Skip to Main Content
City apartment just moved in with Television set up
gerenme/Getty Images
Bankrate logo

Why you can trust Bankrate

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for . Our content is backed by Coverage.com, LLC, a licensed entity (NPN: 19966249). For more information, please see our .

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.

Compare rates and save on home insurance today!

Close X
Advertising Disclosure
This advertisement is powered by Coverage.com, LLC, a licensed insurance producer (NPN: 19966249) and a corporate affiliate of Bankrate. The offers and links that appear on this advertisement are from companies that compensate Coverage.com in different ways. The compensation received and other factors, such as your location, may impact what offers and links appear, and how, where and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available. Our goal is to keep information accurate and timely, but some information may not be current. Your actual offer from an advertiser may be different from the offer on this advertisement. All offers are subject to additional terms and conditions.
Mortgage

Compare home insurance rates

Answer a few questions to see personalized rates from top carriers.
Location-Icon Created with Sketch.
Your information is kept secure
Caret DownCaret Up
Caret DownCaret Up
Field is required
Powered by Coverage.com (NPN: 19966249)
Insurance Disclosure

Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.

Quick Facts
Moneybag
$382/year
average savings through Bankrate
Two Thirds
2 out of 3 homes
are underinsured
Insurance Home
1 out of every 20
insured homes makes a claim each year
Circle Check
100% of homes
need insurance before getting a mortgage
See more providers in
Choose from insurers in
Mortgage

Leaving so soon? Your custom quotes are just minutes away.

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

Allstate

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.

Perks Drawbacks
Digital and personal customer service tools available Limited number of discounts
Tailor the deductibles and payment schedule to fit your needs Online quotes only

Standout features:

  • 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

Lemonade

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.

Perks Drawbacks
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

Standout features:

  • 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

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.

Perks Drawbacks
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

Standout features:

  • 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

State Farm

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.

Perks Drawbacks
Inflation protection, which adjusts coverage for cost of living increases Limited policy add-ons
Highly-rated app Limited discounts

Standout features:

  • 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

USAA

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.

Perks Drawbacks
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

Standout features: 

  • 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.

Frequently asked questions