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The Best and Cheapest Renters Insurance in New York for 2023
Renters insurance can protect you financially in case of theft, fires and other disasters in the Empire State.
Sarah Schlichter Lead Writer | Home insurance, renters insurance, pet insurance
Sarah Schlichter is a NerdWallet authority on homeowners, renters and pet insurance. Prior to joining NerdWallet, she spent more than 15 years in digital media as a writer, editor and spokesperson. Sarah enjoys delving into complicated topics and helping readers understand the ins and outs of their insurance coverage. She lives in the Washington, D.C., metro area.
Caitlin Constantine Assigning Editor | Home insurance, renters insurance, pet insurance
Caitlin Constantine is an assigning editor at NerdWallet, focusing on homeowners, renters and pet insurance. She has more than 15 years of experience in digital media, including as the deputy managing editor at The Penny Hoarder and as a digital producer for a 24/7 news station based in the Tampa Bay area. Caitlin enjoys exploring the ways technology can help people become better informed about the world. She currently lives outside Asheville, North Carolina.
Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.
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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.
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.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates discounts, coverage options, website transparency, financial strength, complaint data and more.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates discounts, coverage options, website transparency, financial strength, complaint data and more.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates discounts, coverage options, website transparency, financial strength, complaint data and more.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates discounts, coverage options, website transparency, financial strength, complaint data and more.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates discounts, coverage options, website transparency, financial strength, complaint data and more.
$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.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates discounts, coverage options, website transparency, financial strength, complaint data and more.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates discounts, coverage options, website transparency, financial strength, complaint data and more.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates discounts, coverage options, website transparency, financial strength, complaint data and more.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates discounts, coverage options, website transparency, financial strength, complaint data and more.
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.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates discounts, coverage options, website transparency, financial strength, complaint data and more.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates discounts, coverage options, website transparency, financial strength, complaint data and more.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates discounts, coverage options, website transparency, financial strength, complaint data and more.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates discounts, coverage options, website transparency, financial strength, complaint data and more.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates discounts, coverage options, website transparency, financial strength, complaint data and more.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates discounts, coverage options, website transparency, financial strength, complaint data and more.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates discounts, coverage options, website transparency, financial strength, complaint data and more.
$167
*USAA renters policies are available only to active military, veterans and their families.
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.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates discounts, coverage options, website transparency, financial strength, complaint data and more.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates discounts, coverage options, website transparency, financial strength, complaint data and more.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates discounts, coverage options, website transparency, financial strength, complaint data and more.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates discounts, coverage options, website transparency, financial strength, complaint data and more.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates discounts, coverage options, website transparency, financial strength, complaint data and more.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates discounts, coverage options, website transparency, financial strength, complaint data and more.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates discounts, coverage options, website transparency, financial strength, complaint data and more.
$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.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.
The country’s biggest insurer does just about everything well.
Coverage optionsRatings are based on the number of coverage options a company offers in comparison to other insurers.
More than average
DiscountsRatings are based on the number of discounts a company offers in comparison to other insurers.
Great set of discounts
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Fewer than expected
Pros
Offers inflation coverage.
Few customer complaints for a company of its size.
Many coverage options to choose from.
Cons
Advertises fewer discounts than some other insurers.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.
The country’s biggest insurer does just about everything well.
Coverage optionsRatings are based on the number of coverage options a company offers in comparison to other insurers.
More than average
DiscountsRatings are based on the number of discounts a company offers in comparison to other insurers.
Great set of discounts
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Fewer than expected
Pros
Offers inflation coverage.
Few customer complaints for a company of its size.
Many coverage options to choose from.
Cons
Advertises fewer discounts than some other insurers.
Long list of add-ons to customize your policy.
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.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.
Essential renters insurance coverage from a large, tech-friendly company.
Coverage optionsRatings are based on the number of coverage options a company offers in comparison to other insurers.
More than average
DiscountsRatings are based on the number of discounts a company offers in comparison to other insurers.
Great set of discounts
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Fewer than expected
Pros
Useful features on website and app.
Numerous coverage options available.
Cons
Ranks at the bottom for consumer satisfaction in the latest J.D. Power home insurance study.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.
Essential renters insurance coverage from a large, tech-friendly company.
Coverage optionsRatings are based on the number of coverage options a company offers in comparison to other insurers.
More than average
DiscountsRatings are based on the number of discounts a company offers in comparison to other insurers.
Great set of discounts
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Fewer than expected
Pros
Useful features on website and app.
Numerous coverage options available.
Cons
Ranks at the bottom for consumer satisfaction in the latest J.D. Power home insurance study.
User-friendly website and solid coverage options.
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.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.
Strong coverage plus a user-friendly app to manage your policy.
Coverage optionsRatings are based on the number of coverage options a company offers in comparison to other insurers.
More than average
DiscountsRatings are based on the number of discounts a company offers in comparison to other insurers.
Great set of discounts
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Fewer than expected
Pros
Many discounts available.
Users can manage their policies online or through the app.
Covers your belongings on a replacement cost basis.
Cons
Rates higher than the national average in NerdWallet's analysis.
Offers replacement cost coverage for your personal belongings.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.
Strong coverage plus a user-friendly app to manage your policy.
Coverage optionsRatings are based on the number of coverage options a company offers in comparison to other insurers.
More than average
DiscountsRatings are based on the number of discounts a company offers in comparison to other insurers.
Great set of discounts
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Fewer than expected
Pros
Many discounts available.
Users can manage their policies online or through the app.
Covers your belongings on a replacement cost basis.
Cons
Rates higher than the national average in NerdWallet's analysis.
Offers replacement cost coverage for your personal belongings.
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.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.
Solid coverage and discounts, available across the U.S.
Coverage optionsRatings are based on the number of coverage options a company offers in comparison to other insurers.
More than average
DiscountsRatings are based on the number of discounts a company offers in comparison to other insurers.
Great set of discounts
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
More than expected
Pros
Offers a variety of discounts.
User-friendly website with many useful features.
Cons
Received more complaints to state regulators than expected for a company of its size.
Allstate’s website and app have useful features, but you can also get personal service from a local agent.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.
Solid coverage and discounts, available across the U.S.
Coverage optionsRatings are based on the number of coverage options a company offers in comparison to other insurers.
More than average
DiscountsRatings are based on the number of discounts a company offers in comparison to other insurers.
Great set of discounts
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
More than expected
Pros
Offers a variety of discounts.
User-friendly website with many useful features.
Cons
Received more complaints to state regulators than expected for a company of its size.
Allstate’s website and app have useful features, but you can also get personal service from a local agent.
With an Allstate renters insurance policy, extra coverage may be available for identity theft recovery, valuable items and flood damage. Bundling your auto and renters policy with Allstate could snag you a discount, and retirees who are at least 55 years old may be able to save up to 25%.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.
Renters insurance coverage with a few useful add-ons.
Coverage optionsRatings are based on the number of coverage options a company offers in comparison to other insurers.
More than average
DiscountsRatings are based on the number of discounts a company offers in comparison to other insurers.
Great set of discounts
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Close to expected
Pros
User-friendly mobile app.
Many additional coverage options.
Inflation protection can help your coverage keep pace with rising costs.
Cons
Online quotes may not always be available in New York.
Offers many ways to customize and save on your policy.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.
Renters insurance coverage with a few useful add-ons.
Coverage optionsRatings are based on the number of coverage options a company offers in comparison to other insurers.
More than average
DiscountsRatings are based on the number of discounts a company offers in comparison to other insurers.
Great set of discounts
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Close to expected
Pros
User-friendly mobile app.
Many additional coverage options.
Inflation protection can help your coverage keep pace with rising costs.
Cons
Online quotes may not always be available in New York.
Offers many ways to customize and save on your policy.
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.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.
Best for renters who want to work with an agent to get the right coverage.
Coverage optionsRatings are based on the number of coverage options a company offers in comparison to other insurers.
More than average
DiscountsRatings are based on the number of discounts a company offers in comparison to other insurers.
Average set of discounts
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Far fewer than expected
Pros
Robust coverage packages.
Far fewer consumer complaints than expected for a company of its size.
Claims can be filed online, through the app or by phone.
Cons
No online quotes.
Three packages let you choose the coverage you need.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.
Best for renters who want to work with an agent to get the right coverage.
Coverage optionsRatings are based on the number of coverage options a company offers in comparison to other insurers.
More than average
DiscountsRatings are based on the number of discounts a company offers in comparison to other insurers.
Average set of discounts
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Far fewer than expected
Pros
Robust coverage packages.
Far fewer consumer complaints than expected for a company of its size.
Claims can be filed online, through the app or by phone.
Cons
No online quotes.
Three packages let you choose the coverage you need.
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.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.
Strong coverage for active military, veterans and their families.
Coverage optionsRatings are based on the number of coverage options a company offers in comparison to other insurers.
About average
DiscountsRatings are based on the number of discounts a company offers in comparison to other insurers.
Great set of discounts
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Far fewer than expected
Pros
No extra charge for flood or earthquake coverage.
Far fewer consumer complaints than expected for a company of its size.
Has options tailored for active-duty military.
Cons
Available only to veterans, active members of the military and their families.
Standard policies include coverage for flood and earthquake damage.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.
Strong coverage for active military, veterans and their families.
Coverage optionsRatings are based on the number of coverage options a company offers in comparison to other insurers.
About average
DiscountsRatings are based on the number of discounts a company offers in comparison to other insurers.
Great set of discounts
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Far fewer than expected
Pros
No extra charge for flood or earthquake coverage.
Far fewer consumer complaints than expected for a company of its size.
Has options tailored for active-duty military.
Cons
Available only to veterans, active members of the military and their families.
Standard policies include coverage for flood and earthquake damage.
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.
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.
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.
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.
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.
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.
How can I save money on New York 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.
What does renters insurance cover in New York?
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.
Is renters insurance required in New York?
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
How can I save money on New York 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.
What does renters insurance cover in New York?
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
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 2019-2021. 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.