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The Best Renters Insurance Companies in New York - Today Financenews
October 23, 2021

The Best Renters Insurance Companies in New York

The Empire State offers its residents a long list of benefits, from shorelines to city life and everything in between, but low rent prices and lower home ownership rates are not among them. New York ranks bottom of the nation for the percentage of owner-occupied homes, further driving demand for rentals.

Find the Best Renters Insurance in New York

Save money on renters insurance with our simple comparison tool.

Are you currently insured? Yes No Do you own or rent your home? Own Rent Zip Code Change your search inputs
Matching you with providers.



We found results in Click at least
2-3 companies to find the very best rate.

    America’s top-rated renters insurance

    • Policies starting at just $5/month
    • Sign up in seconds, claims paid in minutes
    • Zero hassle, zero paperwork


    Get quote

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    The Simple Dollar is an independent, advertising-supported publisher and comparison service. The Simple Dollar is compensated in exchange for featured placement of sponsored products and services, or your clicking on links posted on this website. This compensation may impact how, where and in what order products appear. The Simple Dollar does not include all companies or all available products.

    If you’re renting in New York, you need to get a comprehensive renters insurance policy so you’re not caught off-guard with unexpected expenses. Otherwise, you’ll have to pony up the cash out of pocket, which could be tough with those expensive New York rents. So where do you start?

    You start with the best renters insurance options, of course — and we’re here to help. We analyzed the best renters insurance in New York using our SimpleScore methodology. We compared discounts, coverage options, customer satisfaction, support and online tools so you can enjoy all New York has to offer.

    In this article

      The best renters insurance in New York

      • Best for Low Premiums: Lemonade
      • Best for Customer Service: State Farm
      • Best for Broad Coverage: Nationwide
      • Best for Working With Agents: Erie Insurance
      • Best for Minimum Coverage: Assurant

      Best for low premiums – Lemonade


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      Don’t let the sweet name fool you. Lemonade is a serious contender for best renters insurance in New York.

      J.D. Power Rating 5/5 AM Best Rating N/A Standard & Poor’s N/A SimpleScore
      3.6
      / 5.0 close
      SimpleScore Lemonade
      3.6
      Discounts
      1
      Coverage Options
      3
      Customer Satisfaction
      5
      Support
      4
      Accessibility
      5 Our Methodology

      If you thought all renters insurance was the same, think again. Lemonade is an online-only insurance company offering the convenience of online tools and low premiums. If you’re looking for a basic renters insurance policy, you can purchase coverage through Lemonade for as little as $5 per month.

      What’s unique about Lemonade operates with an entirely different business model than other providers. Once Lemonade pays out for all expenses and claims, any leftover money is donated to charity.

      Best for customer service – State Farm


      Learn More

      Like a good New York neighbor, State Farm is easy to work with and will be there when you need it most.

      J.D. Power Rating 5/5 AM Best Rating A++ Standard & Poor’s AA SimpleScore
      4.2
      / 5.0 close
      SimpleScore State Farm
      4.2
      Discounts
      3
      Coverage Options
      5
      Customer Satisfaction
      5
      Support
      4
      Accessibility
      4 Our Methodology

      Operating since 1922, State Farm is still going strong thanks to years of good customer service and tons of policy options. It’s easy to purchase a policy online, through the app, by working with an agent or by calling customer service. The renters insurance through State Farm offers the standard protections, including personal property, loss of use, inflation coverage and liability— plus a range of additional options and discounts. You can even add coverage for earthquakes, cyber events and other specialty coverages.

      Best for broad coverage – Nationwide


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      If you like having the option to add on coverage, Nationwide’s got your back.

      J.D. Power Rating 2/5 AM Best Rating A+ Standard & Poor’s AA+ SimpleScore
      3.8
      / 5.0 close
      SimpleScore Nationwide
      3.8
      Discounts
      4
      Coverage Options
      5
      Customer Satisfaction
      2
      Support
      4
      Accessibility
      4 Our Methodology

      Nationwide offers a vast array of coverage, including personal property and contents from events like fire, lightning, windstorms, hail, frozen plumbing, theft, vandalism or even vehicle impacts. Personal liability, medical payments to others and building alterations are included, along with unauthorized credit card charges and forged checks.

      Nationwide gives you the ability to customize your policy as well, with add-ons like Valuables Plus (for additional high-value items), water damage, theft extension, earthquake and Brand New Belongings.

      Best for working with an agent – Erie


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      Despite its less-recognizable name, Erie may be one of the best renters insurance providers New York has to offer.

      J.D. Power Rating 3/5 AM Best Rating A+ Standard & Poor’s N/A SimpleScore
      2.4
      / 5.0 close
      SimpleScore Erie
      2.4
      Discounts
      1
      Coverage Options
      2
      Customer Satisfaction
      3
      Support
      3
      Accessibility
      3 Our Methodology

      Erie requires the use of a local agent for all quotes and policy purchases, but the high customer satisfaction rating indicates the policy holders are satisfied with this set up. Erie offers basic coverages for renters insurance, but allows you to customize your policy extensively.

      Add-ons such as sewage and drain backup coverage, earthquake and watercraft damage are a few of the specialty options Erie offers. If you bundle with an auto policy with this insurer you can save an additional 20%.

      Best for minimum coverage – Assurant


      Learn More

      If you need a basic renters insurance policy so your parents stop worrying, then the basic coverage from Assurant could be a perfect fit.

      J.D. Power Rating N/A AM Best Rating A Standard & Poor’s N/A SimpleScore
      3.7
      / 5.0 close
      SimpleScore Assurant
      3.7
      Discounts
      N/A
      Coverage Options
      5
      Customer Satisfaction
      N/A
      Support
      3
      Accessibility
      3 Our Methodology

      Assurant offers two types of coverage for apartment and condo rentals only: basic and expanded. The basic coverage doesn’t cover personal belongings, but does cover damage from smoke, fire, water and explosions. If someone gets hurt in your rental, it also covers medical. 

      The expanded coverage offers full replacement cost on your damaged belongings, which is solid coverage. You can even add extra coverage to your policy for pets, bed bugs and identity fraud.

      Find the Best Renters Insurance in New York

      Save money on renters insurance with our simple comparison tool.

      Are you currently insured? Yes No Do you own or rent your home? Own Rent Zip Code Change your search inputs
      Matching you with providers.



      We found results in Click at least
      2-3 companies to find the very best rate.

        America’s top-rated renters insurance

        • Policies starting at just $5/month
        • Sign up in seconds, claims paid in minutes
        • Zero hassle, zero paperwork


        Get quote

        Choosing your provider 

        Picking up renters insurance is a smart idea when it comes to your finances — and comparison shopping between several carriers is an even smarter one. As you’re trying to find the best renters insurance in New York, take note of coverage options, policy add-ons and online tools to make your life easier.

        [ Read: How to Get Renters Insurance When You Have a Roommate ]

        Here’s a quick look at a few differences between a local and national carrier that services New York.

        Local insurer: Erie Insurance

        Pros 

        • Ranked second in the JD Power 2020 U.S. Home Insurance Study and Overall Customer Satisfaction Ranking
        • Full coverage options and discounts available for renters insurance
        • A more “local’ approach to coverage options

        Cons 

        • Only available in 12 states, including New York
        • Must work through an agent for policy details

        National insurer: Nationwide

        Pros

        • Obtain a quote, purchase or manage a policy online, app or through an agent.
        • Extensive number of choices for policy coverage
        • Full replacement cost for belongings covered by the policy

        Cons 

        • Slightly higher premiums compared to Lemonade and State Farm
        • Less local knowledge could mean less tailored coverage

        [ Next: How Much Is Renters Insurance? ]

        New York’s minimum insurance requirements 

        The landlord who rented you your apartment or home is required by law in New York to carry insurance for the structure of your rental, but this doesn’t cover your personal property inside. It’s up to you to purchase coverage for your own property, although it’s not legally required. It could, however, be a stipulation of your rental agreement.

        If you’re on the fence about purchasing renters insurance, then add up the value of your belongings and calculate what it would cost if you had to replace them. Your items are probably more expensive than you realize when you include the television, furniture, computer, clothes and personal belongings. That’s not to mention the money you’d have to spend to live somewhere else temporarily if you can’t live in your rental due to damage.

        Flood

        Flood damage is not covered by renters insurance unless you purchase an additional policy or add-on coverage. New York has areas that are prone to flooding, so it’s wise to review this additional coverage as part of your renters insurance. You can check if your address is prone to flooding to help determine if you need it.

        How much does renters insurance cost in NY?

        The latest statistics from the Insurance Information Institute show New Yorkers pay an average of $194 per year for renters insurance, which is only slightly higher than the national average of $180. It’s not the most expensive state for renters insurance costs — that distinction belongs to Mississippi — but it’s not the lowest either.

        What you’ll pay for renters insurance in New York is determined the same way as it would be for any other state. The insurer will weigh factors such as age, location, deductible and claims history, all of which will impact your rate.

        [ See: Does Renters Insurance Cover Storage Units? ]

        In New York City specifically, the difference between pricing in the five boroughs can vary — proving location is a major factor considered with your quote.

        Here’s a snapshot of the annual renters insurance premiums in the boroughs, according to Millenial Money.

        NYC average cost of renters insurance, by borough

        Burrough Annual Renters Insurance Premium
        Brooklyn $190
        Bronx $165
        Manhattan $183
        Queens $162
        Staten Island $156

        NYC renters insurance FAQs

        Do I really need renters insurance?

        Renters insurance typically costs less per month than Netflix, and provides a ton of value when needed. If fire or water damage have ruined your sofa, clothes or other personal items, you would have to pay for replacements if you didn’t have coverage. If someone is injured while visiting your place, you could be responsible for medical payments if you aren’t covered.

        Is there anything not covered by renters insurance?

        You’ll need to read the fine print of any renters insurance policy, but there are generally a few items that are not covered. Damage to the structure of your rental from natural disasters or damage to your car are often excluded. Check the language for roommates —  most policies exclude them, so they would need their own policy to be covered.

        Who has the cheapest premiums for renters insurance?

        Renters insurance is typically inexpensive and easy to obtain. To get the lowest price on your premiums, compare rates from several carriers, and make sure you’re comparing apples to apples with the policies, including the same coverage options. State Farm, Lemonade and Nationwide all offer competitive rates for renters insurance, so start with those insurers and weigh what they can offer to you.

        Too long, didn’t read?

        If you’re renting a home or apartment, renters insurance is the best way to protect your finances should damage to your belongings occur while renting. Since landlords are only required to insure the structure and not your belongings, it’s worth the nominal costs each month to buy additional coverage. While rent may be sky-high, you can get the best renters insurance in New York for a reasonable price through companies like State Farm, Lemonade, Nationwide or a local choice like Erie Insurance.

        We welcome your feedback on this article and would love to hear about your experience with the insurers we recommend. Contact us at inquiries@thesimpledollar.com with comments or questions.

        Last editorial update – December 14, 2020, updated renter insurance company information and editorial buying guide.

        Keep Reading


        The Best Renters Insurance for 2020


        The Cheapest Renters Insurance Companies of 2020


        How Much Is Renters Insurance?

        Methodology

        SimpleScore

        The SimpleScore is a proprietary scoring metric we use to objectively compare products and services at The Simple Dollar.
        For every review, our editorial team:

        • Identifies five measurable aspects to compare across each brand
        • Determines the rating criteria for each aspect score
        • Averages the five aspect scores to produce a single SimpleScore™

        Here’s a breakdown of the five aspect scores and their rating criteria for our renters insurance reviews.

        Why do some brands have different SimpleScores on different pages?

        To ensure the SimpleScore is as helpful and accurate as possible, we developed unique criteria for every category we compare at The Simple Dollar. Since most brands offer a variety of financial solutions, their products and services will score differently depending on what we’re scoring on a given page.

        However, it’s also possible for the same product from the same brand to have multiple SimpleScores. For instance, if we compare State Farm’s home insurance according to our criteria for the best home insurance, it scores a 3.8 out of 5. But when we compare State Farm according to the criteria for the best auto insurance, it scores higher, since the features the company offers can vary by the type of insurance.

        Discounts

        We awarded higher scores to insurance providers with more discounts available on their website.

        Coverage Options

        We gave providers with more renter insurance coverage options a higher score because they’re more likely to have a policy that best meets your needs.

        Support

        We awarded higher scores to renters insurance providers with the most channels for customer support.

        Customer Satisfaction

        We leveraged the J.D. Power Home Insurance Satisfaction Study℠ to see how customers rated their experience with each insurance provider. (If a provider wasn’t included in J.D. Power’s study, we skipped this aspect and averaged the four remaining aspect scores.)

        Accessibility

        We awarded higher scores to insurance providers that have more online and mobile features to easily manage your policy and claims.

        Sara Coleman

        Contributing Writer

        Sara Coleman is a personal finance journalist based in Charlotte, NC. A journalism major who studied at the University of Georgia, she enjoys creating approachable content. She’s written for sites such as The Simple Dollar, Interest.com, WorkingMother, BetterYouMag and SmartMoneyMamas. She loves spending time with her husband and three kids, and has a healthy obsession with coffee.

        Reviewed by


        • Aylea Wilkins

          Insurance Editor

          Aylea Wilkins is an editor specializing in insurance for The Simple Dollar. After getting a degree in European studies and editing from Brigham Young University, she worked as a writer and editor for a variety of small websites before transitioning to the insurance field.