State Farm and Nationwide offer the best cheap renters insurance in New York. State Farm ranks top for affordable rates. Nationwide provides the best coverage options.
Cheap Renters Insurance in New York
Updated: May 1, 2025
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Key Takeaways
State Farm is New York's best overall and cheapest renters insurance company, with rates starting at $196 per year.
Renters insurance in New York costs around $20 per month, ranging from $16 to $66.
To find the best and most affordable renters insurance, decide on your coverage needs first. Then, research costs and compare many quotes.
New York Renters Insurance Quote Estimates
MoneyGeek's renters insurance calculator will give you a customized estimate of your renters insurance costs.
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Rates updated:
Jun 06, 2025
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Best Cheap Renters Insurance Companies in New York
| State Farm | 95 | $16 | $196 |
| Nationwide | 92 | $24 | $289 |
| Travelers | 86 | $43 | $511 |
| Chubb | 79 | $66 | $788 |
| Allstate | 77 | $40 | $484 |
*This list shows rates for a renter with good credit, no claims history, $50K in property damage coverage, $100K in liability coverage, a $1,000 deductible and guaranteed replacement.
Compare Personalized Best Cheap Renters Insurance in New York
While our list above covers most renters, it may not show your ideal options. We've made a filterable table that matches your profile to help you find the best options in New York.
Data filtered by:Results filtered by:
Select
Coverage Level:$50K Personal Property / $100K Liability
Select
Deductible:1000
Select
Claims History:Claim free for 5+ years
Select
Contents Replacement:Yes
Select
Credit Tier:Good
| State Farm | 95 | $10 | $125 |
| Travelers | 87 | $15 | $179 |
| Nationwide | 87 | $14 | $173 |
| Farmers | 65 | $23 | $279 |
| Allstate | 63 | $22 | $264 |
Best New York Renters Insurance Reviews
The sections below detail our top picks for affordability, customer service and coverage options for New York renters insurance.
State Farm: Best Cheap Plans
pros
Lowest rates for higher coverage levels
Good customer satisfaction ratings
High financial stability ratings
cons
Low claims satisfaction
COMPANY HIGHLIGHTS
State Farm offers the lowest renters insurance rates in New York at $16 monthly or $196 yearly. It also ranks fourth nationally for customer service, according to J.D. Power.
Nationwide: Best for Coverage Options
pros
Cheaper for higher coverage
Most extensive add-on coverage selection
High claims satisfaction
cons
Lower customer satisfaction ratings
Less affordable for lower coverage
COMPANY HIGHLIGHTS
Nationwide is the second-best renters insurance provider in New York, with balanced rankings for affordability, customer service and coverage options. Rates average $24 monthly. Nationwide offers unique coverage for earthquakes and credit/identity theft monitoring. According to J.D. Power, it ranks fifth nationally for claims satisfaction.
Average Cost of Renters Insurance in New York
The average cost of renters insurance in New York is $245 per year, $3 higher than the national average of $242. These rates reflect a policy with $50K in personal property coverage, $100K in liability limits and a $1,000 deductible. Your rate may vary based on your situation.
Below is a table where you can filter key factors affecting renters insurance rates to see average costs for your profile.
Data filtered by:Results filtered by:
Select
Coverage Level:$50K Personal Property / $100K Liability
Select
Deductible:1000
Select
Claims History:Claim free for 5+ years
Select
Credit Tier:Good
Select
Contents Replacement:Covered
| $50K Personal Property / $100K Liability | $20 | $245 |
Average New York Renters Insurance Cost by City
Renters insurance costs vary by city. The average annual premium in Buffalo is $169; in New York City, it's $242 for a policy with $50K in personal property coverage and $100K in liability coverage. Check the table below for the average cost in your city.
| Buffalo | $169 |
| New York | $242 |
| Rochester | $156 |
| Syracuse | $161 |
| Yonkers | $189 |
*This table shows rates for a renter with good credit and no claims history. Policies include $50K property damage coverage, $100K liability coverage, a $1,000 deductible and guaranteed replacement.
New York Renters Insurance: Buyer's Guide
Finding the right renters insurance in New York can be challenging. This guide will help you choose coverage that fits your needs.
How to Find the Best Cheap Renters Insurance in New York
Follow these steps to get the best coverage at the lowest price:
- 1
Determine the right coverage level
Decide how much coverage you need before shopping. Inventory your belongings and their value. Consider risks like weather damage, crime rates and liability if you have pets.
- 2
Research costs and discounts
Research average costs for your coverage needs to create a baseline for comparing quotes. Identify discounts you might qualify for to save money.
- 3
Compare providers
Research companies' reputations, costs and coverage options before getting quotes. This helps narrow your search to the most promising options.
- 4
Consider bundling
Check if bundling renters and auto insurance with your current auto insurer makes sense. The car insurance discount can often offset most or all of your renter's insurance cost.
- 5
Compare multiple quotes through different channels
Get at least five quotes with matching coverage levels. Check online comparison sites, provider websites, insurance brokers and phone agents, as prices may vary.
- 6
Compare rates annually
Insurance rates change frequently. Review your coverage and compare rates yearly to ensure you still get the best deal.
How Much Renters Insurance Do I Need in New York?
New York law doesn't mandate renters insurance, but most landlords require at least $100K in liability coverage. Requirements may vary based on your rental history, credit score and pet ownership. When choosing a policy, consider the value of your belongings, local weather risks, neighborhood crime rates and pet ownership.
Use our calculator below to determine your ideal personal property limits so you know how much renters insurance you need.
Personal Property Coverage Calculator
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.
clothing & accessories
Clothes, shoes, bags, belts, hats, gloves, etc.
New York Renter Risk Considerations
Here are the usual risks for renters in New York, along with coverage options:
- Weather risks: New York faces a high risk of hurricanes and winter storms in certain areas. Standard coverage may not protect you in high-risk zones, requiring additional coverage.
- Crime risks: New York ranks 29th for property crime and 12th for identity theft and fraud nationwide. Consider adding extra coverage to your renters policy for better protection against property damage.
- Pet ownership: Pet owners should consider pet liability coverage. Check if your provider's standard policy includes pet protection or requires an add-on.
- Property types: Standard policies might not fully cover specialized items like tools, electronics or rental property structures like pools. Look for insurers offering specific add-ons to protect these belongings.
How Does Renters Insurance Coverage Work?
Renters insurance typically covers damage to your property, liability to others and loss of use linked to your rental home. Make your policy more comprehensive by adding extra coverages. Here are some common types of renters insurance coverage:
Coverage Type | Standard or Add-on | Coverage Details |
|---|---|---|
Standard | Pays for damaged or stolen personal items in your rental, up to your policy limit. You receive the actual cash value (depreciated value) unless you have replacement cost coverage, which provides funds for new items. | |
Standard | Pays for medical and legal expenses if someone is injured in your rental. Many landlords require tenants to have this coverage. | |
Additional living expenses | Standard | Covers temporary housing costs, including meals, lodging and transportation, when you can't stay in your rental home. Benefits are typically based on a percentage of personal property limits or a set amount, depending on the insurer. |
Natural disasters | Add-on | Separate policies that cover personal property damage caused by earthquakes and floods |
Parts/Equipment | Add-on | Separate policies for tools, appliances and utilities in your rental |
Scheduled property | Add-on | Insures specific valuable items up to a predetermined amount |
Identity theft | Add-on | Protects financially against identity theft, covering stolen funds, legal expenses and monitoring services. |
Pet liability | Add-on | Covers injuries caused by your pet on your rental property, though standard policies may include this |
Modifications | Add-on | Covers custom additions and modifications not part of the original rental property |
Food loss | Add-on | Reimburses any food lost due to covered incidents |
Best Renters Insurance in New York: Bottom Line
State Farm and Nationwide are the best and most affordable renters insurance companies in New York. While we recommend these options, you should research and compare multiple companies and quotes to get the best deal.
Renters Insurance in New York: FAQ
Here are answers from our experts to common questions:
What is the cheapest renters insurance company in New York?
State Farm offers the cheapest renters insurance in New York, with an average annual premium of $196 or $16 per month.
What is the best renters insurance company in New York?
State Farm is the best renters insurance company in New York, with a MoneyGeek score of 95 out of 100 due to its great balance of affordability, customer satisfaction and coverage options.
How much does renters insurance cost in New York?
The average cost of renters insurance in New York is $245 per year or $20 per month, 1% higher than the national average. Annual premiums range from $196 to $788.
Is renters insurance required in New York?
New York doesn't legally require renters insurance, but your landlord might ask for it. Consider your needs and situation to decide if a policy is right for you. Reasons to get renters insurance include financial protection from common risks and liability for third-party injuries.
How We Found the Best Cheap Renters Insurance Companies
To find the cheapest renters insurance in New York, we used this base profile:
- $50K personal property coverage
- $100K liability coverage
- $1,000 deductible
- Property replacement coverage
- Good credit score
We used this to determine our affordability score for the state (60% of the score).
Other parts of our score included:
- Customer satisfaction from industry research (25%)
- Add-on coverages (10%)
- Financial strength ratings (5%)
About Mark Fitzpatrick
Mark Fitzpatrick, a Licensed Property and Casualty Insurance Producer, is MoneyGeek's resident Personal Finance Expert. With over five years of experience analyzing the insurance market, he conducts original research and creates tailored content for all types of buyers. His insights have been featured in publications like CNBC, NBC News and Mashable.
Fitzpatrick holds a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He's also a five-time Jeopardy champion!
Passionate about economics and insurance, he aims to promote transparency in financial topics and empower others to make confident money decisions.
sources
- American Red Cross. "Which Natural Disasters Should You Prepare For?." Accessed May 1, 2025.
- Insurance Information Institute. "Facts + Statistics: Identity Theft and Cybercrime." Accessed May 1, 2025.
- U.S. News. "Low Property Crime Rate." Accessed May 1, 2025.