New York Renters Insurance (2024)

FAQs

What are 2 reasons people typically do not get renters insurance? ›

Renters insurance isn't required by New York law, but your landlord or building management company may mandate a renters policy before you can move in. Even if you're not required to carry renters insurance, a renters policy is generally affordable and may cover your belongings against certain perils.

State Farm, Travelers and USAA are a few of the best renters insurance companies in New York. The average cost of renters insurance in New York is $170 per year.

Your claims history

Filing a renters insurance claim often causes your premium to go up. A California renter with a recent theft claim would pay nearly 59% more for their insurance than someone with no recent claims, according to NerdWallet's rate analysis.

Renters insurance coverage is almost always worth it. It is much more affordable than other policies, including home or auto insurance, and provides valuable financial protection. Even if you can save enough money to cover unexpected loss, renters insurance may be worthwhile.

Renter's or tenant's insurance protects renters who experience unexpected property damages. In our latest research, we found that 55 percent of renters had renter's insurance policies. This is an estimated 61 million U.S. renters.

Renters insurance is relatively inexpensive. According to NerdWallet, the average renters policy costs about $15 per month for up to $30,000 in personal property coverage. That's solid coverage for less than the cost of a few cups of coffee a week.

Get a customized renters insurance quote in New York

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While all insurance products offered through Lemonade are trustworthy and reputable, the company's renter's insurance has the best ratings across Lemonade products.

What is a good deductible for renters insurance? ›

Typically, renters insurance deductibles are $500 or $1,000, but companies often provide a range of options. State Farm has deductibles of up to $2,000, while Lemonade offers a specialized renters insurance policy with a $0 deductible.

The average cost of renters insurance is about $15 to $20 per month¹. However, what you end up paying depends on a number of factors.

55%: 55% of renter-occupied homes across the United States have renters insurance. 45 million: Across the United States there are roughly 45 million renter-occupied homes. 25 million: Of the 45 million tenant occupied homes, more than 25 million of them have renters insurance.

Renters insurance protects your belongings from loss, damage, or destruction following things like burglaries, fires, tornadoes and other covered events. Plus, renters insurance also protects your liability (and your money) if someone is injured at your rental home or apartment.

Additional Expense

One of the main cons of getting renters insurance is that it can be an added expense for tenants already paying rent and other living expenses. This can be a deterrent for some tenants who may feel that they cannot afford the additional cost of a renters insurance policy.