With its iconic, bustling city and its peaceful countryside, New York is an appealing state to live in. Just under 54% of residents own and live in their homes throughout the state, indicating that a relatively large population rents. New York renters may want to understand how their premiums are calculated and what insurance companies offer the best coverage options when it comes to renters insurance.
Despite the high cost of living, New York renters pay, on average, just $189 per year for renters insurance, according to the Insurance Information Institute (Triple-I). Considering that renters insurance provides coverage for your personal property and your liability, it is often a wise investment.
Best renters insurance companies in New York
When looking for renters insurance, NYC renters and renters in the rest of New York State may want to consider a few different factors of an insurance company. Bankrate’s editorial team reviewed customer service scores from J.D. Power, financial strength scores from AM Best, available coverages and discount offerings to determine which companies are the best in The Empire State.
Based on our research, these are the best renters insurance companies in New York:
|J.D. Power score||AM Best|
*USAA is ineligible for official J.D. Power ranking due to eligibility restrictions
Allstate claims its renters insurance policies can cost as little as $4 per month, so if budget is a factor for you, 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.
Allstate received the highest official J.D. Power ranking of the companies on our list, indicating that its customers are generally satisfied with the service they receive. With its network of nationwide agents, there is likely an Allstate local agent near you to help with your renters insurance needs.
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’s J.D. Power score is well below the industry average. But if you like to handle your policy digitally, Liberty Mutual has a mobile app with over 95,000 reviews and a 4.8 out of 5.0 ranking on the App Store and over 11,000 on Google Play and a ranking there of 4.5 out of 5.0.
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 coverages 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. The company also received a below-industry average score from J.D. Power.
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.
Average cost of renters insurance in New York
The average cost of renters insurance in New York State is $189 per year, slightly above the national average of $179 per year. And compared to the average homeowners insurance premium in New York of $987 per year, renters insurance is significantly cheaper.
The following table shows how New York’s average renters insurance premium compares to nearby states:
|State||Average annual premium|
However, because everyone has different insurance needs, your premium will likely be different from the premiums above. Your age, ZIP code, coverages, limits and claims history will all impact your premium.
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 to consider. 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
What is the cheapest renters insurance in New York?
The cheapest renters insurance in New York depends on your specific situation. Insurance companies price renters insurance according to several factors, such as your geographic location, how much coverage you need and the deductible you choose. Factors like crime rates and the incidence of renters insurance claims in your area could also affect your premium. Getting quotes from several property insurers may help you find coverage at a lower premium.
Is renters insurance required in New York?
Renters insurance is not required by law in New York, but landlords may require it as part of your rental agreement. Regardless of whether it is mandatory, renters insurance could be a smart precaution to protect your belongings, as well as to provide liability protection.
Is my roommate covered by my renters insurance policy?
Unless you are married, roommates generally need their own policies. In order to purchase insurance coverage, you must have a financial stake in what you are insuring. This is called “insurable interest.” If you do not have an insurable interest in something, you have no right to receive a claim payout if it is damaged. Roommates usually do not have an insurable interest in each other’s belongings, so each roommate likely needs their own policy.