Updated: September 8, 2026
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Top pick: Lemonade has the highest MoneyGeek score in New York at 4.8 out of 5 and the lowest rate at $6 a month. Most New York renters we analyzed get the best value here.
Average cost: New York renters pay $14 a month on average for $20,000 in personal property coverage, $2 less than the national average. Higher theft rates in metro areas and coastal weather exposure push premiums up in some parts of the state.
Landlord requirements: New York state law doesn't mandate renters insurance, but landlords can require it as a lease condition. Most New York City leases specify at least $100,000 in liability coverage.
With a MoneyGeek score of 4.8 out of 5, Lemonade ranks as New York's best renters insurance provider at $6 per month. The company leads for its affordability and coverage.
These five companies earned the top MoneyGeek scores for renters insurance in New York:
| Lemonade | 4.82 | $6 | $69 |
| State Farm | 4.74 | $10 | $125 |
| Chubb | 4.66 | $15 | $186 |
| Travelers | 4.59 | $11 | $131 |
| Nationwide | 4.59 | $12 | $146 |
*Rates for renters aged 26 to 64 with good credit and no claims history. Policy includes $20,000 in personal property coverage, $100,000 in liability coverage and a $500 deductible.
Best for New York Renters
J.D. Power Renters Insurance Customer Satisfaction Score
Average Annual Premium
Average Monthly Premium
J.D. Power Renters Insurance Customer Satisfaction Score
Average Annual Premium
Average Monthly Premium
J.D. Power Renters Insurance Customer Satisfaction Score
Average Annual Premium
Average Monthly Premium
J.D. Power Renters Insurance Customer Satisfaction Score
Average Annual Premium
Average Monthly Premium
J.D. Power Renters Insurance Customer Satisfaction Score
Average Annual Premium
Average Monthly Premium
New York renters can pay as little as $6 per month through Lemonade for $20,000 in personal property coverage. That's $8 less per month than New York's $14 average, saving you $96 per year compared to the state average.
Rates from the 10 most affordable companies range from $6 to $17 monthly for the same coverage. Seven of 10 insurers charge less than New York's $14 state average, making the cheapest renters insurance options widely available.
| Lemonade | $6 | $-9 |
| NYCM Insurance | $10 | $-4 |
| State Farm | $10 | $-4 |
| Travelers | $11 | $-3 |
| Nationwide | $12 | $-2 |
| Allstate | $13 | $-2 |
| Ocean Harbor Insurance | $13 | $-2 |
| Chubb | $15 | $1 |
| USAA | $17 | $3 |
| Farmers | $17 | $3 |
New York renters pay $171 a year for renters insurance, or $14 a month. That's $2 less than the national average of $16 a month. The state's urban density and coastal storm exposure drive claim costs up across many areas. That's why rates vary widely from city to city.
Yonkers has the lowest rates among the cities we tracked at $12 a month ($146 a year). East Meadow runs the highest at $18 a month ($214 a year). In New York City, Brooklyn renters pay $17 a month, above the $16 city average, while Queens Village comes in at $15. Cities upstate like Buffalo and Rochester run closer to $12 to $13 a month.
Location affects your rate through two main factors: local crime data and storm or weather exposure. Your building's claims history adds weight to those calculations for insurers setting prices in New York's coastal and high-density zones.
| Brooklyn | $17 | $208 |
| Buffalo | $13 | $159 |
| Cooperstown | $13 | $153 |
| East Meadow | $18 | $214 |
| La Fayette | $13 | $157 |
| New York | $16 | $189 |
| Queens Village | $15 | $184 |
| Rochester | $12 | $148 |
| Syracuse | $13 | $157 |
| Yonkers | $12 | $146 |
At the highest coverage level, State Farm offers the most affordable renters insurance in New York at $36 monthly for $250,000 in personal property coverage and $300,000 in liability protection. The insurer also provides the cheapest rates for $50,000 and $100,000 in personal property coverage, both carrying $100,000 liability limits. State Farm's consistent affordability across these coverage tiers makes it the top choice for cost-conscious renters.
| $20K Personal Property / $100K Liability | Lemonade | $6 |
| $50K Personal Property / $100K Liability | State Farm | $11 |
| $100K Personal Property / $100K Liability | State Farm | $17 |
| $250K Personal Property / $300K Liability | State Farm | $36 |
Two things drive your premium the most: coverage limits and your deductible. Lemonade's base policy with $20,000 in personal property coverage runs $6 a month. Bump that to $100,000 and the cheapest option, State Farm, costs $17. A $1,000 deductible usually means a lower monthly rate than a $500 one, but you pay more out of pocket when you file.
Price and service quality don't move together on this list. Nationwide costs $12 a month and has the highest J.D. Power score we found at 687. State Farm costs $10 and scores 685. Lemonade costs $6 and scores 661, below the 668 industry average. If you file claims rarely and don't need agent access, Lemonade is the right call. If you want local support or a better-rated claims experience, State Farm at $10 is worth it. Renters with bad credit should consider Chubb before Travelers. Chubb holds at $15 a month for bad-credit profiles. Travelers jumps to $26.
Most New York landlords require at least $100,000 in liability coverage as a lease condition, even though state law doesn't mandate renters insurance. Beyond the lease minimum, we recommend calculating the replacement cost of your belongings before choosing a personal property limit. A renter with $20,000 in furniture and electronics doesn't need a $100,000 property policy. Paying for that extra coverage adds cost without adding value.
In New York City, your building type affects your exposure. High-rise residents face lower wildfire risk but higher theft rates and water damage from aging pipes. Walk-up renters in Brooklyn or Queens often deal with shared utility lines that can lead to kitchen or bathroom damage. We recommend $100,000 in liability at minimum. Consider $300,000 if you have pets, entertain guests regularly or live in a building with a history of water claims.
The gap between Lemonade at $6 monthly and Farmers at $17 shows why comparing quotes matters. Getting at least three quotes for the same $20,000 coverage could save you $11 per month. Online tools make it easy to find the lowest rate.
Bundling renters and auto insurance with the same insurer can cut 10% to 25% off both premiums. State Farm and Auto-Owners are known for bundling discounts that lower overall costs and consolidate your billing.
A higher deductible means lower monthly premiums, but you'll cover more costs when you file a claim. Before increasing it, confirm you have enough in your emergency fund to handle the higher out-of-pocket amount.
Not all discounts apply automatically, so ask your insurer what you qualify for. New York insurers commonly offer savings for security systems, smoke detectors, automatic payments and claims-free history. State Farm offers additional good student discounts for renters under 25 with at least a B average.
Most New York landlords require at least $100,000 in liability coverage as a lease condition, even though state law doesn't mandate renters insurance. Beyond the lease minimum, we recommend calculating the replacement cost of your belongings before choosing a personal property limit. A renter with $20,000 in furniture and electronics doesn't need a $100,000 property policy. Paying for that extra coverage adds cost without adding value.
In New York City, your building type affects your exposure. High-rise residents face lower wildfire risk but higher theft rates and water damage from aging pipes. Walk-up renters in Brooklyn or Queens often deal with shared utility lines that can lead to kitchen or bathroom damage. We recommend $100,000 in liability at minimum. Consider $300,000 if you have pets, entertain guests regularly or live in a building with a history of water claims.
When figuring out how much renters insurance you need, experts recommend the standard $100,000 in liability insurance and enough personal property protection to cover your possessions. Use MoneyGeek's calculator to estimate the value of your possessions so you know how much personal property coverage to buy.
Clothes, shoes, bags, belts, hats, gloves, etc.
Standard renters insurance in New York doesn't cover flood damage. If you rent in Staten Island, the Rockaways or coastal Long Island, your landlord's building coverage won't follow your belongings after a storm. Get a separate flood policy through the National Flood Insurance Program, or ask your insurer whether a private flood endorsement is available. Some New York insurers now offer it as an add-on for renters in coastal zones.
Lemonade is the best renters insurance in New York. No other provider we reviewed combines the lowest rate in the state at $6 a month with the highest MoneyGeek score at 4.8 out of 5. For most New York renters, it's the right pick.
Choose State Farm if you want a local agent or prioritize customer service. It costs $10 a month and scores 685 in J.D. Power customer satisfaction, the second highest among providers we reviewed. Military members and eligible family members should check USAA first regardless of price. Skipping coverage to save money is rarely worth it. A single theft or liability claim in New York can cost far more than a full year of premiums.
Lemonade has the lowest rates in New York at $6 a month for $20,000 in personal property coverage, $100,000 in liability coverage and a $500 deductible. NYCM Insurance and State Farm both come in at $10 a month for the same coverage profile. We reviewed 10 providers; seven of them charge less than the state average of $14 a month.
New York state law doesn't require renters insurance. Your landlord can require it as a lease condition, and most landlords in New York City do, usually specifying at least $100,000 in liability coverage. Failing to maintain a policy when your lease requires it could be grounds for lease termination. Check your lease before your policy lapses or you switch providers.
We recommend starting with $100,000 in liability coverage; most New York landlords require at least that anyway. For personal property, calculate the replacement cost of your belongings at today's prices. Most renters we analyzed carry between $20,000 and $50,000. If you own high-value items like jewelry or musical instruments, check whether your policy's sub-limits cover their full value or whether you need a scheduled endorsement.
Comparing quotes from at least three insurers is the fastest way to cut your premium. Beyond that, bundling renters and auto insurance with the same company can reduce both bills by 10% to 25%. Raising your deductible from $500 to $1,000 lowers your monthly cost, but only if you can cover the higher out-of-pocket amount when you file. Ask about discounts before you buy. Most insurers don't apply them automatically.
A standard renters insurance policy in New York covers three areas. Personal property coverage pays to repair or replace your belongings after a covered loss like fire or theft. Liability coverage pays legal and medical costs if you're found responsible for someone else's injury or property damage. Additional living expenses coverage pays for temporary housing if a covered event forces you out of your apartment. Standard policies don't cover flood or earthquake damage. Pest damage, including bedbugs, is also excluded.
In New York City, renters pay an average of $16 a month ($189 a year) based on our data. Brooklyn averages $17 a month. Queens Village comes in at $15 a month. Both sit above the statewide average of $14, driven by higher theft rates and older building stock. Lemonade is the cheapest option for NYC renters at $6 a month for a standard policy.
We analyzed New York renters insurance companies to find insurers with affordable rates and excellent service.
We gathered quotes for renters with this profile:
Affordability accounted for 50% of each company's score. Customer satisfaction from industry research made up 40%. Add-on coverage options contributed 10%. Companies with the highest combined scores across all factors earned spots on our list of New York's best renters insurance providers.
Mark Fitzpatrick is a licensed Property and Casualty (P&C) Insurance Producer in Connecticut and MoneyGeek's resident expert in insurance and economics. In nearly a decade covering the insurance market at LendingTree and MoneyGeek, he's analyzed hundreds of carriers and millions of rates across auto, home, renters, health and life insurance.
His work has appeared in The Washington Post, The New York Times and NPR. He draws on independent cost and consumer experience data, and no insurance company partnerships affect his recommendations.
Mark studied at Boston College and later earned a master's in economics and international relations from Johns Hopkins University. He worked in financial risk management at State Street before joining MoneyGeek. He's also a five-time “Jeopardy!” champion.
