The Best and Cheapest Renters Insurance in New York

If your New York City apartment catches fire or someone steals your bike off a Buffalo street, renters insurance can help.

Renters insurance in New York costs about $130 a year, or $11 a month, on average. That’s 21% less than the national annual average of $165.

NerdWallet analyzed more than a dozen insurers across the state to find the cheapest and best and cheapest renters insurance in New York, including New York City.

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.

Below are the cheapest renters insurers in New York, with average rates below the state average of $130 per year.

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 companies with the cheapest renters insurance, with rates below the New York City average of $185 per year.

» MORE: The cheapest renters insurance

Below are the highest-rated renters insurers offering policies in New York. Click the company name to read our review.

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.

Amica has strong customer service, scoring above average for consumer satisfaction in a recent JD Power study.[1] It also has a very low rate of complaints to state agencies. The insurer offers several ways to get customer service, plus a robust website that allows you to get quotes and file and track claims

Average rates: Not available.

» READ MORE: Amica renters insurance review

State Farm renters insurance includes replacement cost coverage for your stuff. Say your 10-year-old mattress is destroyed in a fire. State Farm would pay enough for you to buy a brand-new replacement, rather than giving you only enough for a used mattress. Coverage for identity theft and damage from backed-up drains may also be available.

Average rates: Below are State Farm’s average rates for a range of personal property coverage limits in New York.

» READ MORE: State Farm renters insurance review

Erie stands out for its solid default coverage, which includes replacement cost coverage for your belongings. The personal property section of your policy covers your stuff anywhere in the world. Erie can also help you get flood insurance. And if you rent all or part of your home out on services like Airbnb, you may want to add home-sharing coverage.

You may be able to save money on Erie insurance by bundling renters and auto policies, getting an advance quote, or having safety devices in your home.

Average rates: Not available.

» READ MORE: Erie renters insurance review

The Hanover sells renters insurance through independent agents, who can help you determine which of its policies will work best for you. The insurer has three renters different packages, which means most people will be able to find coverage at a price that works for them. You can upgrade from the basic policy to Select, which includes replacement cost coverage for your belongings. Or consider Select Plus, which also covers personal injury lawsuits and damage from backed-up drains.

Average rates: Below are The Hanover’s average rates for a range of personal property coverage limits in New York.

» READ MORE: The Hanover renters insurance review

If you want to work with a well-established insurer, then Travelers is worth a look. It’s been in business since 1864 and earns high marks for financial strength. The insurer also receives few consumer complaints, which suggests people are satisfied with their service.

You may be eligible for discounts from Travelers for security features, bundling with another policy and a claims-free history. Extra coverage may be available for expensive items such as jewelry or computers.

Average rates: Below are Travelers’ average rates for a range of personal property coverage limits in New York.

» READ MORE: Travelers renters insurance review

USAA includes flood and earthquake coverage in its renters policies, which sets it apart from most insurers. It also pays the replacement cost of your stolen or damaged items. However, renters policies from USAA are available only to the military community.

Average rates: Below are USAA’s average rates for a range of personal property coverage limits in New York.

» READ MORE: USAA renters insurance review

The average cost of renters insurance in New York is $130 a year, or about $11 a month. That’s under the national average of $165 a year.

Renters insurance in New York City costs $185 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 $200 per year for renters insurance, according to NerdWallet’s rate analysis. That’s about 54% more than those with good credit.

Average cost of renters insurance in New York by city

Here’s what renters insurance costs in some of the largest metro areas in New York state.

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

» MORE: How much is renters insurance?

Here are a couple of scenarios you might encounter as a renter in New York, and how your policy can help.

Theft

Standard renters insurance covers theft, one of the most common crimes in New York City[2]. 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).

Severe weather

New York state is prone to 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 blizzard causes part of the roof to cave in. Most renters policies cover the “weight of ice, snow or sleet,” so your damaged stuff will likely be covered.

But if a tropical storm causes your ground-floor apartment to flood, you probably won’t be covered unless you have 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 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.

» MORE: Flood insurance for renters

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

Where you live

Your location may impact your renters insurance costs, especially 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.

Here’s how credit scores can impact rates, on average, for different personal property coverage limits.

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. You can expect to pay more for higher coverage limits.

Here’s how much renters insurance costs, on average, for various amounts of personal property coverage.

Your deductible

A deductible is the part of an insurance claim you're responsible for paying. You can usually lower your premium by choosing a higher deductible. Just be sure you’d feel comfortable paying that amount in a pinch.

In New York, raising your deductible from $500 to $1,000 can lower your rates by about 4%, or $5 a year. As a result, the savings may not be worth raising your deductible.

Here’s how a higher deductible will affect average rates for a range of personal property coverage limits.

Your claims history

If you’ve filed a renters insurance claim in the past, insurers may see you as more likely to file one in the future — which could lead to higher rates. Renters with a recent theft claim on their record pay about 23% more for insurance than those without one, according to NerdWallet’s rate analysis.

Here’s how a theft claim affects average rates for a range of personal property coverage limits.

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

You could save by bundling your renters insurance with another policy from the same company, such as car insurance. Check out our list of the best auto and renters insurance bundles.

Your dog

Dog bites can lead to expensive liability claims. That's why insurers often charge more for breeds they consider aggressive. Read more about why you may need pet liability insurance.

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.