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CheapRenters InsuranceNew YorkThe Best and Cheapest Renters Insurance Companies in New York for 2023: Rankings, Reviews and Rates
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CheapRenters InsuranceNew YorkThe Cheapest Renters Insurance in New York
Cheap Renters Insurance Companies in New York
Cost is a major factor for New Yorkers shopping for renters insurance. Our research found that Lemonade is the most affordable company in the state. A Lemonade policy costs an average of $61 per year, while the next most affordable insurer in New York is State Farm, with an average annual rate of $125.
These prices are for a plan with personal property coverage of $20,000, liability coverage of $100,000 and a deductible of $500. The premiums are based on costs obtained from multiple ZIP codes across New York.
Personal Property Coverage:
$20,000
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MoneyGeek rated the leading renters insurance companies across New York to help you find great options at the best price. Our scoring system analyzed affordability, financial strength and customer service quality so you can find a company that meets your needs.
Cheapest Renters Insurance Companies in New York by City
Based on MoneyGeek’s findings, Lemonade is the cheapest renters insurance company in two cities in New York. Its policies have an average cost of $5 per month both in Buffalo and New York City.
Companies With the Cheapest Renters Insurance in New York by City
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- CityCheapest CompanyAverage Annual Premium
- Lemonade$64
- Lemonade$60
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Best Renters Insurance Companies in New York
In New York, the best renters insurance companies are Lemonade, with a score of 95 out of 100, followed by State Farm, with a score of 84 out of 100. Next in line is Travelers, then Allstate and Nationwide. MoneyGeek determined the rankings by analyzing each company's pricing data, AM Best financial stability ratings and J.D. Power customer service scores.
While the best renters insurance providers are not always the cheapest, they provide the much-needed balance of affordability and quality service. That means they can give policyholders the assurance that they pay out claims without hassle.
1
Lemonade
Score:95
MoneyGeek determined Lemonade as the overall best renters insurance company in New York, earning a perfect score for affordability and above-average for customer satisfaction. Renters can purchase its rare add-on landlord property damage coverage, which protects the landlord’s property against pet or water damage.
More About Lemonade
Lemonade renters insurance is available in 31 states, plus Washington, D.C. The company offers unique add-on coverages, such as landlord property damage and equipment breakdown insurance. It offers three discounts — fewer than the national average of five. You can get a personalized quote through Lemonade’s website. It also has a mobile app for viewing your policy, reporting claims and making payments.
Read MoneyGeek's Lemonade renters Insurance Review2
State Farm
Score:84
State Farm received a perfect score for financial stability and an above-average score for customer satisfaction, making it the runner-up for the best renters insurance company in New York. It offers unique add-on coverages, such as personal injury coverage, to protect against defamation of character, libel or slander.
More About State Farm
State Farm offers renters insurance in all states and Washington, D.C. Policyholders can benefit from its two unique add-on coverages and two discounts, although both are less than the industry average. State Farm offers online personalized quotes and a mobile app for managing your insurance.
Read MoneyGeek's State Farm renters Insurance Review3
Travelers
Score:83
Travelers ranked as the third best company for renters insurance in New York, earning a perfect score for financial stability and a high rating for customer satisfaction. You can add personal property replacement cost to your policy, which pays the current replacement cost of an item damaged by a covered loss.
More About Travelers
Travelers is available in Washington, D.C., and all states, except Alaska. Renters can supplement their policies with nine coverages, which is more than the industry average of seven. You can also get four discounts through Travelers: claim-free, good payer, protective device and multi-policy. Travelers gives personalized quotes online, and its mobile app lets you pay for and manage your policy, view your documents, file and check claims.
Read MoneyGeek's Travelers renters Insurance Review4
Allstate
Score:81
In New York, Allstate is among the best renters insurance companies. It scored well for customer satisfaction and financial stability. Renters can purchase its rare add-on coverages like flood, which helps cover the replacement cost of belongings damaged by floodwater.
More About Allstate
Allstate serves customers in all states and Washington, D.C. It allows policyholders to add four unique coverages and has five available discounts, including automatic payments and a retiree discount. Allstate’s website provides an instant personalized quote, while its mobile app lets you file and track claims and pay bills.
Read MoneyGeek's Allstate renters Insurance Review5
Nationwide
Score:79
Nationwide received high ratings on customer satisfaction and financial stability. It offers a unique included coverage for renters insurance: tools. You get a specified limit to cover the loss of stolen tools and can add additional coverage.
More About Nationwide
Nationwide offers renters insurance in 43 states and Washington, D.C. It has 10 unique add-on coverages — more than the industry average of seven — and four discounts. You can get a personalized quote online with Nationwide. It also has a mobile app that lets you manage your policy and file claims.
Read MoneyGeek's Nationwide renters Insurance ReviewMONEYGEEK EXPERT TIP
The best renters insurance company may not always be the cheapest. But, by choosing a highly rated company, you have the assurance of efficient claims processing and could even save more money with time.
Largest Renters Insurance Companies in New York
You may benefit from companies with a significant market share when getting renters insurance in New York. They usually have more financial stability, which means they can handle your claims. Additionally, they have more money to invest in customer service and user experience, making things more convenient for you as a customer.
Company | Market Share | |
|---|---|---|
1. | Allstate | 13.9% |
2. | State Farm | 12.9% |
3. | Chubb | 11.5% |
4. | Travelers | 8.0% |
5. | Liberty Mutual | 7.9% |
6. | National General | 4.1% |
7. | New York Central Mutual Fire | 3.4% |
8. | Heritage Insurance | 3.1% |
9. | AIG | 2.9% |
10. | USAA | 2.7% |
Average Cost of Renters Insurance in New York
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renters insurance is equal to the average.
The average cost of renters insurance in New York is $124 per year, $35 less than the national average of $159.
That renters insurance policy includes personal property coverage of $20,000, liability coverage of $100,000 and a $500 deductible.
How much renters insurance in New York costs you depends on your personal property coverage. If coverage for your belongings is high, you pay a higher premium. Our calculator below can show you how much insurance you need based on the value of your personal belongings.
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Total: $0
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You can improve your chances of saving money on renters insurance by comparing quotes from multiple providers. For example, in New York, you could save around $80 or more a year by choosing the cheapest company, Lemonade, instead of the most expensive, Farmers.
What Factors Impact Renters Insurance Cost in New York
The following factors significantly impact the renters insurance premium you need to pay in New York.
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Renters Insurance in New York: What You Need to Know
Investing in renters insurance in New York is a wise decision, as you can get protection for your valued belongings at affordable rates.
About 43% of the New York population are renters, and the rent price in the state is $1,309 per month on average. The average cost for a standard renters insurance package with $20,000 in personal property coverage, $100,000 in liability coverage and a $500 deductible is roughly $10 per month or 0.79% of the typical rental price.
What Renters Insurance Typically Covers in New York
Before you buy renters insurance in New York, you should ideally learn what the policy does and does not cover. Most plans offer the basic coverages of personal property, additional living expenses, medical payments and liability insurance.
In New York, personal property insurance typically covers many damages from natural disasters such as thunderstorms, hurricanes and others.
What Renters Insurance Typically Does Not Cover in New York
Read your renters insurance policy carefully to find out what it covers so you can make an accurate claim.
Renters insurance in New York generally covers many emergencies but excludes the following relatively common events.
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For additional resources about renters insurance, such as what renters insurance covers and does not, the New York Department of Financial Services can help. It educates people about financial products and services. Plus, it ensures that users get helpful information to make responsible financial decisions.
You can reach the New York Department of Financial Services through the following channels:
- Phone: (800) 342-3736
- Office: 1 State St., New York, NY 10004-1511
There are also offices in Albany, Buffalo, Garden City, Oneonta and Syracuse.
The New York Department of Financial Services hotline has representatives available Monday through Friday, from 8:30 a.m. to 4:30 p.m.
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FAQs About Renters Insurance in New York
For new renters, getting a policy may be confusing. MoneyGeek answered frequently asked questions about renters insurance in New York to help you find the best option for your needs.
Compare Renters Insurance Rates
Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.
Renters Insurance in New York Analysis: Methodology
MoneyGeek analyzed renters insurance premiums from eight of the top insurance companies in New York provided in partnership with Quadrant. Our analysis includes quotes from ZIP codes across New York. Quotes were gathered for policies with personal property coverage of $20,000, $50,000 and $100,000, liability coverage of $100,000 and a deductible of $500.
About Mark Fitzpatrick
sources
- DFS. "Department of Financial Services." Accessed March 31, 2022.