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Whether you rent in the bustling city of New York or the quiet countryside of the Empire State, renters insurance is a way to add financial protection for your belongings and a little extra peace of mind. Renting continues to be a popular housing option throughout the state, which means many New Yorkers may be on the hunt for the best renters insurance options. Bankrate has reviewed several options available to renters to help you find the best renters insurance companies in New York for your needs and budget.
Best renters insurance companies in New York
Renters in New York have numerous options for renters insurance, but narrowing down the selections can be challenging. Bankrate has reviewed information a renter may find helpful, including the financial stability of an insurance provider and the latest J.D. Power scores for customer satisfaction with renters insurance providers. Based on these factors and more, here are some of the best renters insurance companies in New York worth consideration:
|Company||Best for||J.D. Power score||AM Best|
|Allstate||Flexible policy options||833/1,000||A+|
|Lemonade||Digital tools||870/1,000||Not Rated|
|Liberty Mutual||Multiple discounts||828/1,000||A|
|State Farm||Customer service options||866/1,000||A++|
|USAA*||Active and retired military||893/1,000||A++|
*USAA is ineligible for official J.D. Power ranking due to eligibility restrictions
Best for: Flexible policy options
Allstate claims its renters insurance policies can cost as little as $4 per month, so if budget is a factor for you when searching for the best renters insurance in New York, you may want to consider a quote from this insurer. However, as Allstate points out, your renters insurance premium depends on several factors, like the coverage you choose and your policy limits, so actual premiums will vary. Additionally, Allstate only offers a few discounts to help you control your premium. With its network of nationwide agents, there is likely an Allstate local agent near you to help with your renters insurance needs.
|Digital and personal customer service tools available||Limited number of discounts|
|Tailor the deductibles and payment schedule to fit your needs||Online quotes only|
- Budget-friendly options
- Multiple ways to customize a policy, including with adding flood insurance, identity theft protection and scheduled personal property coverage for high-value items
Learn more: Allstate Insurance review
Best for: Digital tools
Lemonade is a digital-only renters insurance option that not only offers a highly-rated mobile app, but you can select and purchase a policy within a couple of minutes. Renters policies include the standard coverage for personal property, liability and additional living expenses. Renters policy coverage extends to anywhere in the world if your personal property is lost or damaged due to theft. While there are no local agents available, you do have the option to manage your policy through your smartphone or online.
|Budget-friendly options||Does not cover roommate’s belongings|
|Quick and easy claims filing process||Does not cover liability from dog-bites if they are considered a high-risk breed|
- Any unused premiums are donated by Lemonade to several charities at the end of the year and millions of dollars have been donated over the last few years.
- Policies start at $5 per month.
Learn more: Lemonade Insurance review
Liberty Mutual’s renters insurance may be slightly more than Allstate’s, with the company claiming you can get coverage for about $5 per month. However, Liberty Mutual offers several discounts, including a claims-free discount, an early shopper discount and an online purchase discount that could help you lower your premium. Liberty Mutual has a mobile app with over 245,000 reviews and a 4.8 out of 5.0 ranking on the App Store and nearly 70,000 reviews on Google Play and a ranking there of 4.7 out of 5.0.
|Numerous discounts available||Higher-than-average complaints registered through the National Association of Insurance Commissioners (NAIC)|
|Highly-rated app||Lower-than-average scores with J.D. Power|
- Personal belongings coverage extends to virtually anywhere outside of your home.
- Budget-friendly options plus several choices to add-on coverage where you need it.
Learn more: Liberty Mutual Insurance review
Best for: Customer service options
If you have a side hustle or own a business, you may want to consider renters insurance from State Farm. Among the company’s add-on coverage options are options to increase the amount of coverage you have for business personal property and to add coverage for business liability.
State Farm does not offer as many discounts as Liberty Mutual. There are savings for bundling your renters and auto policies and for installing safety equipment like smoke alarms.
|Inflation protection, which adjusts coverage for cost of living increases||Limited policy add-ons|
|Highly-rated app||Limited discounts|
- If you prefer managing through your policy online, with customer service, through the app or with an agent, State Farm has your preference covered.
- State Farm offers a variety of policies, which means you may easily qualify for a bundling discount.
Learn more: State Farm Insurance review
Best for: Active and retired military
USAA only sells insurance to current military service members, veterans and their immediate families. Because of its restrictions, USAA is not eligible for an official J.D. Power ranking. However, the company consistently receives high customer satisfaction scores. If you are eligible and if customer service is important to you, USAA may be a good option to consider.
USAA’s renters insurance policies cover flood and earthquake damage, which is rare; these coverages typically need to be purchased separately or as an endorsement. USAA also covers your personal property if you are deployed overseas.
|Policies tailored to members of the military||Policy does not include coverage for a roommate|
|Policy discounts and customizations available||Only available to those meeting membership requirements|
- Earthquake insurance and flood insurance are included in standard renters insurance policies.
- You can upgrade with the electronics package, which includes extra financial coverage for numerous electronic devices.
Learn more: USAA Insurance review
Average cost of renters insurance in New York
The average cost of renters insurance in New York State is $185 per year according to the Insurance Information Institute (Triple-I), slightly above the national average of $174 per year. And compared to the average homeowners insurance premium in New York of $1,357 per year, renters insurance is significantly cheaper. New York renters insurance costs are comparable to other states in the Northeast too, such as New Jersey residents that pay an average of $156 per year or renters in Connecticut who are paying an average of $183 per year.
However, because everyone has different insurance needs, your premium will likely be different from the premiums mentioned. Your age, ZIP code, coverages, limits and claims history will all impact premiums for the best New York renters insurance.
Renters insurance coverage options in New York
Renters in New York might want to consider regional factors when deciding if purchasing renters insurance is the right decision. Renters insurance not only covers your personal property if theft or vandalism were to occur, but can provide loss of use coverage if you were displaced from your home due to a covered claim.
Flood insurance may be another factor worth considering when reviewing the best New York renters insurance companies. A renters insurance policy does not typically cover damage caused by flooding, but it may be important in New York if you live closer to the coast. You may want to talk to an insurance professional about purchasing a separate flood insurance policy if you live in a ground-level or below-ground apartment or if your area is at high risk for floods.