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Fires, lightning and hail. Windstorms, vandals and burglars.

If you own a home, you need insurance to protect it from threats like these. Heck, if you have a mortgage on your home — like almost all of us do — you’re required to have homeowners insurance.

And if you have homeowners or renters insurance, it’s a fact that you might be paying too much for it. That’s because insurance companies are notorious for charging wildly varying rates.

Try shopping around. Start by getting a free quote. You literally have nothing to lose by doing this.

We recommend checking out the online insurance company Lemonade, where renters insurance starts at $5 a month and home insurance starts at $25 a month.

While homeowners insurance starts at $25, that doesn’t mean you’re skimping on coverage. Your ultimate price will depend on factors such as your home’s size, location and age; and the coverage amounts you choose. It’s just that Lemonade starts out at an affordable level.

Here’s how easy it is to get a quote. You can do it all online, and it won’t hurt your credit score.

  1. Click “Check Our Prices.”
  2. Meet Maya, Lemonade’s friendly bot, who will ask you a few questions.
  3. Once you complete the application, you’ll receive a quote within a minute or two.

Lemonade is a Transparent Beverage

Beyond affordable rates, Lemonade adds a layer of transparency you don’t often see in the insurance world. Instead of profiting extra when it doesn’t have to pay out claims, the company keeps a set 20% of your premium for itself, and 80% goes into a pool for paying claims. Money left over after paying claims each year goes to a charitable cause of your choice.

That also means Lemonade isn’t going to be conflicted about granting customers the claims they deserve — because the money isn’t going into its pockets.

Homeowners insurance covers the cost of repairing or rebuilding your home if it gets damaged by fire or the kind of natural disaster insurers call “acts of God.” When you borrow money from a bank to buy a house, it’ll require you to insure that asset.

Renters insurance covers the cost of replacing your possessions if they’re stolen or damaged by fire or vandalism. Most don’t cover flooding. Exactly what it covers depends on the policy.

Here’s what else to know about Lemonade:

  • There are no insurance agents. You do the whole thing online through Lemonade’s website or through its Apple or Android apps. You sign up and make claims online.
  • It’s available in Arkansas, Arizona, California, Colorado, Connecticut, Georgia, Illinois, Indiana, Iowa, Maryland, Michigan, Nevada, New Jersey, New Mexico, New York, Ohio, Oregon, Pennsylvania, Rhode Island, Tennessee, Texas, Virginia, Washington, D.C. and Wisconsin.
  • You can get discounts for having safety equipment, such as fire and burglar alarms.

It’s easy-peasy, lemon-squeezy.

Mike Brassfield (mike@thepennyhoarder.com) is a senior writer at The Penny Hoarder. When life gives him lemons, he squeezes them in people’s eyes.

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

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