The Best Cheap Renters Insurance in New York for 2022

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

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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. Below you’ll find the average cost of renters insurance in New York and see which companies have the best rates.

How much is renters insurance in New York?

The average cost of renters insurance in New York is $167 a year, or about $14 a month. That’s less expensive than the national average of $179 a year.

Renters insurance in New York City costs $191 a year, on average.

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

City

Average annual rate

Average monthly rate

Albany-Schenectady-Troy

$158

$13

Amsterdam

$160

$13

Auburn

$151

$13

Batavia

$149

$12

Binghamton

$153

$13

Buffalo

$154

$13

Corning

$151

$13

Cortland

$153

$13

Elmira

$151

$13

Glens Falls

$160

$13

Gloversville

$159

$13

Hudson

$160

$13

Ithaca

$150

$13

Jamestown-Dunkirk-Fredonia

$155

$13

Kingston

$159

$13

Malone

$159

$13

New York City

$191

$16

Ogdensburg-Massena

$160

$13

Olean

$154

$13

Oneonta

$156

$13

Plattsburgh

$157

$13

Rochester

$150

$12

Syracuse

$154

$13

Utica-Rome

$157

$13

Watertown-Fort Drum

$156

$13

Cheap renters insurance companies 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.

Company

Average annual rate

Average monthly rate

NYCM

$61

$5

Utica National

$94

$8

Plymouth Rock

$103

$9

Allstate

$110

$9

Encompass

$114

$10

State Farm

$125

$10

Travelers

$127

$11

Nationwide

$143

$12

Kemper

$145

$12

USAA*

$166

$14

*USAA renters insurance is available only to active military, veterans and their families.

Cheap renters insurance companies 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 cheaper-than-average renters insurance in New York City.

Company

Average annual rate

Average monthly rate

NYCM

$76

$6

Plymouth Rock

$108

$9

Utica National

$110

$9

State Farm

$125

$10

Travelers

$130

$11

Allstate

$135

$11

Kemper

$150

$13

Encompass

$155

$13

Nationwide

$158

$13

About the cheapest companies

NYCM: Based in central New York state, NYCM offers a 2.5% discount for renters who haven’t filed a claim in the past five years. You can also save money if your home has smoke alarms, deadbolts or other protective devices, or if you bundle your auto and renters insurance with NYCM. The company has drawn fewer consumer complaints to state regulators than expected for an insurer of its size, according to the National Association of Insurance Commissioners.

Plymouth Rock: Plymouth Rock sells policies online, by phone and through independent agents in half a dozen Northeastern states. You may be able to add extra coverage to your renters policy for things like damage from backed-up drains and renting out your apartment through a home-sharing site. The company draws fewer complaints than expected for an insurer of its size, according to the NAIC.

Utica National: Another New York-based insurer, Utica National sells policies through a network of independent agents. It receives a smaller number of consumer complaints to state regulators than expected for a company of its size, according to the NAIC.

State Farm: 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.

Travelers: 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.

Allstate: 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%. Check out our Allstate renters insurance review to learn more.

Kemper: This company offers a basic policy with standard renters insurance coverage, plus an “enhanced” renters policy that adds coverage for water backup and identity theft recovery. Ask about discounts for bundling your renters and auto policies, being a member of the military or having protective devices in your home.

Encompass: A subsidiary of Allstate, Encompass sells policies via independent agents. The company’s water backup coverage, which pays out if a sewer or drain line backs up into your home, is included with its Elite insurance and can be added to other renters policies. Your policy may also include coverage for computers and data recovery.

Nationwide: 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.

USAA: 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.

New York renters insurance from the best companies

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. Click the company name to read our review.

Company

NerdWallet rating

Average annual rate

4.5

NerdWallet rating 

$110

4.5

NerdWallet rating 

$125

5.0

NerdWallet rating 

$127

5.0

NerdWallet rating 

$143

4.5

NerdWallet rating 

$211

4.5

NerdWallet rating 

$410

5.0

NerdWallet rating 

$166

*USAA renters insurance is available only to active military, veterans and their families.

What to know about New York renters insurance

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.

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). Renters insurance also covers damage due to fires.

New York state is prone to a variety of natural disasters, including thunderstorms, snowstorms, floods and tropical storms. Note that not all of these are covered by a standard renters policy. 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. Any resulting damage to your belongings would likely be paid for 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.

Wind damage from storms or tornadoes is covered by most renters policies. 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

Many companies use your credit-based insurance score as a rating factor. Your insurance score is similar to but not identical to a traditional credit score. In general, those with better credit history will pay less for insurance.

The following five companies offer the best rates for New Yorkers with poor credit, according to NerdWallet’s rate analysis.

Company

Average annual rate

Average monthly rate

Utica National

$94

$8

Plymouth Rock

$103

$9

State Farm

$125

$10

Allstate

$140

$12

Encompass

$170

$14

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. Below are the five cheapest companies in New York for renters with a previous theft claim.

Company

Average annual rate

Average monthly rate

Utica National

$94

$8

NYCM

$106

$9

Plymouth Rock

$108

$9

Allstate

$118

$10

State Farm

$125

$10

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 more 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.

Want more insurance in New York? See these resources:

Methodology

NerdWallet averaged rates for 30-year-old renters from insurance companies in every ZIP code across the state. Sample tenants were nonsmokers with good credit 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.

We used the same assumptions for all other renter profiles, with the following exceptions:

  • We changed the credit tier from “good” to “poor” as reported to the insurer to see rates for renters with poor credit.

  • For renters with a history of claims, we added a single theft claim to their record.

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

Insurer complaints methodology

NerdWallet examined complaints received by state insurance regulators and reported to the National Association of Insurance Commissioners in 2018-2020. To assess how insurers compare to 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.

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