Table of Contents
- How much is renters insurance in NYC?
- Average price of renters insurance in NYC
- The cheapest renters insurance in NYC: State Farm
- The best renters insurance in NYC: State Farm (again)
- Other NYC renters insurance providers you should consider
- What else do you need to know about renters insurance in NYC?
- How we gathered our data on NYC renters insurance prices
How much is renters insurance in NYC?
The average cost of renters insurance in New York City is $17.97 per month. This is below the national average (around $20) and lower than the cost of renters insurance in many of the country’s other major cities, like Los Angeles, Houston, and San Antonio.
Renters insurance prices vary by location and by person. This is because insurers use risk assessments to determine pricing to minimize their losses. Here are some of the main factors that will affect the cost of your policy if you live in New York City:
- Your borough: The price of renters insurance in NYC varies slightly between boroughs. Renters insurance in Brooklyn costs the most, whereas it costs the least in Queens.
- Your building: New York is famous for its beautiful buildings and pre-war architecture. One downside to living in one of the city’s iconic older buildings is pricier renters insurance. Because certain buildings may be more prone to covered renters insurance perils like fires and water damage from leaking pipes, your provider may factor in the year and construction of your apartment when calculating your rates.
- Your deductible: No matter where you live, your renters insurance premium (your monthly bill) will be higher if you choose a lower deductible, which is the amount you have to pay out of pocket if you file a renters insurance claim. The idea here is that you’re paying more now so that you’ll pay less later.
- Your coverage: Naturally, you’ll need to pay more if you want more coverage. Insurance providers differ in terms of the customizability of their policies, but you can always increase the personal property coverage in your renters insurance policy. Many companies also offer renters insurance riders, endorsements, or floaters that give you protection from uncovered perils or increase your coverage for specific items.
The final factor that affects your insurance cost is which insurance company you choose. Below is a breakdown of the average price of renters insurance in New York City for each major provider.
Average price of renters insurance in NYC
We’ve compiled the average renters insurance prices in New York City by provider. The table below shows each company’s average monthly and yearly prices as well as how they compare to the statewide average price of renters insurance.
| Insurer | Price (monthly) | Price (yearly) | Difference from average |
|---|---|---|---|
| Allstate | $22.00 | $264.00 | +$4.03 |
| Geico | $17.00 | $204.00 | -$0.97 |
| Progressive | $26.49 | $317.88 | +$8.52 |
| State Farm | $10.42 | $125.04 | -$7.55 |
| Liberty Mutual | $16.75 | $201.00 | -$1.22 |
| Lemonade | $10.67 | $128.04 | -$7.30 |
| Farmers | $12.99 | $155.88 | -$4.98 |
The cheapest renters insurance in NYC: State Farm
On average, the cheapest NYC renters insurance is offered by State Farm, whose policies cost $10.42 per month. Lemonade is close behind in terms of cost, charging $10.67 per month.
Should you get State Farm renters insurance in NYC?
You should get State Farm renters insurance in New York City if you’re looking for a cost-effective policy with a variety of coverage options. They’re a well-established company with wide availability and accessible customer service, leaving few downsides to their renters insurance. In this section, we’ll go over what their policies cover and what their main strengths and weaknesses are.
Benefits of State Farm renters insurance in NYC
- Extensive coverage: State Farm offers a long list of add-ons that will get you coverage for perils that standard renters insurance won’t cover, like earthquakes and identity theft. Their renters insurance also automatically includes replacement cost coverage, which means higher payouts than you’d get with actual cost coverage.
- Accessible customer service: State Farm has more than 58,000 employees and hundreds of locations across the US, making it pretty easy to contact an agent about your policy. They also have an award-winning mobile app that’s well designed and easy to use.
- They won’t ask about your dog’s breed: For the thousands of renters in New York City with dogs, State Farm is a good option because they’re the only major provider that doesn’t require you to declare your dog’s breed when you’re getting insurance. This means you won’t be refused pet liability coverage or charged a higher premium for having a “riskier” breed like a pit bull or German Shepherd.
Disadvantages of State Farm renters insurance in NYC
- Limited discounts: There are certain discounts on renters insurance that are fairly standard, such as a bundling discount for getting multiple policies and discounts for installing home safety equipment. Most companies try to stand out by offering more ways to save, but State Farm only offers those two discounts. They also only allow you to bundle renters insurance with auto insurance, whereas other insurers allow you to bundle it with other types, such as boat insurance or pet insurance.
Overall, State Farm’s benefits outweigh their drawbacks. This, combined with their low cost, makes them a great choice if you’re looking for renters insurance in New York City.
The only downside is if you want to get a bundling discount but you don’t have car insurance, which is the case for many people, considering that New York City has one of the lowest car ownership rates in the nation.
The best renters insurance in NYC: State Farm (again)
State Farm is our pick for the best renters insurance in New York City because of their low prices and extensive coverage options. We’ve already gone over the company’s major pros and cons, but here are a few additional coverage options State Farm offers that make them stand out from their competitors:
- Business property and liability coverage: If you run a business, then you can benefit from State Farm’s business property coverage, which you can buy along with your renters insurance. These increase the amount of coverage for your business property and potentially save you from paying substantial legal fees if you’re taken to court in a work-related lawsuit.
- Earthquake coverage: Most renters insurance policies don’t cover earthquakes, but State Farm offers optional earthquake coverage that you can add to your renters insurance. They’ll only charge you an extra $1 or so per month to add this coverage to your policy.
- Identity restoration insurance: State Farm offers cyber event and identity restoration coverage that you can add to your renters insurance for an extra $25 per year. This is a small price to pay to get protection from cyber attacks (since renters insurance doesn’t usually cover cybercrime) and identity fraud, which has become an increasingly big problem since the start of the COVID-19 pandemic, particularly in NYC.
- Optional umbrella insurance: If you want more personal liability coverage than your renters insurance provides, then you can get an umbrella insurance policy, which offers millions of dollars of coverage if you’re ever the subject of a lawsuit.
Other NYC renters insurance providers you should consider
Everyone is different, and insurance companies work to offer policies that attract people with different needs. In this section, we’ll tell you our recommendations for the best renters insurance for the following people:
- Students and first-time renters
- Military servicemembers and veterans
- Dog owners
- Car owners
Best NYC renters insurance for college students and first-time renters: Lemonade
If you’re a college student or moving into your first apartment in New York City, then we recommend Lemonade. As one of the newest renters insurance companies, Lemonade targets a younger demographic of renters with their low prices, digital services, and simplified explanations for what renters insurance is and what it covers.
Lemonade uses automated systems and an easy-to-use app, so you can get your policy, make payments, file claims, and adjust your coverage electronically without going through an agent.
They sell policies with basic coverage for very low prices, which is ideal for students and recent graduates who don’t have many belongings to insure (or much money to spend). As a bonus, Lemonade donates some of your unused premiums to a charity of your choice.
Best NYC renters insurance for military service members and veterans: USAA
USAA provides insurance for active military servicemembers, veterans, and the spouses and children of USAA members. Their prices tend to hover around the citywide average (~$15 per month), and they offer impeccable coverage.
What most distinguishes USAA from their competitors is that they’re the only company whose standard renters insurance policies come with coverage for floods and earthquakes. To get coverage for these perils with another company, you’ll almost always need to purchase separate policies or riders.
Earthquake coverage is a nice perk (even though most earthquakes that hit NYC are relatively small), but flood coverage is essential in the city. Flooding from New York’s frequent tropical storms, hurricanes, and heavy rains can cause serious personal property damage. If you aren’t qualified for USAA’s insurance, then we recommend getting flood insurance from a different insurer that works with the National Flood Insurance Program, such as Liberty Mutual.
Best NYC renters insurance for dog owners: State Farm
As we mentioned above, State Farm is the only company that won’t ask for your dog’s breed when you sign up for their renters insurance. Depending on the type of dog you have, this could be a major advantage because your dog’s breed can affect your policy in two ways:
- Expensive liability coverage: Some breeds are considered “high risk” because statistics show that they’re more likely to injure people, which renters insurance companies care about because renters insurance covers dog bites. If your dog is a blacklisted breed, then most providers will charge you more on your liability coverage, increasing your premium and deductible.
- Rejected application: Some providers simply won’t insure renters who have dogs of certain breeds (especially Rottweilers, Siberian Huskies, and pit bulls).
Because State Farm never asks about dog breed, you don’t have to worry about this when you buy their renters insurance.
Best NYC renters insurance for car owners: Your current insurer
Bundling your auto and renters insurance policies is one of the easiest ways to reduce your insurance costs. If you own a car (in which case you legally have to have auto insurance), it’s worth getting a quote from your car insurance provider before deciding on another company.
Look for a discount of 5–10% on your auto insurance policy (or on both policies), not just on renters insurance.
How to learn more about renters insurance providers in NYC
Still not sure which company is right for you? Read our reviews of the major insurers in NYC to learn more about which provider offers the best renters insurance in the city:
What else do you need to know about renters insurance in NYC?
We’ve shown you where to get the best and cheapest renters insurance in NYC, but there are a few other things you should know before buying a policy.
Is theft covered by renters insurance in NYC?
Yes, theft is covered by renters insurance in New York City. Your insurer will reimburse you for stolen or damaged personal property from home break-ins or robberies. This shows just how important renters insurance is in NYC, where burglary and larceny rates are relatively high and are continuing to rise.
Does renters insurance require a credit check in NYC?
Yes, renters insurance requires a credit check in New York City. Insurance providers will run your credit when you apply for a policy and may use your credit information to set your prices.
Even though insurers will use your credit information, there are ways of minimizing its impact on your rates. To learn more about how to avoid higher premiums due to a low credit score, check out our article on what to do when you can’t get renters insurance without a credit check.
Can landlords require renters insurance in NYC?
Yes, landlords can require renters insurance in New York City. However, that doesn’t mean that they always do. In fact, it’s more common in NYC for property management companies to require landlords to have landlord insurance than it is for landlords to require their tenants to have renters insurance. (Note that these aren’t mutually exclusive — you and your landlord can both be required to have insurance.)
Even though you’re not legally required to have renters insurance, it provides a great deal of protection and can save you a lot of money in the long run. Its broad coverage and relatively low cost compared to other types of insurance are why everyone should have renters insurance.
How we gathered our data on NYC renters insurance prices
To find the average price of renters insurance in New York City, we gathered quotes from 10 major providers by using the following information:
- Insured party: 30-year old male, employed, unmarried, with no pets
- Personal property coverage: $30,000
- Personal liability coverage: $100,000
- Guest medical coverage: $1,000
- Loss-of-use coverage: Insurer’s default (usually based on personal property coverage)
- Deductible: $500
Keep in mind that quotes vary based on factors such as age, coverage, deductible, and demographic information. While your quote probably won’t be exactly the same as ours, our data can help you gauge the price differences between major insurance providers.
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