Best Renters Insurance New York 2021

Last modified: August 5, 2021

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. If you are looking for the best renters insurance companies in the US make sure to check our list!

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

Renters Insurance NY Companies Reviews

Lemonade

With an average cost of $14.60 a month, Lemonade is considered to be one of the most affordable renters insurance in New York City. Factors covered include loss of personal property, loss of use, medical protection, and liability protection. Additional options include coverage for jewelry and also coverage for water backup.

There’s a reason why Lemonade renters insurance is said to be “made for New Yorkers.” The company enjoys good financial strength and a B+ BBB rating, an NR AM Best rating and is known for having great customer service. For those who like the idea of giving back to the community, Lemonade’s Giveback program donates a percentage of revenue to charitable causes.

Pros

  • Coverage begins at 5 dollars a month when it comes to New York renters insurance
  • Has a mobile application as well as a website chat function

Cons

  • Available in only 28 US states

State Farm

State Farm renters insurance policies for New York residents start at $10 a month. The insurance provider offers coverage for loss of use, personal property, and liability protection. Additional options include identity restoration, additional liability, earthquake damage, and business coverage, and incidental business coverage. The insurance provider also has great ratings, which include an NAIC Ratio: Fewer complaints than average, a JD Power Rating of 831/1000, an A.M Best rating of A++, and a high score at Reviewers.com: 3.75. Renters insurance in New York City offers coverage for possessions, such as furniture, smartphone, and electronics items.

Pros

  • Customization options for people who want New York state renters insurance
  • Has inflation coverage, which is rare

Cons

  • Too few discounts

Farmers

When it comes to renters insurance in New York State, then Farmers is one name that comes to mind. At just $15 a month, Farmers renters insurance NY offers you coverage that includes loss of use, personal property, liability, and medical protection. You also get additional coverage options for jewelry and electronics coverage. The company is known for delivering some amazing prices and comes with a high rating. Farmers enjoys an NAIC Ratio with fewer complaints than average. It also has a  JD Power Rating of 839/1000 and an A.M Best rating of A, which goes to show their level of commitment when it comes to delivering insurance coverage for renters in New York.

Pros

  • Variety of coverage options for best renters’ insurance NYC
  • Has a mobile app
  • Offers extra coverage options

Cons

  • Cost is higher on average

Travelers

At the cost of just $11.08 a month, Travelers renters insurance New York is considered to be one of the best renters insurance in New York, and for good reason. The coverage includes personal property, personal liability, and medical payments, along with additional living costs and improvements. Extra coverage options include replacement for contents and coverage for valuable items. The company is one of the oldest insurance providers in the city, which means you get an insurance provider that’s reliable and offers a high level of quality.

Travelers New York renters insurance comes with a high customer rating that is indicated by stellar rating scores, which include a high NAIC Ratio of 0.5, a high JD Power Rating: 866/1000, a great A.M Best Rating of A++ along with a BBB Rating of A+.

Pros

  • Oldest providers for renter’s insurance in New York
  • Multiple coverage options
  • Unique add on options

Cons

  • Have to call to get a quote

GEICO

Renters insurance by GEICO includes coverage for clothing, furniture, electronics, computers, musical instruments, and jewelry. The best part is, you get this coverage at just $12 a month, which makes GEICO one of the cheapest renters insurance in New York. Established in 1936, the insurance provider has years of experience in providing insurance coverage to residents in New York and has stellar customer ratings, which include an A.M Best rating of A++ and a high BBB and NAIC rating. Coverage limits vary, making it easier for you to find the best coverage option for your needs. Coverage also includes liability protection, which covers injury to another person on your property.

Pros

  • Comes with a car insurance discount
  • Varied coverage limits
  • Comes with “named peril” coverage

Cons

  • Not many discounts

Allstate

Allstate was established in 1931. The insurance provider offers comprehensive insurance coverage for renters in New York State for just around $15 a month. Allstate renters insurance New York coverage includes coverage for personal property, scheduled personal property, reimbursement of living costs, liability coverage, and guest medical coverage. The insurance provider offers additional coverage such as identity restoration, flood insurance, and a personal umbrella. The company offers great coverage options and a decent quality of service. This is indicated by high customer ratings. The company has a high NAIC ratio with fewer complaints than average, along with a good JD Power Rating of 814/1000, and an A.M Best rating of A+, which is an indicator of their high level of service.

Pros

  • Allstate renters insurance in New York offers a choice between ACV or RCV policies
  • Easy calculation tool for personal items

Cons

  • Not explicit about what events count as covered losses

Liberty Mutual

Liberty Mutual is one of the oldest insurance providers in the country, dating back to 1912. The insurance provider offers a comprehensive suite of insurance products that includes personal property, personal liability, medical protection, and loss of rent or additional living expenses. Additional coverage options include coverage for jewelry, replacement for personal belongings, and earthquake damage. Liberty Mutual offers all this and more at a highly affordable rate of just $12 per month. The company has a high customer rating with an excellent NAIC ratio, and a JD Power Rating of 824/1000, and a high A.M Best Rating of A, along with stellar customer reviews, which is a testament to their high quality of service.

Pros

  • Easy sign up through application or website
  • Discount options available

Cons

  • Personal property coverage is limited to $25,000

Nationwide

Nationwide is considered to be one of the best renters insurance providers in Brooklyn, NY. The insurance provider offers coverage for all contents of the renter, including loss of use, personal liability, medical payments, and alterations and additions to the building. You also get credit card coverage, theft extension, coverage for valuables, including earthquake and water backup coverage as well.

What separates Nationwide from other renters insurance providers is their wide variety of coverage options, including, but not limited to, food spoilage, along with separate limits for cameras, firearms, or jewelry. Nationwide also enjoys a high user rating which includes, an NAIC ratio with fewer complaints than average, a high JD Power Rating of 828/1000, and an A.M Best Rating of A+, along with a positive A+ BBB Rating. The coverage is available for renters in New York for just $20 per month. The availability of add-ons, such as earthquake coverage also makes it a good choice for renters in New York.

Pros

  • Free coverage
  • Local agents available
  • Inflation protection
  • Claims centers open 24/7
  • Variety of add-ons for New York City renters insurance and state

Cons

  • Prices are a bit high

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.