Everyone knows Manhattan is expensive, but life in the rest of New York state is sky-high, too. That’s why renters insurance is more important than ever in New York, where the 2010 U.S. Census shows 69% of households are renters. Today, New York has approximately 8.2 million renters, with the lowest number of owner-occupied properties after Washington, D.C.
Demand is high, so it is important to find the best renters insurance company to cover your New York home. Property damage accounted for 98.1% of 2017’s homeowners insurance claims, but acts of nature like wind, hail and flooding all occur regularly within the Empire State.
Before committing to a renters insurance policy, consider not just the price but also what options a company can offer you in terms of coverage, deductibles and savings.
Best renters insurance companies in New York
These are the best renters insurance companies in New York:
- Allstate: Allstate has some of the lowest pricing, with discounts for safety features, auto-payment and no claims history. There’s fantastic online accessibility to help you learn about your options and coverage.
- Liberty Mutual: Liberty Mutual provides standard coverage, along with electronics coverage for home computers and smartphones. Customer service is only subpar, but it is a long-standing, financially stable company known for reliable claims processing.
- State Farm: State Farm is top-rated by many companies, including J.D. Power and Consumer Reports, who all show top scores in customer satisfaction, claims processing, financial stability, and online accessibility. It offers standard protection from fire and storms, as well as unique coverage like antique car insurance and business plans. There are plenty of opportunities to save, with savings like bundling, safety and senior discounts. There is also an inflation guard to protect premiums.
- USAA: If you qualify, USAA offers some of the best coverage and pricing available today for renters insurance. Eligibility is limited to military households, but there are many additional protections your family can enjoy, along with competitive pricing. It is a J.D. Power favorite with outstanding customer service scores.
USAA and State Farm offer an impressive variety of services, including life and auto insurance, banking, loans and investments with specialized services for small businesses. Allstate also offers auto and life insurance but expands its repertoire with motorcycle and off-road insurance too. State Farm and Liberty Mutual also specialize in insurance for condo owners.
Once you find insurance companies that offer the coverage you need, there are some additional factors you should consider before purchasing a renters insurance policy. A company’s ratings will tell you a lot about how a company will treat you as a customer. J.D. Power and Better Business Bureau (BBB) ratings judge an insurer’s customer satisfaction, while AM Best assesses its financial stability. With these scores, we are able to obtain a better picture of what it is like to do business with an insurance company.
|J.D. Power||A.M. Best||BBB|
|State Farm||5 out of 5||A++ (Superior)||A+|
|Allstate||2 out of 5||A+ (Superior)||A+|
|USAA||5 out of 5||A++ (Superior)||N/A|
Average cost of renters insurance in New York
The average premium for renters insurance in New York is $194, compared to the national average of $180.
For the most accurate portrait of New York renters insurance, we researched quotes for the latest 2020 renters insurance coverage in New York. We included $40,000 of personal property coverage, $1,000 deductible and $100,000 liability.
The average renters insurance varies based on your zip code. The highest reported premium was $477, and the lowest was $138. The highest premiums of $301 are for Brooklyn and several New York City zip codes. New York’s cheapest insurance lands at $176 for areas like Hilton, Fairport, Spencerport and Henrietta.
Your address will help to determine your policy rate, as well as the total value of your belongings.
New York is more expensive than other states in cost of living and housing, so it makes sense renters insurance would be high here too. If you live in metropolitan areas like New York City, Buffalo or Rochester, you can expect higher levels of theft and property damage than smaller, less populated areas. New York is also prone to harsh winters with coastal flooding and strong winds from the Atlantic. Your premium is priced to accommodate these hazards in your renters insurance.
Renters insurance coverage options in New York
Not all renters insurance is created the same, so review your policy thoroughly before purchasing. Many companies will cover your basic property, but higher-end belongings may require additional coverage.
Flood insurance is not covered in every policy, but it’s important in New York if you live closer to the coast. Ground-level and below-grade apartments are not always covered, either, so to confirm this coverage. Unlike most states, there is no ISO mold limitation, so insurance companies cannot deny New York residents coverage based upon the presence of mold in their homes.
Frequently asked questions
What is the cheapest renters insurance in New York?
The cheapest renters insurance in New York depends on you. Insurance companies price renters insurance according to several factors, such as where you live, the kind of home you have, what you own and the deductible you choose. Things like weather and crime for your area will also determine how much your premium costs each year.
How do I get renters insurance in New York?
At Bankrate, we have all the tools you need, so signing up for renters insurance is easy. Review our picks for the best renters insurance companies in 2020, then get a quote and select all of the coverage you need from your chosen provider.
Is renters insurance required in New York?
Renters insurance is not required in New York, although landlords may include this as a stipulation in your rental agreement. Regardless of whether it is mandatory, renters insurance is always a smart precaution not just to protect your things, but also to protect yourself from liability.
Why do I need renters insurance in New York?
Winters in New York are long and brutal, buildings tend to be older and more prone to fire, and burglary and theft are rampant. It’s not worth it to risk your home and most cherished belongings when coverage is affordable.
Is my roommate covered by my renters insurance policy?
Unless you are married, roommates generally need their own policy. Sometimes insurance companies will offer a la carte coverage that you can purchase for additional protection. There are even restrictions as to what family is included, so ask about who and what is covered before buying your policy.