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The Cheapest New York Renters Insurance Companies 2020
New York is a wonderful place to live. It has the bustling city life of New York City, beautiful natural areas and delicious food. Like all places, there are certain risks of living in New York that you want to protect yourself from so you can enjoy the beauty of the state. New York is best known for its crime rate. In the first four months of 2019, the New York City Police Department (NYPD) reported 3,587 robberies and 3,136 burglaries. The amount of crime varies depending on where you live, but it’s important to have renters insurance to help protect your belongings.
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New York isn’t the cheapest state, either. As of October 2019, the average rent in Manhattan is $4,146.67. That is astronomical compared to the national average rent of $1,476. New York City is the most expensive city in the country, although the price improves as you move away from the city.
Insuring your things is another added expense, so renters are continually seeking the cheapest New York renters insurance companies that will protect their things without breaking the bank.
It’s important to find not only the best New York renters insurance but also the cheapest renters insurance policy that meets both your needs and your budget.
Best renters insurance companies in New York
New York renters insurance incorporates both property and liability coverage, as well as medical payments if a guest is injured in your home. Loss of use is another type of coverage that will take care of any temporary living expenses if your home becomes damaged and inhabitable.
Coverage usually starts at $15,000 for personal property and $100,000 for personal liability, but it can go as high as $50,000 in property and $300,000 for personal liability. You will need to have a general idea of what your belongings are worth so you know how much coverage to buy. You can figure this out by doing a household inventory.
Based on our studies, these are the best New York renters insurance options:
To judge which are the best renters insurance companies , we look at the J.D. Power ratings and the Better Business Bureau. Both organizations judge a company’s level of customer service. AM Best scores are also crucial because they show a company’s financial stability.
Rankings for the best cheap renters insurance companies: New York
| J.D. Power Rating | AM Best Rating | BBB Rating | |
|---|---|---|---|
| Travelers | 3/5 | A++ | N/A |
| State Farm | 5/5 | A++ | A |
| Allstate | 2/5 | A+ | A+ |
| Geico | N/A | A++ | N/A |
Best for customer service: State Farm
State Farm is consistently known for its excellent customer service, and it is the strongest financially of all the best New York renters insurance companies.
Best for multiple products: Travelers
Like many other insurance companies, Travelers offers several insurance products so you can insure everything you need to. Travelers has auto, home, condo, umbrella, boat and valuable items insurance.
Best for extra protections: Allstate
Allstate has several options to increase the amount of protection you get, including flood and personal umbrella insurance.
Best New York renters insurance company for discounts: Geico
For those on a budget, Geico offers a ton of discounts that can significantly lower your insurance premium. Among others, Geico offers discounts based upon your age, like savings for students and adults over the age of 50.
Best for a simple quote process: Progressive
Progressive has a simple online quote options or individual agents who can help you design your renters insurance coverage. Progressive also has discounts that can help you. For example, Progressive gives discounts for paper-free accounts and savings for those who renew in advance or pay in full.
You can enjoy extra savings from exclusive discounts. Most companies offer loyalty and multiple policy discounts, in addition to discounts for homes equipped with safety features like a smoke alarm or security system. Gated communities or buildings with a doorman may be more expensive in rent, but they can significantly lower your premium.
When pricing your renters quote, there are some factors that can work against you. If you or the previous tenant have claims on your record, it could impact the cost of your insurance because you would be considered a high-risk customer. High-dollar items like jewelry or art may require additional coverage.
These are the average annual premiums for New York’s cheapest renters insurance companies based on a profile of a New York resident with $30,000 in property coverage:
- Allstate: $233
- Geico: $292
- Progressive: $411
- State Farm: $125
- Travelers: $130
Frequently asked questions
Coverage is up to you, but a standard renters insurance policy covers $15,000 of your personal property and $100,000 of liability coverage. Check with your agent to confirm your coverage and any extra protections that you may need.
There are several renters insurance companies in New York, so it can be hard to find the best. Based on our studies, State Farm offers the lowest average premium with superior customer service. However, which option is the best for you will depend on unique factors like where you live and your individual risk factors.
There is no law requiring renters insurance in New York, but it is always a good idea to protect your valuables and have protection for possible liability with visiting guests. Your landlord’s insurance will not cover damages within your specific unit, so renters insurance guarantees protection if you ever need it.
Renters insurance is a custom policy created specifically for your property and your belongings. Any roommates that live with you in your rental property will require their own policy if they want to protect their things.
