The Best and Cheapest Renters Insurance in New York for 2024

Renters insurance can protect you financially in case of theft, fires and other disasters in the Empire State.

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Updated · 6 min read
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Written by Sarah Schlichter
Lead Writer
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Assistant Assigning Editor
Fact Checked
Nerdy takeaways
  • The cheapest renters insurance company in New York is NYCM, according to NerdWallet’s rate analysis.

  • State Farm, Travelers and USAA are a few of the best renters insurance companies in New York.

  • The average cost of renters insurance in New York is $170 per year.

If your New York City apartment catches fire or someone steals your bike off a Buffalo street, renters insurance can help. A renters policy can cover your belongings for a price that’s likely cheaper than your monthly cell phone bill. Renters insurance in New York costs about $170 a year, or $14 a month, on average.

NerdWallet analyzed rates from companies across the state to find the best and cheapest renters insurance in New York.

Note: Some insurance companies included in this article may have made changes in their underwriting practices and no longer issue new policies in your state.

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The cheapest renters insurance in New York state

We compared renters insurance rates from more than a dozen companies in ZIP codes across the state to see which were cheapest. These are the ones with rates below the state average of $170 per year.

Company

NerdWallet star rating

Average annual rate

NYCM

Not rated

$101

Utica National

Not rated

$102

Plymouth Rock

Not rated

$103

Preferred Mutual

Not rated

$108

4.5

NerdWallet rating 

$110

4.5

NerdWallet rating 

$125

4.5

NerdWallet rating 

$128

4.5

NerdWallet rating 

$166

Ocean Harbor

Not rated

$169

5.0

NerdWallet rating 

$167

*USAA renters policies are available only to active military, veterans and their families.

The cheapest renters insurance in New York City

Because such a large proportion of New York state’s population lives in the Big Apple, we looked specifically at renters insurance rates there. Below are the companies with renters insurance rates below the New York City average of $192 per year.

Company

NerdWallet star rating

Average annual rate

NYCM

Not rated

$100

Plymouth Rock

Not rated

$125

4.5

NerdWallet rating 

$125

4.5

NerdWallet rating 

$148

Preferred Mutual

Not rated

$159

4.5

NerdWallet rating 

$160

Narragansett Bay

Not rated

$161

Utica National

Not rated

$170

Ocean Harbor

Not rated

$171

4.5

NerdWallet rating 

$189

The best renters insurance in New York state

If you’re looking for renters insurance from a highly rated national brand, consider one of these carriers from NerdWallet’s list of the best renters insurance companies. The table below includes each company’s average annual renters insurance rate in New York state. Select the company name to read our review.

The best renters insurance in New York City

New York City has the same best renters insurance companies as New York state, but with different average rates. Check out the list below.

Company

NerdWallet star rating

Average annual rate

4.5

NerdWallet rating 

$125

4.5

NerdWallet rating 

$148

4.5

NerdWallet rating 

$160

4.5

NerdWallet rating 

$250

4.5

NerdWallet rating 

$259

5.0

NerdWallet rating 

$208

*USAA renters policies are available only to active military, veterans and their families.

More about the best renters insurance companies in New York

See more details about each company to help you decide which one is best for you.

insurance-product-card-logo

State Farm

4.5

NerdWallet rating 
The country’s biggest home insurer offers solid renters insurance with lots of ways to manage your policy online.

Coverage options

More than average

Discounts

Average set of discounts

NAIC complaints

Fewer than expected

State Farm

4.5

NerdWallet rating 
The country’s biggest home insurer offers solid renters insurance with lots of ways to manage your policy online.

Coverage options

More than average

Discounts

Average set of discounts

NAIC complaints

Fewer than expected

Unlike policies from some other companies, State Farm renters insurance includes replacement cost coverage for your personal belongings. Say you have a 10-year-old mattress that’s destroyed in a fire. State Farm would pay out enough for you to buy a brand-new replacement, rather than giving you only enough for a used mattress. Other coverage options may also be available for things like identity theft and damage from backed-up drains.

To learn more, read our State Farm renters insurance review.


insurance-product-card-logo

Travelers

4.5

NerdWallet rating 
Renters insurance coverage from a large, tech-friendly company.

Coverage options

About average

Discounts

Great set of discounts

NAIC complaints

Fewer than expected

Travelers

4.5

NerdWallet rating 
Renters insurance coverage from a large, tech-friendly company.

Coverage options

About average

Discounts

Great set of discounts

NAIC complaints

Fewer than expected

Does your home have smart-home technology, a burglar alarm or an interior sprinkler system? If so, you might be able to save on Travelers renters insurance. You may also be eligible for a bundle or claims-free discount. Extra coverage may be available for expensive items such as jewelry or computers.

Get more details in our Travelers renters insurance review.


insurance-product-card-logo

Nationwide

4.5

NerdWallet rating 
Renters insurance coverage with a few useful add-ons.

Coverage options

About average

Discounts

Great set of discounts

NAIC complaints

Fewer than expected

Nationwide

4.5

NerdWallet rating 
Renters insurance coverage with a few useful add-ons.

Coverage options

About average

Discounts

Great set of discounts

NAIC complaints

Fewer than expected

A standard Nationwide renters insurance policy covers your stuff on an “actual cash value” basis. That means if an item is stolen or destroyed, the insurance company will pay you whatever it was worth at the time you made the claim — which might not be enough to replace it. Upgrade to Brand New Belongings coverage to get enough to buy new replacement items. You may also be able to add coverage for valuable jewelry or damage from backed-up drains.

Check out our Nationwide renters insurance review to learn more.


insurance-product-card-logo

The Hanover

4.5

NerdWallet rating 
Best for renters who want to work with an agent to get the right coverage.

Coverage options

About average

Discounts

Average set of discounts

NAIC complaints

Far fewer than expected

The Hanover

4.5

NerdWallet rating 
Best for renters who want to work with an agent to get the right coverage.

Coverage options

About average

Discounts

Average set of discounts

NAIC complaints

Far fewer than expected

The Hanover has three tiers of renters insurance coverage. Upgrade to the “select” option, and you’ll get identity theft coverage and replacement cost coverage on your personal belongings, among other extras. The “select plus” package adds even more perks, including coverage for damage from backed-up sewers or drains.

Read our Hanover renters insurance review for more details.


insurance-product-card-logo

Farmers

4.5

NerdWallet rating 
Strong coverage plus a user-friendly app to manage your policy.

Coverage options

About average

Discounts

Great set of discounts

NAIC complaints

Fewer than expected

Farmers

4.5

NerdWallet rating 
Strong coverage plus a user-friendly app to manage your policy.

Coverage options

About average

Discounts

Great set of discounts

NAIC complaints

Fewer than expected

Farmers offers a variety of ways to save on your renters insurance policy, including potential discounts for bundling multiple policies, having a security system or being a nonsmoker. Teachers, doctors, nurses and police officers may also be eligible for savings. If you have expensive belongings, such as an engagement ring or fine art, ask about extra coverage to make sure those items are properly insured.

Get more details in our Farmers renters insurance review.


insurance-product-card-logo

USAA

5.0

NerdWallet rating 
Strong coverage for active military, veterans and their families.

Coverage options

More than average

Discounts

Great set of discounts

NAIC complaints

Far fewer than expected

USAA

5.0

NerdWallet rating 
Strong coverage for active military, veterans and their families.

Coverage options

More than average

Discounts

Great set of discounts

NAIC complaints

Far fewer than expected

Unlike most insurers, USAA offers flood and earthquake coverage as part of its standard renters policies. It also pays the replacement cost of your stolen or damaged items, rather than paying less for older items that have lost value over time. However, renters policies from USAA are available only to active military, veterans and their families.

Get more details in our USAA renters insurance review.


How much is renters insurance in New York?

The average cost of renters insurance in New York is $170 a year, or about $14 a month. That’s about 15% higher than the national average of $148 a year.

Renters insurance in New York City costs $192 a year, on average.

In most U.S. states, including New York, many insurers use your credit-based insurance score to help set rates. Your insurance score is similar but not identical to your traditional credit score.

In New York, those with poor credit pay an average of $208 per year for renters insurance, according to NerdWallet’s rate analysis. That’s about 22% more than those with good credit.

Average cost of renters insurance in New York by city

Below are average renters insurance rates for the 25 largest metro areas in New York state.

Note: City names in the table below are based on the U.S. Postal Service’s preferred names for each ZIP code.

City

Average annual rate

Average monthly rate

Albany

$159

$13

Astoria

$194

$16

Binghamton

$153

$13

Bronx

$193

$16

Brooklyn

$223

$19

Buffalo

$159

$13

Corona

$194

$16

East Elmhurst

$193

$16

Elmhurst

$194

$16

Far Rockaway

$199

$17

Flushing

$195

$16

Jamaica

$195

$16

Mount Vernon

$168

$14

New Rochelle

$168

$14

New York

$192

$16

Poughkeepsie

$156

$13

Ridgewood

$195

$16

Rochester

$159

$13

Schenectady

$158

$13

Staten Island

$183

$15

Syracuse

$160

$13

Utica

$156

$13

White Plains

$166

$14

Woodside

$194

$16

Yonkers

$170

$14

What to know about New York renters insurance

Renters insurance offers financial protection against many problems, but it doesn’t cover everything. Here are a few scenarios you might encounter in New York, along with information on how to make sure you’re covered.

Theft

Standard renters insurance covers your belongings for theft, one of the most common crimes in New York City. Your belongings are generally covered even when you’re not at home. So if someone steals your laptop from a coffee shop, it’ll probably be covered (minus your deductible).

Natural disasters

New York state is prone to a variety of natural disasters, including thunderstorms, snowstorms, floods and tropical storms, and a standard renters policy won’t cover all of them. For example, flooding is typically not covered, but damage from a snowstorm might be.

Say you live on the top floor of an apartment building, and a heavy blizzard causes part of the roof to cave in. Your insurance would likely pay for any resulting damage to your belongings because the “weight of ice, snow or sleet” is one of the standard perils that most renters insurance policies cover.

But if a tropical storm causes a flash flood, ruining the furniture in your ground-floor apartment, you probably wouldn’t be covered unless you had separate flood insurance.

Most renters policies cover wind damage from storms or tornadoes. However, if you live in a high-risk coastal area, your policy might have a specific hurricane deductible. If that’s the case, you might have to pay more out of pocket for hurricane damage than you would for another type of claim.

What determines New York renters insurance rates?

Each company calculates renters insurance premiums a little differently. Below are a few factors that could influence what you pay for renters insurance in New York.

Where you live

Your location may impact your renters insurance premium, particularly if you live in a neighborhood with high crime rates.

Your credit

As noted above, those with better credit history will often pay less for insurance than renters with poor credit.

Your coverage

If you’re renting a three-bedroom house, you’ll likely have more stuff — and need more coverage — than someone in a studio apartment. Expect to pay more for higher coverage limits.

Your deductible

A deductible is the part of an insurance claim you’re willing to pay yourself. You can usually lower your premium by choosing a higher deductible, as long as you’d feel comfortable paying that amount in a pinch.

Your claims history

If you’ve filed a renters insurance claim in the past, insurers may see you as a greater risk to file one in the future — which could lead to higher rates. Renters with a recent theft claim on their record pay about 8% more for insurance than those with a clear record, according to NerdWallet’s rate analysis.

Your home

Certain features of your home could qualify you for discounts, including smoke detectors, deadbolt locks, sprinkler systems and other protective devices.

Your other policies

Bundling your renters insurance with another policy from the same company, such as car insurance, could net you a discount.

Your dog

Because dog bites can lead to liability claims, insurance companies sometimes charge more for breeds they consider aggressive.

New York Department of Financial Services

This department oversees insurance companies and agents across New York state. You can find information about renters insurance or file a complaint against your carrier on the department’s website. You can also call 800-342-3736 for assistance in multiple languages.

Looking for more insurance in New York?

Frequently asked questions

Renters insurance isn’t mandated by law in New York, but many landlords require it when you sign a lease. Either way, it may be worth buying to protect your finances in case disaster strikes. See six reasons to get renters insurance.

One of the best ways to save on renters insurance is by shopping around with multiple companies. We recommend getting quotes from at least three insurers. You can also raise your deductible, ask about discounts, and bundle your renters and auto policies with the same company.

New York renters policies generally cover theft and damage due to fires, wind, vandalism or heavy snow. However, most renters insurance doesn’t include flood coverage. If your home is at risk, you may want to buy flood insurance for renters.

Methodology

Renters insurance star rating methodology

NerdWallet’s renters insurance ratings reward companies for customer-first features and practices. Ratings are based on weighted averages of scores in several categories, including financial strength, consumer complaints, coverage options, discounts and online experience. These ratings are a guide, but we encourage you to shop around and compare several insurance quotes to find the best rate for you. NerdWallet does not receive compensation for any reviews. Read our full renters insurance rating methodology.

Insurer complaints methodology

NerdWallet examined complaints received by state insurance regulators and reported to the National Association of Insurance Commissioners in 2020-2022. To assess how insurers compare with one another, the NAIC calculates a complaint index each year for each subsidiary, measuring its share of total complaints relative to its size, or share of total premiums in the industry. To evaluate a company’s complaint history, NerdWallet calculated a similar index for each insurer, weighted by market shares of each subsidiary, over the three-year period. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC. Ratios are determined separately for auto, home (including renters and condo) and life insurance.

Renters insurance rates methodology

To find the national cost of renters insurance, NerdWallet calculated the median rate for 30-year-old tenants from multiple insurance companies in every ZIP code across all 50 states and Washington, D.C. To find the average cost of renters insurance by state and city, we calculated the median rates from all insurance companies where coverage and rates were available. To find the average cost of renters insurance for each company, we calculated the mean for that company’s rates in all ZIP codes across the state.

Sample tenants were nonsmokers with good credit and no recent claims, living in a two-bedroom apartment. They had a $500 deductible and the following coverage limits:

  • $30,000 in personal property coverage.

  • $100,000 in liability coverage.

  • $10,000 in additional living expenses coverage.

  • $1,000 in medical payments coverage.

To see rates for renters with poor credit, we changed the credit tier from “good” to “poor” as reported to the insurer.

These are sample rates generated through Quadrant Information Services. Your own rates will be different.

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