about stuff like this but I am being forced by my apartment to get a renters insurance and I think $6 bucks a month is fine for me since I don't care if something happens to my stuff getting damaged or stolen. And I have a 1,200+ pc with an L-shape Desk worth 300+ and a 300+ monitor. Edit: But thanks to your videos im learning a lot, just in case I do need to get a home or car. I appreciate it man.
Then Lemonade is perfect for you. There might be a limit on the PC unless you add an endorsement but get the cheap cheap if that’s all you need
i have Lemonade insurance for over four years, well 2022 the pipes burst in my building i'm on the fourth floor, the pipes burst on the fifth floor since 12/24/2022 i have been going back and fourth with them about the damage and living situation with no results, finally i explaining my all this and letting them know they can contact my management i'm cancelling them!
Thanks for this video. I have been shopping for car and home insurance. I figured Lemonade was too good to be true.
I used them im having trouble with them now smh lemonade is really a lemon
Great video. I currently have State Farm and did renters quote for the same coverage (minus $700 for personal coverage), everything else the same and I'd be saving over $6/monthly. Oh, and I am also getting water damage, something I did not have with SF. I am highly considering it. However, after your video, I am considering Personal Liability now.
Miguel Martinez dm me
A tornado hit here 30 miles from my house in Kansas. My monthly bill went from 130 to 222. No kidding. Currently checking around.
Were you using Lemonade?
@@akzebraminer no.
Did you decide to try lemonade? Asking from Kansas as well
I applied earlier and they wanted 300 a month!!!! The dwelling was for 535,000 but I live in Baltimore City in the ghetto!!!! My house truly is only worth 100,000ish!!! I truly can’t find home owners and car insurance that I can afford 😭😭😭😭 I’m working on my life situation but for now I’m only making about 35,000 a year. I have been able to cut a ton of expenses and I’m putting about 700ish a month in my IRA/401k so It will get better but I’ll be 40 in a couple months and only just started saving for retirement. It feels horrible to need to cut my investing budget for insurances. My car insurance currently sent me a notice of 48% price hike and I’m going from a 10/month renter insurance to 200/month home owners. I say 200 because that’s my lowest quote offered so far 😭 I’m in MD and would love any advice. I am going to try and “tast drive” with root so I hope it works
Insurance in the us is nuts aye... In NZ if we drove over someone foot by accident the govt covers insurance. We all pay a very small sum on certain items to cover this. It takes a lot of stress and hassle away and everyone is covered
I am from the US and living in NZ (moving back to the US next month). Taxes here in NZ are WAY higher than back in Ohio. Housing crisis is insane along with all necessary commodities (petrol/food, etc). I don't see how young people ever plan on retiring here given the wages to expenses ratio. I'm 32 and was able to buy a large home in Ohio when I was 25. There is no way I could ever do that here in NZ. A million bucks doesn't buy much here. I have had a blast living here and exploring this beautiful place (both the North and South Island) but the prices for what you get especially for housing are astronomical/depressing. Right now is prime time for home/property owners in NZ to sell their homes and move to the US (midwest US). Can build a mansion and still have a bunch of money leftover in the bank considering the price differential. Real estate prices are starting to pick up in the US recently, but still a long way to go though to get anywhere close to what I am seeing here in the Auckland area.
@@Poker-is8dt I agree house prices are nuts and this is a failure. I 100pc like public health and public insurance system. It's good for state of mind.
@@monkeysezbegood Yeah, not having to worry about major health bills is very nice. I actually had to use it for the first time in my life a few months ago for a hospital stay in Hawks Bay when I got a bad arm infection from a cut. Depending on what ones employer offers in the States it would have been a lot of money. Felt great to not have to worry about the financial burden aspect while going through it. The hospital looked really old/aged compared to what I've seen in the US, but they took great care of me and that's all that matters. Whether home owner or vehicle insurance back in the states, neither is that big of a deal in my opinion though. For 2k a year that covers up to a million dollars towards our house/farm buildings and both of our vehicles. Any injuries that occur to other drivers is covered in the vehicle insurance (can't drive legally without vehicle insurance). We have cheap rates for our vehicles because of a good driving record (a Chrysler van and Cadillac escalade full coverage) only $600/yr total for both. Sports cars and whatnot can be more expensive especially if someone has a bad driving record. The one big thing is the healthcare in the US. Best doctors/tech in the world, but can be extremely expensive depending on what kind of healthcare plan is offered. The best is to work for the government (teacher,police,tax office,etc), they always get good plans/cheaper healthcare.
@@Poker-is8dt Good summary thanks. The thing I like about public healthcare isn't just the service. It's the sense of community, societal good. All in it together
I live in NYC and have a renters policy with Liberty Mutual. After going on Value Penguin it said my cheapest option was Lemonade surprisingly. Keeping the same $20 a month payment I was able to somehow triple or quadruple my coverage in the different areas. Generally the other quotes I got had a loss of use cap at around $4000 , with lemonade I can customize and now have 36,000. My personal liability went from 100,000 with liberty mutual to 300,000 with lemonade not paying anymore per month. Definitely noticed some other companies are cheaper per month(by half in some cases) but have limits on coverage like loss of use and a minimum $500 deductible instead of the $250 with Lemonade. In NYC if I had to live in a hotel it could easily be 18,000 a month as I have no family nearby. Am I missing something?
Only things I can think of is adding water backup coverage which some do and some don’t.
Make sure that your property damage is replacement cost.
Liability is the most important piece in my opinion.
@@ThinkInsurance I have 20,000 for property damage and I dont think I even have 10k worth of stuff. I am looking into the water backup coverage, thanks for the reply.
No water/sewer backup in NYC for lemonade
If there was a fire, yes in most cases it's covered. But there's still exclusions. If they were negligent or there was no safety measures met as stated in their conditions then the claim would most likely be rejected
Have you watched the CEO's presentations on the company? Do you understand the psychology and game theory behind the company set-up?
The longterm perspective won’t matter if they are denying claims that other insurance would cover. Those reviews were pretty damming.
As a landlord should i require renter's insurance? How easy is it to get recoup money for damages? Just take pictures before they move in and after they leave? Here is my big question: For section 8 renters, should i be willing to lower my deposit so they can pay renter's insurance in full? What i'd prefer is to require them to pay in full each year so i don't have to worry about them dropping coverage mid-year.
Quick answer: Yes! Not to cover damages specifically but any liability claim. If they don't have insurance for liability you could be sued even if you win the claim it costs you money.
As a landlord some things I would ask myself are:
1) If I lower my deposit, what type of renter am I attracting?
2) How desperately do I need a tenant?
3) Do I want to be at risk of being sued if my tenant isn't required to carry their own?
I don't know/think you can require them to pay their renters insurance in full. That would be a question for a lawyer.
What I would do is require it and require them to have at least $300,000 liability if not higher. Make sure you have a lawyer draft the contract the negates you if their policy cancels for any reason. You don't want to be held responsible if they mess up.
@@ThinkInsurance Thanks sounds like good advice. So if they damage like the ceiling fans or floors, let the tub overflow, etc, i can't file a claim against their insurance? Is this difficult to do? While a lawsuit is possible, i think damages to the house are more likely. Thanks!
Their liability would likely cover it but you may still have to sue them but your insurance will likely cover your IF you carry that yourself and then go after the tenant or their insurance after the fact.
Also, if something happens and you want to keep them as a tenant, it’s best both of you are insured properly and then you both can keep out of it letting the insurance companies fight it out.
You cover the building and your end (liability, loss of rent etc...) and the tenant covers their liability (and items if they choose to)
I just did a free quote with standard renting house, 1 computer, 1 phone and i was quoted $9.97/month for 12 months but that is based on a house because I am renting a floor in a 2 story house but I am looking to move into an apartment and most the apartments i'm applying to are requiring renters insurance... so far between allstate/progressive/lemonade, lemonade has the best rate but very questionable about its reviews...
Hi! Thank you for your video. You have been living in NYC more than 5 years and I never heard of rental insurance. I am paying rent - $1200 (for room, hello!), and I am glad that I am not paying for this f... rental insurance. Unfortunately I am moving to another state and landlord requires me to buy it, so I will buy it cheap. How much money insurance companies make and their CEO, billions in salaries and stocks. Why renters should suffer?
LMND $4119 vs Allstate $2500, it is a no-brainer for me. I have two properties and both were higher quotes! There is no way I would invest in LMND just yet.
Hey limonada has better price than liberty Mutual and All State ? No le convence mucho esta limonada le falta azúcar.
If I can get them to lower my car insurance from 294 to 200 I would be happy!!!
So helpful! Thank you for doing this.
You’re welcome. I’m glad it was helpful
For other insurance for my apt. They would charge me like 70-90 dollars per month. I called around. The problem is I only have like 5 grand of stuff. However, with them I would only pay like 9 dollars per month but the problem is they don't' have earthquake insurance. So I don't have insurance.
I believe Lemonade just added that I filled out a thing today and it was an option
This video is very helpful especially for investors living in overseas.
Hope to see more videos from you 😊Thank you Mark!
You’re 🙏🏼 welcome
good review, now I have a better understanding of LMND
yes, you should be worried if you are a legacy insurance agent
Their financial results were horrid but frankly better than they deserved On revenues of only $77 Million they suffered a $121 million loss.
Flat rate. Profits? Wow. They know everyone that lives in an apartment has to have insurance to lease as it part of the requirement or you do not get to rent! Threatens a chance of being evicted!
is it worth it to have renters Insurance through lemonade I live in a multifamily in rent but I'm hardly ever home. Was thinking about getting this insurance.
Great content always! Thank you!
You’re welcome
Great video - Would love to see an undated review of the company in 2022..
I did a couple recent ones :0)
Dr disrespect is that you 🧐
Great honest review. Good info
I pay 38 a month for renters
Do you think its worth it for those those seeking renter's insurance, though? Also, can you make a video regarding comparable renters insurance companies? Thanks for this video!
It’s worth it yes. If all you need is renters insurance they are crushing rates.
I did a comparison video a few weeks ago, Progressive vs Lemonade which compares their renters and goes over coverage issues both have
Anything will beat Allstate!
Can you do a review but instead did renting a home for just renting an apartment? To see what’s worth the price ? Or maybe some other recommendation ?
Renters insurance is cheap with them
Thanks. Great video!
Any opinions on The Hippo?
Thank you for a great and very informative video! 😃👍
Glad you enjoyed it!
Hi mark, I live in a townhouse and I am trying to see how much a homeowner insurance would be for my place. it asks me "What kind of building is it?" and if I choose house, it gives me 3 options, which is single family house, duplex, and triplex/fourplex. which one does the townhouse consider as? I have a finished walk out basement. also for the size of my house, should I include the basement or just the 2 top floors?
Townhouse should an option. Basements below ground/grade don’t normally count for square footage.
So many negative reviews on all these renters insurance companies. I just want one that will back up a claim in case my stuff gets stolen or destroyed in a fire.
Yea, renters insurance isn’t anyone’s specialty. Honestly if you get the right coverage you’ll be ok in most cases. Make sure it’s full replacement cost and let them know if you have anything more valuable than $1500 to see if it needs to be endorsed
Need an updated lemonade video
Lemonade Insurance Review II | Why you should buy Lemonade czcams.com/video/RplsxVOPqxs/video.html
Cheers, Mark. Great video. Well, I'd like to know more whether they'll succeed as a company, and will the stock perform well.
Based on this video I think they will succeed as a company however, I am going to re-research them and make a follow up video on where they are now vs then
Think Insurance, it would be great to see a follow up, I don’t have them available in my country yet.
Buy the stock, I’m buying more on any correction.
Thanks for this!
Thanks for the insights!
What if you get renters insurance pay your premium and the same day or maybe the next morning someone breaks in your house while you're at the doctor or at the grocery or in the hospital whatever or even at gunpoint and steals your personal belongings jewelry computers shoot I can't think of anything but within will they pay that quickly and then how long does it take to get paid or will they pay it all is there a time frame that you have to wait with renters insurance
There is no time frame. Likely it will take time and spurt an investigation if you file a claim the day after you get coverage. It’s up to the adjuster at this point
Thank you for this
So disappointed; it’s not available in my area🙁
A clear and usefull information for everybody!
Thank you
Also, for the crash scenario, would the homeowner liability even cover that? Car insurance should cover you first and after that you would need umbrella coverage for the 1.5 mio scenario in your video. As far as I was aware the liability coverage on your homeowners covers you for liability that occurs on your property.
Home liability can follow you outside of your house. You auto insurance will cover you in an auto because it has it's own coverage but outside of your car your home liability can kick in. If you exhaust either you will want to have an umbrella to protect the unforeseen.
awesome video you seem like smart guy
My apartment made me get that insurance dont understand why i have to put them on my policy they not give me have to pay and the one I had was cheaper ?
You should be able to choose the company you use but it’s common for them to want to be listed on it.
Aren't. They already insured I not coved on their policy so how that make since I read about this a grief they coverd And I pay for them I was paying $60 a year now $100 and cover a company I on a fix inome this crazie stuff every since Reagan mess up with Ma Bell and Airline with the union people can take advantage something Big Brother do need keep I On
I found your video as i am researching this company due to their IPO filing. I need an insurance company in my portfolio and loved the idea of this insurtech. I think with AI they can make better prices in future as they collect far more data than any other insurance compandy due to the digitalisation and AI part. What do you think about this company long-term?
I think they are on a good path in general. I did have a few gripes as you saw in the video but they weren't much different than what a lot of companies do.
One thing I always do when looking at a company is go to glassdoor and see what their employees say about them internally. That is some of the best info you can find.
@@ThinkInsurance thanks for the feedback, nice video again, was really helpful and insightful, even though i am living in germany. Lemonade is there too but not as extensive. Best, Oliver
@@oliverweldner8704 Have you checked the German site? I just tested a bit as a renter and got a offer that is competitive compared to my current insurence. Nice is the 2€ steal insurence which includes Bikes. But I'm not sure if they can hold that. The company rises and falls with the trust they can earn while fulfilling their promises to the customers.
@@oliverweldner8704 do you know anything else about lmnd an investor like me should know thanks !
Want a copy of my policy can't find how to get this?help me please
Call your agent or go on your app. If not, Google the service number for the company you’re with and call them.
Great video. Have you heard of Stillwater Insurance? They're the cheapest in my area. What do you think of them? Thanks
I have heard of them but if you google the reviews on them, you may want to ask a few questions. It appears that their claims side is not very favorable. 2/5 stars with a handful of angry people.
I didn't dive really deep, I would say watch my video I made this month on how to read reviews to determine a good insurance company. That will help.
@@ThinkInsurance 👍🏼
*_MARK, SERIOUS QUESTION, HAVE ANY OF YOUR LEMONADE REVIEWS BEEN PAID?_*
None of my videos to date are paid promotions. I’m running on coffee and Adsense!
I’m Looking To Rent An Apartment In Lincoln Park, MI. What Renters Insurance Can I Count On If I Ever Need To Make A Claim?
That’s the same question no matter who you go with. Overall Lemonade is still going strong but they are losing money like crazy so how long it lasts 🤷🏽♂️.
Are you in Texas?
But how much in tax credits are these companies receiving for donating to charities? Would they donate if there were no such thing as tax credits? Even though they give you a choice of charities to donate to keep in mind they are choices they have provided. Is that really a "your choice" when its their choice you are allegedly choosing from? Sounds like a mental sleight of hand to me. In corporate capitalistic America(and everywhere there is capitalism) the only thing that is given any damn about is the bottom line aka profit.
Horrible company needs to be class action lawsuited
Hello Mark, thanks for the video. Its super helpful!
I just have 1 question. IF i wanted to compare insurance prices in an average US neighborhood (middle income with not a high crime rate) could you give me an example of such a city and neighborhood in the US? Something like the "average US neighborhood"
That’s tough! I would say watch my video that I go over where car insurance is cheapest 👍🏼. I don’t get specific to the city but I do cover the states.
Then you can narrow it down from there.
@@ThinkInsurance Thanks!!
What would you say is the best renters insurance with a agent?
What are you looking for in your renters policy? If it’s price then lemonade and progressive are the two I would look at
@@ThinkInsurance im looking for security, I stay in South Florida so i know I'm going to need flood insurance. I watched mostly 3 to 4 of your videos and I would pick progressive, but I want to find more options that gives better coverage and benefits if there is more. Or can you tell me which insurance you would go for if you stayed in south Florida or the one you prefer, if you do not mind?
By the way I'm glad I found your channel it's very informative 👍🏾
One of the more popular companies in FL is Citizens. I’m not sure if they do renters but I would check that and Progressive myself.
Lemonade is more of the budget option
@@ThinkInsurance thank you a lot sir I'ma go ahead and do my research. I won't lie if you ever come out with your own insurance company I'm signing up. Later days my friend.
Would you invest in lemonade stock?
I don’t know if i would today. It is a long shot but the stock is so cheap right now, I feel like flipping a coin would be equivalent.
Might as well put all your money on red at the roulette table. 😆
I do think if they do fail, someone will buy them so it’s unlikely in my opinion they will go under completely
@@ThinkInsurance 😂😂 true. I think its worth putting a couple thousand in and see what happens.
Great information & I really appreciate you sharing this information, it's very helpful. I also understand what your saying about the Personal Liability & it's importance (I respect your warning & emphasis on it) but I think the fact that they allow you to increase it should make it more of a non-issue. The bigger issue is the customer being informed/warned as to the importance of each coverage. Your video accomplishes that. I assume your "passion" about the personal liability comes from being an agent who has seen or heard about many under-insured liability claims so you are more sensitive to that coverage. I have one agent who is "passionate" about everyone "getting enough replacement coverage" I assume because that's what he experiences in his practice OR it may be his way of justifying that the insurance companies put that value on it and there's nothing he can do about it (or is there something he can do to lower it?). For some reason, it's very hard for us to find an agent or insurance company who doesn't try to over insure our home. The insurance company, actuaries, have a premium amount they have to get to and so they will get to that number one way or another...it's referred to as "smoke & mirrors" or "cost shifting". I'd be interested in getting your feedback regarding my noted opinions (over insuring or lack of flexibility by insurance company and/or lack of control I have in what I want my home insured for, etc). Thanks for the sharing your knowledge!👍
It is possible to get the replacement coverage changed. You’ll need proof from a builder or some source stating the estimate to rebuild your home at a specific value. They’ll add debris removal etc…
Your agent will need to submit it to underwriting for approval.
Hi
I'm Braziliam
I don't understand all you talk
But I would like know if is it possible, at this location
Do you has good reffer of this company?
Yes and No. No, if you are not familiar with what coverage you need. I recommend getting advice from an agent first.
Yes, they are decently rated as a company if you know what you're looking for
Thanks
You're kindy
Basically you are scared AI will take your job. Trucker will loose their jobs too
Nope, I'm not scared to lose my job to AI. I actually am excited to see the progression.
You’re paying a lil under $1200 geeesh Here in Texas mine was $1430 now they want $1700.
Yea they are hurting after TX had that ice storm. 25% of all lemonade clients are in TX 😳. I can only imagine the rate increase.
@@ThinkInsurance I’m fighting to find better rates. Texas yearly tax increase and insurance BS is killing ppl on their mortgages. This is my second year of owning a house and man I’m trying to keep everything low 😩
@@halfsleep3554 There's a link in my description for "Cover App" they are based out of TX and let you shop 30 companies at once. I would check them out.
@@ThinkInsurance will do. Thanks
I tried getting quotes for my two properties...garbage thus far.
I am in Detroit Mi and having a hard time find Rental insurance can you help me
Renters as a tenant or rental insurance as the building owner?
@@ThinkInsurance Rental
Ok. So if you’re the building owner it is a bit tougher in Detroit and surrounding areas based on some variables.
Obviously the age and style of the dwelling makes a huge difference but what you’ll find is, most agents won’t want to quote a rental dwelling unless you’re going to be switching your personal home and auto as well.
I’m trying to remember if AAA does rental dwellings. I know they are one of the better options in Detroit for home insurance. I would look into them because they are a lot less restrictive especially if you have an older building etc...
You could also give Wolverine Mutual insurance a try. They are a hit or miss but if you have good credit can be really good.
So Lemonade , Yes/No?
Renters and pet insurance, I don’t see any major issues yet, I would lean towards at least looking.
If you Want to get a quote for renters from Lemonade? Go here: go.lemonade.com/visit/?bta=36374&brand=rent
@@ThinkInsurance I have it but am unsure if they will come through if anything happens.
@@twinkles2150 As of right now, Lemonade is decently rated. I personally wouldn't shy away from getting renters insurance from them. If you're concerned with their different style, you can get slightly higher prices from Travelers and Progressive.
@@ThinkInsurance that’s what I have if for Renters. Idk if I should get it for my car too.
@@twinkles2150 The car insurance is so new, it's hard to tell how it will be yet.
😀👍🏽 You Rock Man!
It would be interesting to do an updated video and compare the same rates now. I wonder if they would even cover an apartment that was near an area concentrated where all of the rioting/looting took place. I was thinking of investing because they filed to go public. I was quite impressed with their balance sheet. I believe they were still in the red but cut their debts drastically in 2019. Now I wonder if its because they deny a lot of claims. I'm sure a large portion is in R&D.
I may do an update. A lot of insurance companies are adding in, if they don’t already have, exclusions for riots.
I would imagine you can still get insurance in an area that was hit. Most of the moratoriums are over.
@@ThinkInsurance Would love to see an update indeed
did u buy their IPO
No, should I have?
Looking into it
12:51
I own stock in this whyy
Hopefully you bought it below $80.
this guy sounds kind hurt about this company lmfao
bgg
But his current premium is not shown for proof. He obviously don’t want Ai driven insurance company to thrive. His entire career will be thrown out the window
biased review
How so?
You’re just mad 😂
I am mad!! Someone ate my snickers I hid in the freezer and now I want it 😡
@@ThinkInsurance Ok
Scam scam scam I'm reporting them to the BBB, SAVE YOUR MONEY AND YOUR TIME
What exactly happened? Do you mind telling us?
No context, can’t believe much until you see proof
Thank you for this, super informative!