Best Renters Insurance in New York City
Read this guide to learn about the four best renters insurance providers in New York.
With a New York renters insurance policy, you can have peace of mind that your insurance provider will cover damages to your rental unit, personal belongings, or neighbor if an accident occurs.
Quartz Advisor Reviews Team put together a review of the best renters insurance companies in New York and a buying guide to help you find the right policy for your home. Read our review to learn how to get affordable and comprehensive coverage, and use the tool below to get multiple quotes from providers in your area.
4 Best Renters Insurance Companies in New York City
We scoured the renters insurance market and picked the following four providers as the best in New York City based on coverage, cost, customer service, and more.
- Lemonade: Best for Easy Coverage
- Liberty Mutual: Most Experience
- USAA: Best Membership Perks
- Farmers: Most Customizable Coverage
Lemonade
Best for Easy Coverage
Liberty Mutual
Best Value
USAA
Best Membership Perks
Farmers
Best for Loss of Use Coverage
New York City Renters Insurance Coverage
Most policies for a New York City residence will include four types of coverage:
- Personal property—This protects the personal belongings in your apartment. If burst pipes cause water damage or a fire burns your items, your policy will pay to replace these items.
- Loss of use—If an event damages your home and you need to temporarily live elsewhere during repairs, your policy will pay for those additional living expenses.
- Liability—A renters insurance policy pays for claims if you’re liable for bodily injury to someone or damage their belongings. This part of your policy is usually required by your landlord so that they aren’t held liable for these incidents.
- Medical payments to others—If a guest is injured while in your home, your policy will cover their medical expenses to get treatment.
Note: Most providers offer additional coverage options called endorsements to extend your coverage. Examples of these include protection for identity theft, earthquakes, and scheduled personal property.
How Much Does a Renters Insurance Policy Cost in New York City?
In 2019, the average cost of renters insurance in New York was about $185 per year and $15.40 per month, according to the latest report released by the Insurance Information Institute. Relative to other U.S. states, New York tends to have more expensive renters insurance.
Factors to Consider Before Buying Renters Insurance
Before you buy renters insurance, consider these factors:
- Liability coverage—Because New York City is densely packed, any damage you cause to your apartment could affect the apartments around you, making it likely that you face liability claims from your neighbors.
- Climate—New York’s cold winters can cause issues in your home from the weight of snow or from frozen pipes. Confirm that your renters insurance covers these types of incidents so that you don’t have to pay to repair or replace your belongings.
- Pets—Most companies include pets in liability coverage, but if you have a dog with a history of aggression, you may not be covered. If that’s the case, look into endorsements to ensure any damage or injuries your pet causes will be covered by your renters insurance company.
- Home inventory—Personal property coverage will only cover the replacement amount you choose, so purchase enough coverage to protect all of your belongings. To do this, take inventory of the belongings in your home, estimate their value, and add up those amounts. You can also use an online estimation tool from insurance companies like Geico and Allstate.
Compare Renters Insurance Coverage Options
If you’re not sure which New York renters insurance policy is best for you, compare the providers below.
Compare Renters Insurance Companies
| Companies | Liberty Mutual | USAA | Farmers |
| Types of coverage | Personal property, loss of use, liability, medical payments to others | Personal property, liability, medical payments to others | Personal property, loss of use, liability, medical payments to others |
| Personal property coverage limits | $15,000, $20,000, or $25,000 | $25,000–$750,000 | No limit |
| Liability coverage limits | $100,000, $200,000, $300,000, $500,000, or $1,000,000 | $100,000, $300,000, $500,000, or $1,000,000 | $100,000, $200,000, $300,000, or $500,000 |
| ACV or RCV | ACV or RCV | RCV | ACV |
| Monthly price | As low as $5 | As low as $10 | About $30 |
| Discounts available | 5 | 3 | 3 |
| Unique add-ons | Blanket jewelry | Computer and tablet | Identity theft protection |
| Customer service | 24/7 for claims; limited for sales and service | 24/7 for claims; limited for sales and service | 24/7 for claims; limited for customer service |
| BBB rating | A+ | A- | A+ |
Our Conclusion
Lemonade, Liberty Mutual, USAA, and Farmers offer the best renters insurance in New York City. With any of these providers, you’ll get comprehensive coverage at an affordable insurance rate to accommodate the high cost of living in the city. Before choosing a company, consider getting renters insurance quotes from all three providers to compare policy coverage and costs:
Frequently Asked Questions About Renters Insurance in New York City
How quickly can I get New York renters insurance?
Most renters insurance companies have an online quote tool that allows you to get a quote and purchase a policy instantly.
Can your landlord force you to get renters insurance?
Yes. Renters insurance isn’t required by law, but a landlord can make you get renters insurance to live in their building. The insurance your landlord has only covers the building, so they may want you to get liability insurance so that they don’t have to pay for liability claims.
Can my renters insurance claim be denied?
As long as the property that was damaged is covered and the event that caused the damage is covered, your claim will be approved. Read the fine print concerning limitations before you purchase a policy.
Our Rating Methodology
