Best and Cheapest Renters Insurance in New York City (2020)
Updated April 13, 2022
Reading time: 5 minutes
To get the best and cheapest renters insurance available in NYC, you're going to want to compare quotes from different companies. We'll show you how.
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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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.
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.
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.
Renters living in buildings with more security measures will pay less for their renters insurance, due to a lower likelihood of vandalism or theft.
Renters insurance is often more expensive for those with a low credit score.
Because pets frequently contribute to property damage, a furry friend may raise your renters insurance rates.
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.
Here are a few easy ways to find cheap renters insurance in The Big Apple.
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.
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.
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.
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.
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.
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-
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+
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.
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 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.
|Coverage Type||What It (Usually!) Covers||What’s (Usually!) Not Covered|
|Liability||Provides liability protection: may cover medical payments or property bills if you accidentally damage someone else’s property or a guest hurts themselves in your residence||Any liability costs that exceed your coverage limit, damage to your personal property, additional living expenses|
|Personal Property||The cost to repair ( actual cash value ) or replace ( replacement cost coverage ) your personal belongings should they be damaged or stolen||Damage to personal property over your coverage limit, liability damages, additional living expenses, medical expenses|
|Additional Living Expenses||Additional coverage that pays for hotel bills or other living expenses if your current residence is damaged or otherwise not habitable. Sometimes also known as loss of use coverage.||The cost of repairing damage to your rented residence (your landlord’s insurance policy may cover that). Personal liability coverage or personal property damage.|
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.
No company is the end-all-be-all of cheap renters insurance. It's true that some companies tend to be less expensive. But, the cheapest company for you depends on your profile. The best way to get cheap renters insurance is by combining it with your car insurance policy. But in a city like New York, cars are rare. New Yorkers can consider combining with other property insurance or even life insurance. And don’t forget to comparison shop along the way!
Every renters insurance company is different. The best policy for you will depend on your preferences. For instance, one company that offers an easy-to-use app that allows you to upload pictures of your damaged belongings may be more worth it than another that is $20 cheaper annually but doesn’t have an app or easy-to-use website. What is your first priority—cost, customer service, claims experience? Knowing your preferences before you buy makes it easier to choose the best company.
Quote comparison sites like Insurify use cutting-edge AI technology to provide free personalized quotes in just minutes to customers. With an average user rating of 4.8/5 from 2,900+ reviews, Insurify is the #1 highest-ranked insurance comparison platform in America. And, unlike other quote comparison companies, Insurify never sells your data to scammers.
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.
J.J. Starr is a health and finance writer with a background in banking, lending, and financial advising. She holds a Series 6, FINRA, and life insurance licensure and a master's degree from New York University. Through her writing, she strives to use her decade of experience to help consumers make sound financial choices. Connect with J.J. on LinkedIn.