Lemonade renters insurance is so cheap because it offers a streamlined, tech-driven process that eliminates many of the administrative costs associated with traditional insurance policies. It also relies on risk sharing between policyholders to keep premiums low. Lemonade's online platform simplifies the filing and claims process, allowing customers to view their coverage quickly and easily. Additionally, Lemonade doesn't require a credit check or lengthy application forms like other companies do, making it even more affordable for its customers.