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. 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 $125 a year, or $10 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.

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 $125 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 the companies with renters insurance rates below the New York City average of $167 per year.

» MORE: The cheapest renters insurance

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.

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, landing atop the consumer satisfaction rankings in a recent J.D. Power study. It also draws a very low rate of complaints to state agencies. Are you hoping to own a home someday? You may be able to get an Amica Essentials policy, which can earn you up to $500 toward a future Amica homeowners policy.

Read our Amica renters insurance review for more details.

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 enough for you to buy a brand-new replacement, rather than giving you only enough for a used mattress. Other coverage may also be available for identity theft and damage from backed-up drains.

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

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. The personal property section of your policy covers your stuff anywhere in the world. If you rent all or part of your home out on services like Airbnb, consider adding home-sharing coverage. Erie can also help you get flood insurance.

Check out our Erie renters insurance review to learn more.

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.

CSAA writes renters policies on behalf of AAA in some parts of New York state. AAA members may be eligible for discounted rates on renters insurance from CSAA. A bundling discount may also be available if you get both auto and renters insurance. AAA membership comes with benefits like roadside assistance and identity theft monitoring.

Get more details in our AAA renters insurance review.

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

Get more details in our USAA renters insurance review.

The average cost of renters insurance in New York is $125 a year, or about $10 a month. That’s under the national average of $151 a year.

Renters insurance in New York City costs $167 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 $185 per year for renters insurance, according to NerdWallet’s rate analysis. That’s about 48% more than those with good credit.

Below are average renters insurance rates for some of the 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.

Renters insurance doesn't cover everything. Here are a few scenarios you might encounter in New York, plus information on how your policy can help.

Theft

Standard renters insurance covers 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 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. Most renters policies cover the “weight of ice, snow or sleet,” so you'd likely get money for items damaged in this situation.

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

» MORE: Flood insurance for renters

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. Just be sure 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 17% 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

You could save by bundling your renters insurance with another policy from the same company, such as car insurance.

Your dog

Dog bites can lead to expensive liability claims. That's why insurers often charge more for breeds they consider aggressive.

» MORE: Why your dog needs liability insurance even if she’s perfect

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.