The Best Renters Insurance Companies in New York 2020

If you’re looking for delicious pizza, you should check out New York. But if you’re looking for affordable housing, you might want to look elsewhere. New York is one of the most expensive states to live in. That’s probably why New York ranks #50 in the nation for the number of owner-occupied housing units.

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    Renting is a much cheaper option, but it means you need to have renters insurance. In this article, we reviewed the best renters insurance in New York based on the SimpleScore method. Specifically, we looked at discounts, coverage options, customer satisfaction, support, and accessibility for the top five providers.

    In this article

      The best renters insurance in New York

      Best for cheap coverage – Lemonade

      If you’re looking for cheap and basic renters insurance coverage, we recommend looking into a policy from Lemonade.

      J.D. Power Rating
      N/A
      AM Best Rating
      N/A
      Standard & Poor’s
      N/A
      SimpleScore
      2.5 / 5.0
      close
      SimpleScore Lemonade 2.5
      Discounts 1
      Coverage Options 3
      Customer Satisfaction N/A
      Support 2
      Accessibility 4

      Lemonade offers cheap renters insurance for as low as $5 per month.

      Lemonade’s major selling point is affordable renters insurance. On its website, the company claims that renters can purchase insurance for as low as $5 per month. In fact, renters who switched to Lemonade from a major insurance provider have saved anywhere from 10 to 30 percent on their policy.

      Lemonade also stands out for its easy claims handling. After a covered loss, renters can get reimbursed in just three minutes using the Lemonade mobile app. That’s a pretty good reason to join, considering most insurance companies take weeks or even longer to reimburse policyholders after a claim.

      When it comes to renters insurance coverage, Lemonade offers just the basics. But if you have valuables in your home or expensive items like electronics, you can purchase additional coverage to raise your policy limits. Lemonade doesn’t advertise any discounts on their website, but even then, you can expect to pay just a few dollars a month for coverage.

      Best for overall coverage – Nationwide

      Nationwide is a great option for any renter who wants comprehensive insurance for their belongings.

      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

      Nationwide’s standard renters insurance policies are a cut above the rest, with great coverages and high policy limits.

      Like our other top picks, Nationwide’s standard policies include liability, medical payments, loss of use and personal property coverages. Nationwide also offers coverage for additions or alterations you make to the rental home.

      Nationwide’s standard renters policies also include credit card coverage, which pays up to a limit you select if someone fraudulently uses your credit or debit card, someone forges one of your checks or you unwittingly receive counterfeit money.

      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 payment, Nationwide will issue another payment to cover the difference. Most insurance companies only offer replacement cost coverage as an add-on.

      Best for customer service – State Farm

      Good customer service can be hard to find in the insurance industry, but State Farm has it down — whether you work with an agent or call the service center.

      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

      State Farm offers exceptional customer service, including helpful agents and good online support options.

      In the J.D. Power study, State Farm earned five out of five stars, ranking second among 14 renters insurance providers.

      State Farm operates offices throughout New York in cities and many towns. You can call a dedicated agent any time to ask questions about your coverage, purchase another policy or file a claim. State Farm’s standard renters policies include personal property, liability and loss of use coverages.

      Available for Android and Apple devices, the State Farm mobile app enables you to manage your insurance policy and file and track a claim from your smartphone or tablet. If you open a State Farm checking or savings account, you can also use the app to deposit checks, pay bills and transfer funds between accounts.

      Best for claims process – Farmers

      Farmers offers basic coverages, but the company settles renters insurance claims fast, meaning you don’t have to wait around for your payout after a loss.

      J.D. Power Rating
      2/5
      AM Best Rating
      A
      Standard & Poor’s
      N/A
      SimpleScore
      3.4 / 5.0
      close
      SimpleScore Farmers 3.4
      Discounts 4
      Coverage Options 3
      Customer Satisfaction 2
      Support 4
      Accessibility 4

      Farmers leads the pack when it comes to quick and easy claims handling.

      Farmers aim to settle claims efficiently and quickly. If a covered peril such as a fire damages your home, you can schedule an appointment for a Farmers claims agent to inspect the damage. During the visit, the agent will take a room-by-room, item-by-item inventory of your damaged property. For simple claims, the agent may give you an estimate and issue payment during the initial visit. More complex claims, especially those that involve medical payments, may take longer to resolve.

      Farmers’ standard renters policies include liability, loss of use, medical payments and personal property coverages. Farmers also gives you the option to add identity theft and replacement cost coverages to your New York renters policy.

      Farmers reward non-smokers with a discount on their renters premium. You can also earn a discount if you purchase additional Farmers policies or equip your home with a fire alarm or security system.

      Best for personal property coverage – Travelers

      Travelers offers a number of standard and add-on coverages that will protect your personal belongings and your liabilities as a renter.

      J.D. Power Rating
      3/5
      AM Best Rating
      A++
      Standard & Poor’s
      AA
      SimpleScore
      3.8 / 5.0
      close
      SimpleScore Travelers 3.8
      Discounts 5
      Coverage Options 4
      Customer Satisfaction 2
      Support 4
      Accessibility 4

      If you own a lot of personal belongings, or have valuable items, a policy from Travelers can offer the coverage you need.

      Travelers’ standard renters insurance policies include personal property, personal liability, medical payments and additional living expenses coverages. But Traveler’s goes a step further by offering a limited amount of home improvement coverage. If fire destroys your rental home, your renters policy will not cover structural losses.

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

      Travelers also offer 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 also let you add umbrella coverage, an extra layer of liability coverage to pay costs like attorneys fees if someone sues you following an accident in your home.

      How much does renters insurance cost in NY?

      In New York state, the average cost of renters insurance is $194 per year, making it the ninth most expensive state for coverage. Despite the fact that two-fifths of the state’s population lives in New York City, the Big Apple isn’t the most expensive place in New York for renters insurance.

      In any state, the cost of renters insurance can vary significantly between zip codes. Besides location, certain factors like your age, credit score, claims history and your deductible determine your insurance premium. Below is a breakdown of the average cost of renters insurance in New York state, by city and by NYC borough, according to Millennial Money.

      NY average cost of renters insurance, by city

      City  Average monthly cost Average yearly cost 
      Newburgh$16.30$196
      White Plains$16.16$194
      Buffalo$16.16$194
      Albany$16.16$194
      Amityville$16$192

      NYC average cost of renters insurance, by borough

      Borough  Average monthly cost Average yearly cost 
      Brooklyn$15.83$190
      Manhattan$15.25$183
      The Bronx$13.75$165
      Queens$13.50$162
      Staten Island$13$156

      The cheapest renters insurance in NY

      Based on our evaluation, the cheapest renters insurance in New York is from Lemonade. The company offers affordable coverage to renters in NYC and upstate. State Farm, Travelers and Farmers all came out around the same price, at around $10 per month. Although Nationwide offers the best coverage overall, it’s significantly more expensive than the other providers we looked at.

      Provider Average monthly cost Average yearly cost 
      Lemonade$9$110
      Nationwide$17$198
      State Farm$10$125
      Farmers$10$120
      Travelers$10$125

      What does renters insurance cover?

      Renters insurance provides coverage for your personal belongings and your liabilities as a renter. Since you don’t own the house you rent, a renters insurance policy doesn’t cover the physical structure of the building. Your landlord has a special type of insurance for that. Here are the basic coverages you’ll find with any renters insurance policy.

      Coverage type What it may cover What’s not covered 
      Personal propertyYour belongings, like clothing, furniture, electronics, etc.Cars, boats, and some high-value items, like jewelry.
      Personal liabilityYour legal fees if someone injures themselves at your home, or your cause property damage, and you get sued.Negligence, like a fire that you accidentally started in your apartment.
      Loss of useHotel, food, laundry, and other living expenses if your home is damaged by a covered loss and you have to temporarily relocate.The cost of a new rental property, new personal items, vacations, etc.
      Medical paymentsCovers a guest’s medical expenses if they get injured at your home.The renter’s medical expenses, or essential medical services like a check up.

      Renters insurance covers most of the situations you might face as a tenant. Other circumstances, like losses that are caused by your own negligence, generally do not qualify for coverage. Here are some examples:

      Theft

      If you leave your front door unlocked, and come home to find that your apartment has been burglarized, your stolen items probably won’t be covered. Theft is usually only covered by insurance if there is proof that someone broke into your apartment.

      Water leaks

      Accidental and sudden water damage is covered by insurance, but water leaks are not. For example, if you notice a clogged drain and don’t do anything about it, it could lead to a water leak that is technically caused by your negligence.

      Fires

      If you accidentally start a fire while you’re cooking, don’t assume that your renters insurance policy will cover it. House fires that are due to careless behavior are viewed as negligent, and you’ll have to pay out-of-pocket to fix the damages.

      Renters Insurance Coverage Options

      If you’re in the market for renters insurance, it’s a good idea to review your coverage options before signing a policy. Here are some things to keep in mind:

      Negotiating claims limits

      First, consider negotiating your claims limits. This is particularly beneficial for people who own a lot of personal items that would be expensive to replace. The standard policy limit might not be enough coverage for you, so ask an agent about getting a higher coverage limit.

      Adding riders to renters insurance

      Many renters insurance companies offer riders, also called optional coverages, to increase your protection for certain things. Some examples of common riders are identity theft coverage, extended valuables coverage, and earthquake insurance. You’ll pay more to add riders to your policy, but you’re getting a higher amount of coverage.

      Raising or lowering a deductible

      Your deductible has a direct impact on your renters insurance premium. The higher your deductible, the lower your rate will be. Before you increase your deductible, make sure you can afford the out-of-pocket cost if you do have to file a claim in the future.

      [Read: Is Renters Insurance Worth It?]

      Things to consider about renters insurance in NYC

      When you’re shopping for renters insurance in New York, one thing to keep in mind is that basic policies never cover flood damage. Whether you live in the city or the suburbs, floods in New York are not uncommon, so it’s a good idea to purchase a separate flood insurance policy.

      Find the Best Renters Insurance in New York

      Save money on renters insurance with our simple comparison tool.

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

        NYC renters insurance FAQs

        You should get enough renters insurance coverage to protect the full value of your personal belongings. If you frequently have guests in your home, considering increasing your liability coverage limit beyond the standard amount. For your deductible, choose an amount that you can comfortably afford out-of-pocket. The most common deductibles are $500 and $1,000.

        No, your renters insurance policy does not cover your roommates’ belongings. The only exception is if your roommates are listed on your renters insurance policy. If you’re living with roommates, everyone in your household should have their own renters insurance policy. That guarantees your personal items and liability are covered by the full policy amount.

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

        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. You can also review more detail on our Simplescore renter insurance methodology.

        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.

        Elizabeth Rivelli

        Contributing Writer

        Elizabeth is a contributor to The Simple Dollar, where she reviews insurance providers and policies. She has more than three years of experience writing for top online insurance and finance publications, including Bankrate, Coverage.com and Reviews.com.

        Reviewed by

        • Aylea Wilkins
          Aylea Wilkins

          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.