Best and Cheapest Renters Insurance in New York for 2024 - NerdWallet (2024)

If your New York City apartment catches fire or someone steals your bike off a Buffalo street, renters insurance can help. A renters policy can cover your belongings for a price that’s likely cheaper than your monthly cell phone bill. Renters insurance in New York costs about $170 a year, or $14 a month, on average.

NerdWallet analyzed rates from companies across the state to find the best and cheapest renters insurance in New York.

Note: Some insurance companies included in this article may have made changes in their underwriting practices and no longer issue new policies in your state.

The cheapest renters insurance in New York state

We compared renters insurance rates from more than a dozen companies in ZIP codes across the state to see which were cheapest. These are the ones with rates below the state average of $170 per year.

The cheapest renters insurance in New York City

Because such a large proportion of New York state’s population lives in the Big Apple, we looked specifically at renters insurance rates there. Below are the companies with renters insurance rates below the New York City average of $192 per year.

The best renters insurance in New York state

If you’re looking for renters insurance from a highly rated national brand, consider one of these carriers from NerdWallet’s list of the best renters insurance companies. The table below includes each company’s average annual renters insurance rate in New York state. Select the company name to read our review.

The best renters insurance in New York City

New York City has the same best renters insurance companies as New York state, but with different average rates. Check out the list below.

More about the best renters insurance companies in New York

See more details about each company to help you decide which one is best for you.

Unlike policies from some other companies, State Farm renters insurance includes replacement cost coverage for your personal belongings. Say you have a 10-year-old mattress that’s destroyed in a fire. State Farm would pay out enough for you to buy a brand-new replacement, rather than giving you only enough for a used mattress. Other coverage options may also be available for things like identity theft and damage from backed-up drains.

Does your home have smart-home technology, a burglar alarm or an interior sprinkler system? If so, you might be able to save on Travelers renters insurance. You may also be eligible for a bundle or claims-free discount. Extra coverage may be available for expensive items such as jewelry or computers.

A standard Nationwide renters insurance policy covers your stuff on an “actual cash value” basis. That means if an item is stolen or destroyed, the insurance company will pay you whatever it was worth at the time you made the claim — which might not be enough to replace it. Upgrade to Brand New Belongings coverage to get enough to buy new replacement items. You may also be able to add coverage for valuable jewelry or damage from backed-up drains.

The Hanover has three tiers of renters insurance coverage. Upgrade to the “select” option, and you’ll get identity theft coverage and replacement cost coverage on your personal belongings, among other extras. The “select plus” package adds even more perks, including coverage for damage from backed-up sewers or drains.

Farmers offers a variety of ways to save on your renters insurance policy, including potential discounts for bundling multiple policies, having a security system or being a nonsmoker. Teachers, doctors, nurses and police officers may also be eligible for savings. If you have expensive belongings, such as an engagement ring or fine art, ask about extra coverage to make sure those items are properly insured.

Unlike most insurers, USAA offers flood and earthquake coverage as part of its standard renters policies. It also pays the replacement cost of your stolen or damaged items, rather than paying less for older items that have lost value over time. However, renters policies from USAA are available only to active military, veterans and their families.

How much is renters insurance in New York?

The average cost of renters insurance in New York is $170 a year, or about $14 a month. That’s about 15% higher than the national average of $148 a year.

Renters insurance in New York City costs $192 a year, on average.

In most U.S. states, including New York, many insurers use your credit-based insurance score to help set rates. Your insurance score is similar but not identical to your traditional credit score.

In New York, those with poor credit pay an average of $208 per year for renters insurance, according to NerdWallet’s rate analysis. That’s about 22% more than those with good credit.

Average cost of renters insurance in New York by city

Below are average renters insurance rates for the 25 largest metro areas in New York state.

Note: City names in the table below are based on the U.S. Postal Service’s preferred names for each ZIP code.

What to know about New York renters insurance

Renters insurance offers financial protection against many problems, but it doesn’t cover everything. Here are a few scenarios you might encounter in New York, along with information on how to make sure you’re covered.

Theft

Standard renters insurance covers your belongings for theft, one of the most common crimes in New York City. Your belongings are generally covered even when you’re not at home. So if someone steals your laptop from a coffee shop, it’ll probably be covered (minus your deductible).

Natural disasters

New York state is prone to a variety of natural disasters, including thunderstorms, snowstorms, floods and tropical storms, and a standard renters policy won’t cover all of them. For example, flooding is typically not covered, but damage from a snowstorm might be.

Say you live on the top floor of an apartment building, and a heavy blizzard causes part of the roof to cave in. Your insurance would likely pay for any resulting damage to your belongings because the “weight of ice, snow or sleet” is one of the standard perils that most renters insurance policies cover.

But if a tropical storm causes a flash flood, ruining the furniture in your ground-floor apartment, you probably wouldn’t be covered unless you had separate flood insurance.

Most renters policies cover wind damage from storms or tornadoes. However, if you live in a high-risk coastal area, your policy might have a specific hurricane deductible. If that’s the case, you might have to pay more out of pocket for hurricane damage than you would for another type of claim.

What determines New York renters insurance rates?

Each company calculates renters insurance premiums a little differently. Below are a few factors that could influence what you pay for renters insurance in New York.

Where you live

Your location may impact your renters insurance premium, particularly if you live in a neighborhood with high crime rates.

Your credit

As noted above, those with better credit history will often pay less for insurance than renters with poor credit.

Your coverage

If you’re renting a three-bedroom house, you’ll likely have more stuff — and need more coverage — than someone in a studio apartment. Expect to pay more for higher coverage limits.

Your deductible

A deductible is the part of an insurance claim you’re willing to pay yourself. You can usually lower your premium by choosing a higher deductible, as long as you’d feel comfortable paying that amount in a pinch.

Your claims history

If you’ve filed a renters insurance claim in the past, insurers may see you as a greater risk to file one in the future — which could lead to higher rates. Renters with a recent theft claim on their record pay about 8% more for insurance than those with a clear record, according to NerdWallet’s rate analysis.

Your home

Certain features of your home could qualify you for discounts, including smoke detectors, deadbolt locks, sprinkler systems and other protective devices.

Your other policies

Bundling your renters insurance with another policy from the same company, such as car insurance, could net you a discount.

Your dog

Because dog bites can lead to liability claims, insurance companies sometimes charge more for breeds they consider aggressive.

New York Department of Financial Services

This department oversees insurance companies and agents across New York state. You can find information about renters insurance or file a complaint against your carrier on the department’s website. You can also call 800-342-3736 for assistance in multiple languages.

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