Best and Cheapest Renters Insurance in New York City (2020)

New York is rightfully known as one of the most expensive cities in the country to live in. When the cost of living is high, it’s easy to let some expenses go…but renters insurance shouldn’t be one of them!

Sadly, most New Yorkers are forgoing an inexpensive, potentially wallet-saving service: a renters insurance policy. (Renters insurance is sometimes also known as apartment insurance, though you don’t need to live in an apartment to take advantage of it.)

While it’s true that crime rates are lower in New York than in many other cities, theft isn’t the only danger renters face. Hurricanes, burst pipes, or residential fires could all spell disaster. And no, your landlord may not be liable for damages.

That’s why you need renters insurance. For around $20 a month (or even less!), you could protect yourself from catastrophic loss. Read on to learn more about renters insurance, the process of getting a renters insurance quote, and about how to find the best renters insurance in New York City.

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Factors that Affect Renters Insurance Premiums in NYC

Coverage Level

• All renters insurance policies will insure you up to a certain price––often $100,000, $200,000, or even $300,000. The higher your insured coverage level, the more expensive your premiums will be.

Deductible

• A deductible is the amount of money you have to pay out of pocket when you file an insurance claim. The lower your deductible, the higher your monthly premiums––and vice versa.

Value of Property

• The greater the value of your belongings, the more expensive your personal property will be to insure. A Manhattan penthouse owner with a cherished collection of jewelry and racing bicycles will likely pay more for their renters insurance than a studio-dwelling minimalist in Brooklyn.

Residence Type

• Renters living in buildings with more security measures will pay less for their renters insurance, due to a lower likelihood of vandalism or theft.

Credit Score

• Renters insurance is often more expensive for those with a low credit score.

Owning Pets

• Because pets frequently contribute to property damage, a furry friend may raise your renters insurance rates.

New York Specific Factors

• In New York state, landlords are permitted to require that any potential renters acquire renters insurance. As a result, you may find renters insurance to be a requirement before moving into your swanky new NYC digs.

• The average cost of renters insurance annually in New York City is $197. That’s slightly higher than the Los Angeles average of $178, but far lower than the typical Miami annual cost of $510.

Average Annual Cost of Renters Insurance

Finding Cheap Renters Insurance in NYC

Here are a few easy ways to find cheap renters insurance in The Big Apple.

Shop Around and Compare

One of the easiest ways to save on insurance costs is to shop around online and compare quotes.

Shopping for new insurance quotes every six months or after any major life events helps ensure you’re getting the lowest premiums and not missing out on potential deals and discounts. Online quote comparison sites like Insurify use cutting-edge AI technology to make the insurance shopping process a breeze.

Consider Bundling

If you’re a member of that rare breed––a NYC driver––bundling with your auto policy is one of the easiest way to get a significant discount on your renters insurance coverage. Some companies offer price reductions as large as 25 percent! Check out top car insurance rates and bundling opportunities with Insurify.

Don’t have a car? Try bundling your policy with a life insurance plan. Many companies offer multi-product discounts, even if those policies aren’t necessarily compatible.

Install Safety Devices

Many insurers will offer discounts on top of their standard coverage if renters install safety devices like sprinklers, burglar alarms, or fire extinguishers in their home.

Not only do these devices help keep you safe, they also minimize the risk for your insurer.

Automatic Payment Discount and Other Deals

Insurance providers often provide additional deals if renters are willing to pay automatically or up-front.

Call your insurance agent to see if you may be eligible for any of these simple money-saving discounts.

Best Companies for Cheap Renters Insurance in New York City

As the busiest, most bustling metropolis in the U.S., NYC offers a dazzling array of choices when it comes to renters insurance. But here are just a few of the best renters insurance companies for New York renters.

USAA

Only available to U.S. military active service members or veterans and their immediate family, USAA is renowned for its customer service––and its renters insurance product is no exception.

• A.M. Best Rating: A++

• J.D. Power Ranking: “Among the Best”*

• BBB (Better Business Bureau) Rating: A-

Lemonade

As a newer startup using AI to break into the competitive renters insurance market, Lemonade uses its proprietary technology to offer bare-bones renters policies at jaw-dropping rates of as low as $5 per month.

With premiums that cost less than a Williamsburg latte, Lemonade makes sure that you can afford your ideal NYC apartment and stay safely insured.

• A.M. Best Rating: N/A

• J.D. Power Ranking: 866/1000

• BBB (Better Business Bureau) Rating: B+

State Farm

As one of the oldest and best-known insurers in the U.S., it won’t surprise you to learn that State Farm renters insurance has received kudos for stellar customer service and quick handling of claims.

• A.M. Best Rating: A++

• J.D. Power Ranking: 836/1000

• BBB (Better Business Bureau) Rating: A+

*Because USAA only provides insurance for active or retired service members and their families, it was not found to be eligible for J.D. Power’s thousand-point scoring system.

What is Renters Insurance––and What Does it Cover?

Many renters assume that their landlord will pay for damages, but this often isn’t the case. Landlords must be found to have personal liability for the damage done to personal property in order to have to pay to replace or repair that property. So a fire started by your downstairs neighbor or a burglar’s break-in often won’t be covered by your landlord’s insurance.

That’s why it’s so important to purchase renters insurance. Renters insurance protects you  and your personal belongings from financial loss in a few specific ways. Check out the handy table below to learn more about what renters insurance does and doesn’t cover.

Renters Insurance 101

Renters insurance is a type of insurance for those who rent their homes. But what exactly does renters insurance cover?

Renters insurance usually incorporates three primary types of coverage for policyholders: liability coverage, personal property coverage, and additional living expenses (sometimes also known as loss of use ) coverage.

Of course, these three coverage types aren’t the only coverage options available to renters. There’s a wide world of insurance add-on ’s available for the discerning renter, covering eventualities ranging from water damage caused by sewer backups to flood insurance to identity theft.

New York City Renters Insurance FAQ

How to Find the Best and Cheapest Renters Insurance in NYC

Next time a windstorm or hurricane sweeps through town, make sure that any loss is a covered loss with renters insurance.

Your unique insurance profile doesn’t end with renters insurance. Check out the Insurify blog to learn more about getting the right coverage for you–– without breaking the bank.

And be sure to tell your driving or non-renting friends and family to use Insurify to compare auto insurance, homeowners insurance, and life insurance quotes in mere minutes! With Insurify, you can select different add-ons and levels of coverage to make sure that your insurance policy covers any eventuality.