7 Best Renters Insurance Companies in New York of 2023

If you're renting in New York, it's likely that you're already paying a premium for your living space. It may be tempting to forego renters insurance to save some money, but this decision could leave you vulnerable to the unexpected. From natural disasters to theft and vandalism, having renters insurance can provide essential protection for your personal belongings.

According to PropertyNest research, average renters insurance in New York State varies depending on your coverage needs, but you can expect to pay around $16.33 per month or $196 per year.

With the right policy, you can have peace of mind knowing that your personal property is covered in the event of unforeseen circumstances.

To help you make an informed decision about the best renters insurance provider for your needs, PropertyNest's expert editors have narrowed down the list of options based on coverage, cost, and customer service. So, take a moment to compare the options and find the right policy to protect your home and belongings.

Compare Renters Insurance Rates in NY

The Best Renters Insurance Companies in New York

• Lemonade – Best for Low Premiums and Tech
• Liberty Mutual – Best for Customizable Coverage
• Allstate – Best for Retired New Yorkers
• State Farm – Best for Customer Service
• Nationwide – Best Personal Property Coverage
• Progressive – Best for Discounts
• Travelers – Best Standard Coverage

Lemonade: Best For Low Premiums and Tech

Lemonade is known for its exceptional user experience online and 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 and their low rates also makes this company an excellent option for renters in a city like New York.

Lemonade offers several plans to suit your needs and budget, starting with the basics for $5 per month. However, an additional fee can be applied if you want more features. Renters can save even more money when they pay in full upfront.

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 services such as earthquake coverage, flooding, groundwater, and landslides that are not included in standard coverage.

Read the full review of Lemonade renters insurance.

Allstate: Best For Retired New Yorkers

Allstate is one of the well-known insurance companies in New York for various reasons. It's not just one of the oldest insurance companies but also financially stable and has a plethora of experience when it comes to providing insurance to New Yorkers. Their website is also clean and easy to use and offers many educational resources for long-time and novice renters.

One of the unique discounts Allstate offers is for individuals who are 55 and retired, where they can save up to 25% off their premium, the exact percentage discount may vary by state and other factors.

Allstate's network of local agents also makes this a great fit for older New Yorkers who may prefer to speak with a live person regarding their insurance and any claims. However, it's important to understand that Allstate's agents are independent contractors, and their experience and service quality may vary.

Read a full Allstate renters insurance review.

Liberty Mutual: Best For Customizable Coverage Options

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, we've selected Liberty Mutual because of how many options they offer renters when it comes to their coverage.

Not only does Liberty Mutual offer add-ons to expand coverage to meet your needs, but it's one of the few insurance companies that lets you select as little as $5,000 in personal property coverage. Often with other insurance companies, you aren't able to purchase a policy with less than $15,000's worth, and sometimes $30,000 is the minimum coverage required.

However, it's important to consider that purchasing a policy with a lower coverage amount may not provide sufficient protection in the event of loss or damage. Renters should carefully evaluate their needs and consider the value of their personal property before deciding on a coverage amount.

Liberty Mutual lets the renter decide how little or how much they need.

Read a full Liberty Mutual editorial home insurance review.

State Farm: Best Renters Insurance For Customer Service

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. However, it's important to note that State Farm's agents are independent contractors, and their experience and service quality may vary. These agents can help you customize your coverage and policy to your personal needs. Moreover, these agents have local offices, so they know the types of properties, housing, and the environment they are providing insurance for.

Getting personalized assistance and service is an increasing rarity in the insurance industry, so we chose State Farm as a top choice for customer service. 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.

Nationwide: Best Home Renters Insurance for Best Standard Coverage

Nationwide renters insurance is one of the largest 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. Nationwide's standard policies typically provide actual cash value coverage, which means they will pay the current market value of the damaged or stolen item, taking into account its age and condition.

However, Nationwide offers an add-on option to upgrade to full replacement cost coverage, which would provide the full cost to replace the item with a new one of similar quality.

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 offers an add-on option to upgrade to full replacement cost coverage, which would provide the full cost to replace the item with a new one of similar quality.

Read a full Nationwide renters insurance review.

Travelers: Best Renters Insurance for Personal Property Coverage

Travelers’ basic renters insurance policies include personal property, personal liability, medical payments, and additional living expenses coverages. Travelers basic personal property coverage starts at a higher point than most other insurance providers-- at $30,000.

Travelers renters insurance is also 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, making Travelers one of the best options for people with a lot of personal belongings and valuable possessions.

Read a full Travelers renters insurance review.

Progressive: Best for Discounts

Progressive is a solid and reputable insurance company known mainly for its auto insurance and bundling other policies with auto. However, New Yorkers who purchase renters insurance with them will find that Progressive offers good discounts even if they aren't bundling with car insurance.

Renters can find discounts in the usual ways, such as paying their premium in full, bundling, and opting for a paperless policy. Progressive also offers a discount for living in a gated community and something they call the single deductible benefit. This benefit work for renters who bundle and then file a claim affecting those two policies. Progressive will actually reimburse the policyholder for one of their deductibles. The single deductible benefit is a unique offering of Progressive's.

Read a full Progressive renters insurance review.

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

While renters insurance is not legally mandated like auto insurance for tenants in New York, it is highly recommended. It's a way to protect all your property in your apartment, including your electronics.

For example, if your apartment is burglarized 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 study, renters insurance in New York varies depending on your coverage needs, but you can expect to pay anywhere between $16.33 per month or $196 per year.

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 sample 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.

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 State law 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 property and casualty insurance policies: renters or homeowners insurance, auto insurance, and boat insurance.

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.

Renters insurance often provides coverage for personal belongings even when they are temporarily outside the insured location, such as when traveling. 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 maybe be 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.

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 inflicted by 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.

Read more: What Does Renters Insurance Cover?

What is Actual Cash Value vs. Replacement Cost?

These two terms are critical for understanding when purchasing renters or homeowners insurance. When purchasing a policy, the policyholder typically chooses between actual cash value (ACV) and replacement cost value (RCV). 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 no loss occurs, choosing ACV coverage might result in premium savings without impacting the policyholder. However, if a loss occurs, the policyholder with ACV coverage may receive lower reimbursement compared to someone with RCV coverage, which could impact their ability to replace lost or damaged items.

How Do You File a Renters Insurance Claim?

First off, before you need to file a renters insurance claim or even purchase insurance, it's crucial to make a careful inventory of your possessions and their values. Taking inventory puts you in a better position in case you need to file a claim, as you have a clear record of your belongings and their worth.

However, you do not typically need to submit this inventory to your insurance provider. Instead, maintain this record for your reference, and update it periodically or when you acquire new valuable items. Having an up-to-date inventory will facilitate a smoother claims process, ensuring that no items are overlooked and you receive appropriate coverage.

Read more: How to File Renters Insurance Claim

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. You 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 liability coverage, which may include medical payments coverage. Both may come into play in the same scenario.

For example, if someone is injured in your house or apartment and decides to sue you, personal liability coverage would cover the lawsuit, while medical payments coverage would help cover the injured person's medical bills. As a policyholder, you may need to file a claim with your insurer to initiate the process. The injured party should be provided with your insurance policy number and any necessary information to support their claim. Document the incident in detail and gather as many witnesses as possible to ensure an accurate and efficient claim process.

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, the insurance coverage may not extend to them if they cause accidental damage. Insurance companies require accurate information, including anyone else residing with you.

However, it's important to note that adding additional people to your policy may raise your rates. As for pets, it's crucial to inform your insurance provider about any pets you have, like cats or dogs, that could potentially damage possessions or harm others. While pets may not be listed as "additional people," their presence can impact your coverage and premiums.

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. Be sure to inform your insurer of any and all changes in residence. Always provide accurate information.

Providing inaccurate information may also have negative consequences, such as increased premiums or even cancellation of the policy itself if the company finds out about it. Inaccurate reporting affects you and increases costs for everyone else by raising rates due to increased risk. Being honest and transparent with your insurer helps ensure the best possible coverage for you and everyone else who needs it. A few minutes of updating your policy now will pay off in the future if you ever need to file a claim.

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.

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?

While it is technically possible to list multiple people under the same renters insurance policy, it is generally not recommended. Renters insurance policies are designed to cover the policyholder and their personal property. Sharing a policy with roommates can lead to complications and potential disputes when filing claims.

Reasons You Should Not Share Insurance with Roommates:

1. Complicated claims process: If multiple parties are listed under the same policy, filing claims can become confusing due to the involvement of multiple people and their respective possessions.
2. Different personal property values: Roommates might have varying levels of valuable belongings, making it challenging to calculate coverage needs and shared premium costs accurately.
3. Liability issues: Sharing a policy may lead to disagreements or liability issues when it comes to damages caused by one roommate or their pet.
4. Changes in living situations: If a roommate moves out or new roommates move in, updating the policy can be challenging and potentially lead to lapses in coverage.

It is typically advisable for roommates to have separate renters insurance policies to avoid complications and ensure adequate coverage for their personal belongings and liability.

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.