6 Best Renters Insurance Companies in New York of 2023

Find out who the best renters insurance is in New York. Learn how they compare and which one is right for you and your apartment. Discover how much it costs, what it covers, and why you need it.
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New York is one of the world's most expensive real estate markets, not only for buying but also for rent.

Because of this, you may think it's a good idea to skip renters insurance to save additional money. However, the monthly cost of renters insurance could be worth it in the event of a natural disaster or damage to your belongings.

And let’s be honest, NYC is where everything is possible.

Like other types of insurance, renters insurance is for your protection and protecting your belongings in your apartment.

Renters insurance in NYC can be tailored to your needs and is not a one size fits all package.

Regardless of where you live in the five boroughs, renters insurance companies can give you the peace of mind you need that you will always be protected, which is important as a tenant.

Compare the coverage and cost of the best renters insurance providers in New York picked by PropertyNest expert editors:

Best Renters Insurance Companies in New York

  • Lemonade: Best for Seamless Policy Purchase and Filing Claims
  • Liberty Mutual: Best for Low-Priced Premiums
  • Allstate: Best for Bundling Services and Discounts
  • State Farm: Best for Customer Service
  • Nationwide: Best Personal Property Coverage
  • Travelers: Best Standard Coverage

Lemonade: Best For Seamless Policy Purchase & Filing Claims

lemonade-renters-insurance.jpg
Editors star rating review
4.5
Editor's Rating (4.5 Stars out of 5)

Lemonade is a millennial dream insurance company with exceptional user experience in its mobile application.

This insurance company has made the complexity of insurance easy to understand and complete within a matter of minutes.

Lemonades’ financial strength or ability to deliver claims to policyholders swiftly also makes this company a wonderful option for renters in a city like New York, where every penny saved is a lucky day.

Lemonade offers several different plans to suit your needs and budget, starting with the basics for only $5 per month. However, an additional fee can be applied if you want even more features.

Unlike other insurance companies, you don’t have to get on the phone with a claims agent and instead communicate directly through the app using AI and saving time.

The app also allows you to quickly add on services such as coverage for earthquakes, flooding, groundwater, and landslides which are not included in standard coverage.

Read the full review of Lemonade renters insurance.

Lemonade Renters Insurance Coverage

  • Medical protection of guests who are injured on your property. It can help to cover the necessary medical expenses in an accident, regardless of who's at fault.
  • Personal property coverage which protects all valuables in your home, including your furniture.
  • Living expenses that occur outside of your home in the event of fire or water damage to your home make it unlivable for a period of time.

Lemonade Renters Insurance Discounts

  • When choosing your coverage type, be sure to include any alarm systems, smoke alarms, and home monitoring systems to claim discounts on your policy.

Lemonade Renters Insurance Pros & Cons

Pros
  • Innovative user experience on both the mobile application and computer.
  • Fast claims payout.
  • Strong customer service.
  • Pet insurance options for renters with pets.
  • Customizable coverage amounts.
  • Social good company.
Cons
  • Limited discount options.
  • No auto insurance policy.
How is Lemonade Renters Insurance Rated?
J.D. Power (out of 1,000)853
BBBB+
NAIC Complaint Index1.94

Liberty Mutual: Best For Low-Priced Premiums

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Editors star rating review
4.5
Editor's Rating (4.5 Stars out of 5)

Liberty Mutual stands out as a company because of its sheer affordability. Their national average on premiums is noticeably lower than most other major big-name companies.

However, just because you're saving on your premiums, it doesn't mean that you're compromising on your coverage, albeit their standard coverage is a no-frills policy.

Liberty Mutual does over add-ons, so you can expand coverage to meet your needs.

Read a full Liberty Mutual editorial home insurance review.

Liberty Mutual Renters Insurance Coverage

  • Standard fare for renters insurance with coverage for personal property, liability, and living expenses if your abode is temporarily uninhabitable.
  • Add-ons include extra coverage for high-value possessions such as jewelry, earthquake insurance, and extra replacement cost coverage.

Liberty Mutual Renters Insurance Discounts

  • Bundling or multi-policy discounts, particularly with auto insurance.
  • Installing protective devices like home security systems, smoke detectors, fire extinguishers, and sprinkler systems.
  • Active-duty or retired members serving in the military
  • You can get a discount if you haven't filed a claim in the last few years.
  • Going paper-free, purchasing your policy online, and signing up for autopay.

Liberty Mutual Renters Insurance Pros & Cons

Pros
  • Low rates.
  • Many discount opportunities.
  • Offered nationwide.
  • Claims can be filed by phone, online, or mobile app.
Cons
  • Mixed reviews on customer service.
  • Not great for those with a lot of valuable possessions.
  • Not a lot of policy customization opportunities.
How is Liberty Mutual Renters Insurance Rated?
J.D. Power (out of 1,000)834
A.M. Best - Financial Strength RatingA
BBBA+
NAIC Complaint Index2.37

Allstate: Best Renters Insurance for Bundling Services & Discounts

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Editors star rating review
5.0
Editor's Rating (5 Stars out of 5)

Allstate offers the best multi-policy services on the market. Their website is clean and easy to use and offers many educational resources for long-time and novice renters.

Allstate offers discounts for individuals who are 55 and retired, where they can save up to 25% off their premiums.

They also offer identity theft restoration coverage as an add-on service to your policy if you are a victim of fraud.

Read a full Allstate renters insurance review.

Allstate Renters Insurance Coverage

  • Reimbursed living expenses.
  • Personal property coverage.
  • Liability coverage.
  • Guest medical coverage.
  • Identity restoration coverage option.

Allstate Renters Insurance Discounts

  • Bundle your auto and renters’ insurance.
  • Save up to 15% if your rental is equipped with qualifying safety devices and services, like a security system or fire alarms.
  • Sign up to have your renters insurance payment automatically withdrawn from your checking or saving account and save up to 5%.
  • Stay claim-free and receive discounts.

Allstate Renters Insurance Pros & Cons

Pros
  • Multi-policy discounts.
  • Clean and easy to use website and tools.
  • Customizable coverage options.
  • Educational resources on website.
  • Affordable premiums.
Cons
  • Customer service is sub-par.
How is Allstate Renters Insurance Rated?
J.D. Power (out of 1,000)837
A.M. Best - Financial Strength RatingA+
NAIC Complaint Index2.05
BBBA-

State Farm: Best Renters Insurance For Customer Service

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Editors star rating review
4.5
Editor's Rating (4.5 Stars out of 5)

State Farm is the largest insurance insurer in the country.

They have over 18,000 agents working and offer reliability and affordability, which sets them apart from other insurers. These agents can help you customize your coverage and policy to your personal needs.

What's more is that these agents have local offices, so they know the types of properties, housing, and the environment they are providing insurance for.

On top of that, State Farm offers excellent coverage for your personal property in cases of covered perils.

Read a full State Farm renters insurance review.

State Farm Renters Insurance Coverage

  • Medical payments to others if someone is injured in your home.
  • Personal property coverage.
  • Loss of use in case you are unable to stay in your home due to damage or burglary.

State Farm Renters Insurance Coverage

  • Include any alarm systems, smoke alarms, fire extinguishers, and home monitoring systems to receive lower prices on your policy.
  • Bundle your car insurance with your renters’ insurance.
  • Purchase and install a home monitory system and fire alarm.

State Farm Renters Insurance Pros & Cons

Pros
  • Application and quotes are available online and easy to navigate.
  • Digital resources are available on their website.
  • Customizable coverage limits.
  • Pet insurance options.
Cons
  • Limited discounts.
How is State Farm Renters Insurance Rated?
J.D. Power (out of 1,000)836
A.M. Best - Financial Strength RatingA++
BBBA+
NAIC Complaint Index1.77

Nationwide: Best Home Renters Insurance for Best Standard Coverage

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Editors star rating review
4.0
Editor's Rating (4 Stars out of 5)

Nationwide renters insurance is rated fifth out of the top rental insurers and has some of the best premiums for renters in NYC.

Nationwide’s standard policies also include Brand New Belongings coverage, which is like replacement cost coverage.

If you file a personal property claim, Nationwide will pay you the depreciated value of your belongings.

If replacing the items costs more than the claim reimbursement, Nationwide will issue another payment to cover the difference.

Most insurance companies only offer replacement cost coverage as an add-on, so this coverage option sets Nationwide out of the pact.

Nationwide Renters Insurance Coverage

  • Content like furniture, clothing, and other items.
  • Loss of use.
  • Personal liability.
  • Medical payments for others.
  • Credit card coverage.
  • Building additions and alterations.

Nationwide Renters Insurance Discounts

  • Multi-policy discounts.
  • Protective device discounts.
  • Claims-free discount

Nationwide Insurance Renters Insurance Pros & Cons

Pros
  • File a claim online.
  • More coverage options in basic coverage than other insurers.
  • Simple user interface.
  • Unique coverage for renters making additions or alterations to their rental home.
  • Strong financial strength rating.
Cons
  • Customer service is not 24/7.
  • Average customer satisfaction.
How is Nationwide Renters Insurance Rated?
J.D. Power (out of 1,000)859
A.M. Best - Financial Strength RatingA+
BBBA+
NAIC Complaint Index0.04 (Very Low)

Travelers: Best Renters Insurance for Personal Property Coverage

travelers-renters-insurance.jpg
Editors star rating review
4.0
Editor's Rating (4 Stars out of 5)

Travelers’ basic renters insurance policies include personal property, personal liability, medical payments, and additional living expenses coverages.

Travelers renters insurance is different because they offer a limited number of home renovation coverage.

If a fire destroys your rental, your renter’s policy will not cover structural losses.

However, suppose you made improvements to the property, such as fresh paint or new carpeting. In that case, you can apply up to 10% of your personal property coverage to cover the cost of restoring your dwelling enhancements following a covered disaster.

Travelers also offers renters’ the option to purchase replacement cost coverage and valuable items plus coverage to add additional protection for expensive belongings such as fine art and jewelry.

Travelers Renters Insurance Coverage

  • Umbrella coverage is an extra layer of liability coverage to pay costs like attorney fees if someone sues you following an accident in your home.
  • Personal property coverage.
  • Personal liability coverage.
  • Additional living expenses.
  • Medical payments coverage.

Travelers Renters Insurance Discounts

  • Bundle renters and auto insurance.
  • Protective devices

Travelers Insurance Renters Insurance Pros & Cons

Pros
  • Affordable renters insurance.
  • Multiple discounts.
  • File a claim online.
  • Home improvement coverage.
  • Tools and resources on website.
Cons
  • No 24/7 customer service.
How is Travelers Renters Insurance Rated?
J.D. Power (out of 1,000)801
A.M. Best - Financial Strength RatingA++
BBBA
NAIC Complaint Index3.88
Compare the Best Renters Insurance Companies
CompanyPropertyNest RatingJ.D. Power (out of 1,000)A.M Best RatingBBB Rating
Allstate5.0837A+A-
USAA5.0886A++A+
Lemonade4.5853Not RatedB+
American Family4.5836*AA
Erie Insurance4.5851*A+A+
Farmers4.5831AA-
Liberty Mutual4.5834AA+
State Farm4.5836A++A+
Hartford4.5886*A+A+
MetLife4.5904*A+D-
Nationwide4.0859A+A+
Progressive4.0819*A+Not Rated
Amica4.0854*A+A+
Travelers4.0801A++A

Is Renters Insurance Mandatory to Rent an Apartment in New York?

Renters insurance is generally not required or mandatory like auto insurance for tenants in New York. However, it's strongly advisable.

It's a way to protect all your property in your apartment, including your electronics.

If your apartment is burglarized, for example, and you don’t have renters insurance, you will have to pay out of pocket to replace all the stolen or damaged items and are entitled to nothing.

With renters insurance, your policy will cover your losses, potentially saving you thousands of dollars.

In addition, individual landlords or management companies may make purchasing renters insurance and providing proof of purchase compulsory to sign a lease.

What is the Average Cost of Renters Insurance in New York?

According to PropertyNest research, renters insurance in New York City varies depending on your coverage needs, but you can expect to pay anywhere between $6-$25 per month or $72-$300 per year.

Related: Learn how much renters insurance costs in NYC

The price of renters insurance varies significantly, depending on the deductibles, the location of your rental, the condition of your building, and the amount of coverage you need.

Because the city varies so differently, your monthly cost will depend on your zip code and the following:

  • Eligibility for any discounts.
  • If you have storm shutters and/or hurricane-resistant laminated glass doors or windows.
  • How much coverage you have, and whether you need additional insurance for floods, hurricanes, or earthquakes.
  • If you have protective devices in your home, like home monitoring systems, a doorman, and a smoke detector.
  • The age of the home or apartment building.
  • If you've filed a renters insurance claim within the last five years.

Below you can find the average prices from our top picks in New York City compared with the average in New York State. Some companies like Lemonade offer a discount for purchasing the full 12 months of coverage upfront.

Average Cost of Renters Insurance in New York City
CompanyMonthlyYearly
Lemonade$19.59$223
Liberty Mutual$13.25$159
State Farm$10.41$125
Allstate$14$168
Nationwide$19.23$230.78
Travelers$16.42$197
Average Cost of Renters Insurance in New York State
CompanyMonthlyYearly
Lemonade$19.77$225
Liberty Mutual$11.30$135.64
State Farm$10.41$125
Allstate$13.67$164
Nationwide$20.44$245.20
Travelers$12.80$153.67

Can You Lower Rental Insurance Premiums?

If you received a quote you're not fond of, our number one advice is to ask the insurance rep, who will be more knowledgeable on what can lower your rate for that particular insurance provider.

However, there are some general and easy ways to get a lower rate.

Increase Your Home's Security

Lowering your rental insurance can be as simple as getting a home security system or alarm installed in your apartment if no other security measures have been implemented in your rental building, such as security cameras or a doorman.

Be sure to speak to your landlord about the possibility first.

New York City requires all apartments and houses to be outfitted with smoke detectors, so this is an automatic plus.

However, you can do better by keeping a fire extinguisher in your unit.

Get a Deal By Bundling

Another easy way to save is you bundle your insurance together.

People tend to bundle typical types of policies: renters or homeowners insurance, auto insurance, and boat insurance.

However, did you know you can even bundle other common types of insurance, like health and life insurance, into one?

Not all renters insurance providers offer this combination, so be sure to shop around to get the best deal on the coverage you need.

Shop Around for the Best Rates

Speaking of shopping around, it's good for savings through bundling and finding the cheapest premiums balanced with good coverage.

Shopping around will also help you find insurance providers with discounts.

Adjust Your Coverage to Match Your Budget

If you are on a fixed budget for insurance premiums, you can always speak to a customer representative about adjusting your policy.

For example, you can opt for higher deductibles to lower your premiums.

You can also choose a policy that only pays you the replacement cost of items rather than the actual cash value.

In the end, if your possessions are damaged or stolen, you might end up with less than the actual value of those items. However, you will need to assess the risk, how precious those items are, and if saving on your premium is worth it.

Do You Need an Inspection for Renters Insurance?

Although renters insurance can protect your belongings in the event of an accident, theft, or other unfortunate incidents, the answer to whether you need an inspection for renters insurance is usually no.

Most renters insurance policies are tailored to cover your possessions even if they are not present in your rental unit.

That means you don't have to conduct any special kind of inspection beyond what the landlord requires before getting renters insurance coverage in place.

You can get a quote online in most cases from either directly from an insurance company or a comparison site.

However, if you file a damage claim, you might find yourself being visited by a claims adjustor who will inspect the damage, depending on the type of claim.

This is unlike homeowners insurance, where the insurance company may send someone to confirm or inspect the premises to make sure they are accurately insuring and quoting.

Angel Conlin
Angel Conlin
Chief Insurance Officer at Kin Insurance
What are common misconceptions renters have about renters insurance?
Unlike many other home insurance policies, HO4 (Renters Insurance) doesn’t cover your dwelling or other buildings on the premises. That’s because, as a renter, you don’t own the structures; therefore, it’s up to your landlord to insure these buildings. An HO4 policy also won’t cover damage caused by incidents that aren’t explicitly listed in your policy.

What Does Renters Insurance Cover in New York?

Renters insurance policies typically cover the loss or damage as a result of:

  • Lighting
  • Explosion
  • Falling objects
  • Electrical surges
  • Fire
  • Smoke
  • Theft
  • Civil disruption; vandalism, riots, theft
  • Windstorm or hail
  • Weight of snow, ice, or sleet
  • Water (plumbing failure, appliance failure, fire sprinklers, or other accidental discharges of water)

But let's look at the three major types of coverage under renters insurance.

Reimbursement for Loss or Damage to Your Personal Property

Renters insurance will cover your personal property and possessions within your home or on the property from most of the occurrences you can't predict, such as theft, vandalism, water damage, fires, etc.

However, you may want to pay extra to insure those valuables to their cash value.

These can include jewelry, artwork, or any other precious item or equipment because general coverage will probably not give you a good return.

Liability Protection for Injury to Others or Their Belongings

Renters insurance will make sure that any compensation or medical bills are paid in the case of accidental harm to others who visit your home or premises, including accidental damage to their possessions.

This actually includes even injuries sustained from your dog if your dog bites or attacks someone.

Important to note is that certain breeds may not be covered, so it's important to check with the insurance provider.

Loss-of-Use Coverage Gives You a Place to Stay

In case your rented house or apartment becomes uninhabitable, such as a building fire or some other freak incident, loss-of-use will give you the cash you need to find temporary accommodations.

New York Renters Insurance Coverage Types
CoverageWhat it's for
Personal Liability CoverageIf someone is injured in your apartment, this will cover any legal expenses you might incur. Your insurance company usually sets a limit to your liability protection, however, you can expand your liability by paying higher premiums.
Medical Payments CoverageMedical payments insurance cover medical bills in the event someone gets injured in your rented apartment. There are usually caps for how much it will cover.
Additional Living Expenses Coverage (ALE)Additional living expenses coverage is also called loss of use coverage with some insurance companies. It will cover your accommodation costs if you cannot stay in your apartment due to a water leak or fire until you can safely return home.
Personal Property CoveragePersonal property coverage protects your personal belongings in case of damage or theft. Most insurance companies would not reimburse you if the damage was caused by flooding, but most do cover water damage from leaks or fire suppression.
Most Common Items Stolen in Home Burglaries
TypeItemsCoverage
Cash or Other Forms of CurrencyBank notes, bullions, gold or silver (non-jewelry), coins, medals, smart cards, stored value cards.Most renters insurance policies will only cover up to $200 in stolen cash.
Electronic EquipmentPhones (iPhones, Androids), computers, laptops, iPads, earbuds, smart watches, TV sets, gaming systems, Alexa or Google home devices, etc.Standard renters insurance policies cover the loss or damage of electronic devices.
ClothingDesigner purse/handbags, shoes, jewelry, designer watchesStandard renters policies cover your personal clothing or designer handbags etc.
Power ToolsDrills & drivers, saws.Covered under the personal property coverage.
Kitchen appliancesVitamix or NutriBullet blenders, electric mixers, ice makers, coffee machines.Renters insurance covers personal appliances if they are damaged, stolen, or destroyed by a covered peril.
Prescription drugsWill not cover stolen prescription drugs, but in most cases will cover prescription drug refills.
Personal informationBank accounts, identity information stolen from documents, or stolen personal equipment.Most companies do not include identity theft as a covered peril in a standard renters insurance policy.
FirearmsPistols, riflesFirearms are covered under personal property coverage.

What is Actual Cash Value vs. Replacement Cost?

These two terms are critical for understanding when purchasing renters or homeowners insurance.

The insurance provider will choose between replacement cost and actual cash value when purchasing a policy.

The cost to replace your items usually means what it would cost to replace your damaged or stolen item today.

For example, if your laptop was stolen and it was five years old, you would get the money from your insurance carrier to go and purchase a brand new one today.

This is what is known as Replacement Cost Value (RCV).

The Actual Cash Value (ACV) would look at the value of the replacement cost (meaning the cost of replacing it today), and depreciate it by the number of years you've had it.

So, the reimbursement from your claim is for the "life" remaining in your item.

Why Would You Opt for Actual Cash Value Over the Replacement Cost?

The simple answer is that you would save money upfront.

The replacement cost will get you better reimbursements every time, so you are expected to pay more out of pocket for your premiums.

However, getting actual cash value may not be a bad option for those looking to save. If nothing happens to your possessions, you're in the clear.

How Do You File a Renters Insurance Claim?

First off, before you go and file a claim or even purchased insurance, you should have made a careful inventory of your possessions and the value of each item and submitted that to your insurance provider.

Taking inventory puts you and your insurance provider on the same page.

That way, when it comes time to file a claim, no item will come up as a surprise, and you'll be covered.

Document the Damage or Incident

Whether there's damage due to an accident, natural occurrence, or a break-in, you should carefully document the particulars before you clean everything up.

You can write a description along with taking photos. Photographic or video evidence is especially helpful.

Think of the way police detectives and forensic teams behave at crime scenes.

While you won't be dusting for fingerprints, you do want to take the same level of care in recording the state you found your possessions in.

Get your landlord involved if it includes damage or break-in to the apartment in any way. It also makes your landlord privy to the incident.

Most importantly, if it involves a crime, you should most definitely file a police report, which will corroborate your claim.

Make sure you also review your policy to make sure you're covered for this incident.

File a Claim Through Your Renters Insurance Provider

Many insurance companies have dedicated phone lines for filing claims 24 hours a day. You'll usually speak to an insurance agent at the time who'll take the details.

Better yet, you might be able to file the claim directly online on the company's website, which is becoming more widespread and allows you to upload photos and other evidence easily.

How Do You File a Claim for Medical Liability?

Under your renters insurance policy, you should have personal and medical liability coverage. Both may come into play in the same scenario.

For example, someone who was injured in your house or apartment decides to sue you.

Personal liability would cover the lawsuit, and medical liability would cover the injured person's medical bills.

You do not file a claim for medical liability. The claimant here is the injured person who has incurred medical expenses.

The injured party should be given your insurance policy number and instructions on how to file a claim.

You should document the incident in detail and gather as many witnesses as possible.

Can Your Renters Insurance Claim Be Denied?

Yes, unfortunately, your claim can definitely be denied. However, it's not a simple matter of the insurance company not wanting to reimburse you.

Let's look at some of the reasons you can be denied.

The Offending Party is Not Listed Under Your Household

If a family member, roommate, or significant other is living with you and they are not listed under your policy, if they create any accidental damage, chances are it will not be covered.

Insurance companies need accurate information, including anyone else residing with you. You do need to be aware that adding additional people will raise your rates.

This includes pets like cats or dogs who are likely to damage possessions or harm others.

You Waited Too Long to File a Claim

Each insurance company has a specific time frame for claims to be filed after an incident. Once that window closes, getting any kind of reimbursement for your troubles can become virtually impossible.

This can land you in a lot of hot water, leaving you on the hook for replacing expensive items or paying someone's medical bills.

Not Reporting Theft or Vandalism to the Police

If you experience damage or loss due to criminal activity, you must file a police report. Insurance companies take this step extremely seriously, as this adds mountains of credibility to your claim.

Imagine the insurance company receiving your claim that your laptop and tablet are missing from your home due to a robbery with no evidence but your word.

They would be crazy to give you a penny.

Not Providing Accurate Information

This does not just apply to any incident claim but also something as simple as your address and an accurate account of when you moved in (or moved out), and as mentioned earlier, reporting any additional people who live in your home.

If you moved, never told your insurance company, and filed a claim at your new address, you may be denied any compensation.

Your Policy Doesn't Cover the Claim Made

There are certain natural disasters and events that renters insurance does not cover, like floods. If you live in a flood-prone area, you may have to consider an additional flood policy.

So, it's important to know exactly what your policy covers before you file your claim.

What is Renters Insurance?

Renters insurance covers liability and damage that happens in the homes of people who rent their homes or apartments.

Your landlord and neighbor are not legally required to give you compensation.

You can think of it as a sort of junior homeowners insurance--it will generally cost less, but usually, coverage doesn't go as far as homeowners insurance.

How Does Renters Insurance Work?

If you have purchased renters insurance and there is an incident in your home that causes damage, destruction, or loss of one or more items, you can file a claim with your insurance provider.

Once you have filed a claim, your insurance company will review and investigate the claim.

This can take anywhere from a few hours to weeks, depending on the nature of the claim, the item(s) in question, and the details of the incident.

In some rare instances, an inspector may be required to come onsite to make in-person observations before making any final decision.

Once everything has been approved, the company should issue you a check to cover the damages according to the stipulations of your policy.

What's Renters Insurance vs. Condo Insurance

Renters and condo insurance are quite similar, with condo insurance being a bit more extensive than renters.

Condo or co-op insurance (which are the same thing essentially) is actually a form of homeowners insurance.

Regular homeowners insurance covers the entire structure of your home. However, condo/co-op insurance only covers what's within the unit owner's home.

A condo owner or a co-op shareholder does not need to purchase insurance for the common areas of the building or property since the condo association or co-op is required to hold insurance for these areas.

As a matter of fact, a part of your HOA fees is going towards this.

In that sense, condo insurance is very similar to renters insurance.

The main exception is that condo insurance, as a form of homeowners insurance, will cover damage to the actual physical unit, whereas renters do not.

Who Should Get Renters Insurance?

The short answer is renters, and not just clumsy renters or those living in areas with lots of storms or tornadoes.

Everyone who rent their living spaces, whether a house or an apartment, should get renters insurance. Insurance is for all those unexpected situations in your life.

Insuring your possessions can give you the peace of mind you need to move forward with every step in your life because, as they say, "life happens".

Can You Share Renters Insurance with Roommates?

Yes. You can list several people under the same policy, and it's a good idea to get everyone sharing the house or apartment on the same page.

Reasons You Should Share Renters Insurance with Roommates

This might work for you if you usually share your household bills with your roommate(s).

Also, it conveniently lists everyone in the household under one coverage. It will work to your advantage if you file a claim because all the parties are already listed under your policy.

If you hold individual policies, it may become expensive with overlapping coverages. If you decide to list yourself, and your roommate or their pet damages something of yours, it may not be covered.

Reasons You Should Not Share Insurance with Roommates

However, the process of getting insurance may become very complicated, especially when taking everyone's personal property into account.

Just adding up values will take time. Secondly, it may put higher premium burdens on certain parties.

For example, if you have a lot of expensive musical equipment but your roommate barely has anything but clothing, covering your items may up your premiums, unfairly to your roommate.

Lastly, if there's an incident in your apartment and everyone's possessions get damaged, filing claims can also be confusing because multiple parties are involved.

What Happens to Your Renters Insurance When You Move?

Suppose you were already planning on switching insurance companies or moving into a purchased home instead. In that case, you should notify your current insurance provider that you will be moving and discontinuing your coverage.

Otherwise, expect to continue making payments for an apartment you no longer live in.

If you want to keep your insurance carrier, you need to contact your company to change the information, and you may update your coverage at this time.

Depending on the update, you can expect changes in your premium.

Conclusion: Is Renters Insurance Worth It?

In conclusion, renters insurance is definitely worth it. Not only does renters insurance provide protection against loss or damage to possessions, but it also typically includes liability coverage which can help with medical bills, lawsuits, or other legal expenses.

Renters insurance provides a strong financial foundation and peace of mind should something go wrong in your rental home. Therefore, those who are renters should consider the cost and benefits associated with renters insurance before deciding whether the coverage fits their individual needs.

Our Methodology

Why Trust Us When Shopping for Renters Insurance?

We thoroughly researched 15 of the state's top renters’ insurance companies and narrowed the list down to those that operated in New York.

We rated them on criteria that included ease of use, ratings, financial strength, customer, and affordability.

The renters' insurance companies we surveyed include MetLife, Chubb, Liberty Mutual, State Farm, USAA, Allstate, Travelers, Farmers, Progressive, Nationwide, Geico, Lemonade, Blue Rock Insurance Services, Campbell Solberg Associates, and Great World Insurance Agency.

We surveyed insurance coverage prices in Brooklyn, Manhattan, Queens, Bronx, and Staten Island.

How We Ranked & Picked the Best Renters Insurance Companies in New York

The needs of New Yorkers vary greatly on preference, where you live, and if you are renting an apartment in a building or house. Someone who lives by the water near the Rockaways may have different needs than someone who lives in Harlem in an apartment building.

With this in mind, we gathered information from multiple trusted sites in insurance and the websites of insurance companies. We narrowed our search down to the needs of New Yorkers, prioritizing the following:

Ease of Use/Usability

Insurance is a complex topic, so insurers who prioritized easy navigation of their mobile applications and websites were high on our list. We also needed to select insurers with mobile apps to make it possible to file claims quickly.

Financial Strength

The purpose of renters’ insurance is to protect your property in case of damage or loss, and if these situations occur, you can have peace of mind that you will be reimbursed for your loss. Financial strength represents an insurer’s ability to pay out claims from its funds, so policyholders never have to worry if an insurer has run out of money to pay claims.

Affordability

We chose renters insurance that was affordable for every kind of renter. Whether you have high-valued items you’d like to protect or basic coverage, you will find an insurer on this list that will fit your needs. We also thought it was important to include insurers that make it easy to bundle other types of policies, like auto, to increase your savings on your policy.