Updated: March 12, 2026
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Top renters insurer in New York: Lemonade
Most affordable renters insurance in New York: Lemonade
New York average renters insurance cost: $171 per year
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 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 annually for renters insurance, or about $14 per month. That's actually $2 less than the national average of $16 monthly, despite the state's higher population density that increases theft risks and frequent hurricanes that threaten coastal properties. These local conditions still drive up claim costs for insurers across many areas of the state.
Yonkers offers New York's most affordable renters insurance at $12 monthly ($146 annually), while East Meadow has the highest rates at $18 per month ($214 annually). Most cities stay close to New York's $14 average, with location-specific factors like crime rates, weather risks and claims history creating the pricing differences.
| 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 |
Getting the right coverage starts with knowing your coverage options, estimating your property value and shopping around for quotes.
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, though the state doesn't mandate renters insurance by law. Factors like pet ownership, credit score and rental history affect your coverage requirements. Your property value, local weather risks and crime rates should inform your coverage limits.
Use our calculator below to find out how much renters insurance you need.
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.
Review our experts' answers to frequently asked questions below:
Lemonade earns the top spot for renters insurance in New York with a MoneyGeek score of 4.8 out of 5. At just $6 monthly, it offers high customer satisfaction at affordable rates.
New York renters insurance averages $14 monthly or $171 annually for $20,000 in personal property coverage. The state costs $2 less per month than the national average of $16, though severe weather like hurricanes and higher property crime rates in metro areas can still drive up premiums.
State Farm offers the cheapest $100,000 renters insurance at $17 monthly, while the average cost in New York is $44 per month or $526 annually. Most renters choose $20,000 to $50,000 in coverage instead. The $100,000 tier works best for those with expensive belongings or collectibles.
New York doesn't legally require renters insurance, but most landlords require at least $100,000 in liability coverage as a lease condition. Your landlord's specific requirements may vary based on your rental history, credit score and pet ownership. Always review your lease agreement for exact coverage details.
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.
About Mark Fitzpatrick
Mark Fitzpatrick, a Licensed Property and Casualty Insurance Producer, is MoneyGeek's resident Personal Finance Expert. He has analyzed the insurance market for over five years, conducting original research for insurance shoppers. His insights have been featured in 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!
He writes about economics and insurance, breaking down complex topics so people know what they're buying.
