Best Renters Insurance New York 2021

Last modified: December 11, 2020

We surveyed some of the best renters insurance plans in NY from many different companies to help you find the best renters insurance in New York

A decent renters insurance is considered a must-have in the city of New York. It costs around $14 per month or $150 annually. Price should not be the only factor you consider in your decision to get renters insurance. We surveyed some of the best renters insurance plans in New York from many different insurance companies. You can check their renter’s policy, ratings, coverage options, affordability, and customer support details below.

This can help you find the most suitable renters insurance in New York for your needs.

Our Methodology

For this review, we first generated some quotes based on the following metrics for renters insurance in NY:

  • Age
  • Gender
  • Income
  • Location
  • Coverage options

We sought NY renters insurance quotes from only those companies that offer basic coverage for renters, including:

  • Personal property coverage
  • Liability Coverage
  • Additional living expenses coverage 
  • Medical Payment Coverage

We also took additional coverage options into consideration to make sure that you have a complete picture of the renter’s policy, premiums, and other such details.

Then we generated quotes using the following metrics:

  • Personal property coverage – $20000
  • Liability Coverage – $100,000
  • Medical Payment Coverage -$1000
  • Deductible – $500
  • Loss of Use – 0

 

The Best Companies for Renters Insurance in New York

Insurance Company Coverage Details Optional Coverage Financial Strength and Customer Support Ratings Cost per month Pros and Cons

 

Lemonade
  • Loss of Use
  • Personal Property
  • Liability protection
  • Medical protection

 

  • Coverage for fine art
  • Jewelry coverage
  • Coverage for water backup
  • Demotech, Inc.: A-Exceptional rating for financial strength
  •  NAIC Ratio: More complaints than average
  •  BBB Rating: B+

 

$14.60 a month
  • Coverage starts at $5 a month for New York renter’s insurance
  • Has website chat function and mobile application
  • Considered the best renter’s insurance in New York because all unused policy money goes to charity
  • Only available in 28 states
State Farm
  • Loss of Use
  • Personal Property
  • Liability protection
  • Additional liability
  • Identity restoration
  • Earthquake damage
  • Business property
  • Incidental business liabilities
  • NAIC Ratio: Fewer complaints than average
  •  JD Power Rating: 831/1000
  •  A.M Best Rating: A++
  •  Reviewers.com: 3.75

 

$10 a month
  • Customization options for people who want New York state renter’s insurance
  • Has inflation coverage, which is rare
  • Too few discounts for State Farm renters insurance New York
Farmers  

  • Loss of Use
  • Personal Property
  • Liability protection
  • Medical protection
  • Coverage for jewelry and electronics
  • NAIC Ratio: Fewer complaints than average
  •  JD Power Rating: 839/1000
  •  A.M Best Rating: A
  •  BBB Rating:
  •  Reviewers.com: 3.5

 

$15 monthly
  • Variety of coverage options for best renters’ insurance NYC
  • Has a mobile app
  • Offers extra coverage options
  • Cost is higher on average than other insurance companies
Travelers
  • Personal Property
  •  Personal liability
  •  Medical payments
  •  Additional living costs
  •  Improvements
  • Replacement for contents
  •  Valuable items
  • NAIC Ratio: 0.5
  •  JD Power Rating: 866/1000
  •  A.M Best Rating: A++
  •  BBB Rating: A+

 

$11.08 monthly
  • Oldest providers for renter’s insurance in New York
  • Multiple coverage options
  • Unique add on options
  • Have to call to get a quote
  • No insurance for properties under $30,000
GEICO
  • Loss of Use
  •  Personal Property
  •  Liability protection
  •  Medical protection
  •  Accidental damage to someone else’s property, rare for renters insurance in New York state
  • Jewelry items

 

  • NAIC Ratio: More complaints than average
  •  A.M Best Rating: A++
  •  BBB Rating:
  •  Reviewers.com: 2.75

 

$12 a month
  • Comes with a car insurance discount
  • Acts as an agency that connects you with other insurance policies
Allstate
  • Personal property
  •  Scheduled personal property
  •  Reimbursement of living costs
  •  Liability coverage
  •  Guest medical coverage
  •  Identity restoration
  • Flood insurance
  •  Personal umbrella
  • NAIC Ratio: Fewer complaints than average
  •  JD Power Rating: 814/1000
  •  A.M Best Rating: A+
  •  BBB Rating:
  •  Reviewers.com: 4

 

$15 monthly
  • Allstate renter’s insurance in New York offers a choice between ACV or RVC policies
  • Easy calculation tool for personal items
  •  Vague about which events are covered

 

Liberty Mutual
  • Personal property
  •  Personal liability
  •  Medical protection
  •  Loss of rent/additional living expenses
  • Jewelry
  •  Replacement for belongings
  •  Earthquake damage
  • NAIC Ratio: More complaints than average
  •  JD Power Rating: 824/1000
  •  A.M Best Rating: A
  •  Reviewers.com: 3.5/5

 

$12 monthly
  • Easy sign up through application or website
  • Discount options available
  •  Coverage from water damage is extra
Nationwide
  • Contents
  •  Loss of use
  •  Personal liability
  •  Medical payments
  •  Alterations and additions to a building
  •  Credit card
  • Theft extension
  •  Valuables
  •  Earthquake
  •  Water backup
  • NAIC Ratio: Fewer complaints than average
  •  JD Power Rating: 828/1000
  •  A.M Best Rating: A+
  •  Reviewers.com: 3.75/5
  •  BBB Rating: A+

 

$20 a month
  • Claims centers open 24/7
  • Variety of add-ons for New York City renter’s insurance and state
  •  Expensive premiums

List of Cities and Their Averages

City Average
New York   $194 a year
Buffalo $222 a year
Rochester $125 a year
Yonkers $146 a year
Syracuse $155 a year
Albany $141 a year

 

Buyer’s Guide

How Renters Insurance Works In New York

Renters’ insurance statistics facts for New York state show that buying insurance can help you handle home-based emergencies. They can replace the damaged fixtures of your home in case of fire, theft, or other covered issues. You will also receive medical and liability payments in case someone gets hurt on your property. You will also receive additional payment for living expenses if your building’s burned down.

Why Do You Need Renters Insurance In New York And What Can It Help You with?

Is renters’ insurance required in New York state? Landlords are required by law to make sure that they have insurance, but renters aren’t required by law to have any. Landlords may require their renters to have insurance for two main reasons. Firstly, any damage to the building because of negligence will be covered through their insurance. Secondly, if the building burns down, renters will be covered until the repairs can be completed.

According to renter’s insurance New York state statistics, it is a smart idea to get insurance as a renter. New York City has one of the highest population densities in the United States, and almost two-thirds of the entire housing is occupied by renters. While crime rates are generally low, there are still high chances of thefts and burglaries throughout the city. New York exceeds the national rate for property crime too.

Another reason to get yearly renter’s insurance in New York City is due to the weather. The city has a tendency to experience extreme weather such as winter storms and hurricanes. In July, it can get really hot with averages of 85 degrees, which can increase the risk of fires. During the winter months, it can drop down to 35 degrees.

For renters, the extreme weather can cause pipe bursts, property damage from high winds, and even heavy flooding. Getting coverage for such issues can be a smart move as a renter.

Types of Renters Insurance in New York

Broad packages cover most of the common issues that renters can face, such as personal property, loss of use, and personal liability issues.

You also have to be mindful of all-risk policies that cover all incidents resulting in damage or loss. Unless any peril is specifically excluded in the policy, you will be reimbursed. Named-perils policies cover any included perils that may hit your home.

What Renters Insurance Does and Doesn’t Cover In New York

This includes coverage for your personal property and items that may get stolen, damaged, or destroyed. Liability coverage can protect you if your property gets damaged. Medical payments can cover costs in case someone gets injured or maimed on your property. Loss of use means that you will be covered for any costs you incur if you have to relocate.

Optional Coverages

Optional coverage items can include add-ons for jewelry, personal items, fine art, and other items.

Tips On Saving On Renter’s Insurance In New York

The average cost of renter’s insurance in New York is $6-$25 per month or $72-$300 per year. Here are some tips that can help you save on renter’s insurance in New York:

  • Make sure to compare quotes from different insurance companies according to your age, gender, location, and other factors.
  • You can hire consultants that can help you find the most suitable insurance options for your house.
  • Outline the common perils or situations that you may face in the location you reside in and get insurance accordingly.
  • Refer to the previous renters and find out the policy plan they had.

Pros & Cons

The Pros

The Cons

Final Verdict

FAQs

Can A Landlord Require Renters Insurance In New York?

Yes, they can, for their own personal security.

How Much Is Renters Insurance In New York?

On average, renters can pay around $194 per year for renter’s insurance.

What Are the Renter Insurance Laws In New York?

The building owners are required by state law to have insurance for any/all properties they rent out. They can ask the dwellers to get their own coverage.

Is Flood Damage and Wind Damage Covered Under Renters Insurance In New York?

It can differ depending on the provisions of the insurance companies. Renter’s insurance statistics New York State show that most companies do offer protection from perils like wind damage and flood damage. However, you should make sure whether they are part of the basic coverage or offered as an additional coverage option.

Does New York Renters Insurance Cover Liability Outside the House?

Renter’s insurance mostly covers liability for items inside your home or anyone on your property.

What Is Home Inventory and Why Do You Need It?

New York renter’s insurance statistics suggest that you should perform a home inventory for all your belongings at the time of purchasing a renter’s insurance policy. This will ensure that you can recover the cost of any products or items damaged.

Does Renters Insurance Prohibit Dogs In New York?

Some insurance companies may prohibit certain breeds of dogs based on their reputation for household damage.