Renters Insurance in New York City (2024)
Key takeaways:
- Lemonade offers the lowest rates for renters insurance in New York City.
- Allstate has the best renters insurance for retirees over 55.
- Progressive has the best overall discounts for New York City renters.
Cheapest renters insurance companies in New York City
Lemonade offers the cheapest renters insurance rates in New York City, at an average of $91 a year. State Farm has the second-cheapest rates, at $125 a year.
For comparison, the average cost of renters insurance in New York City is $177 a year.
Average renters insurance cost by company
| Company | Average annual rate | LendingTree score | |
|---|---|---|---|
 | Lemonade | $91 |  |
 | State Farm | $125 |  |
 | Allstate | $189 | |
 | Assurant | $212 |  |
 | Progressive | $263 |  |
Many factors go into calculating your renters insurance quote, including:
- ZIP code
- Your insurance claim history
- Policy coverage limits and deductible chosen
- Credit score
Best renters insurance companies in New York City
As noted, Lemonade is the best renters insurance company for New York City residents seeking the cheapest rates.
However, Allstate may be the best for retirees, while Progressive is our pick for best discounts offered.
Best company for cheap rates: Lemonade
Besides offering the cheapest rates for renters insurance in all five boroughs of New York City, Lemonade also pays out claims for its standard renters insurance at replacement cost.
This means that your used personal property will be covered at the cost for a brand-new replacement, without depreciation factored in.
Pros
Cheapest rates
Family members living with you are automatically covered
Bundling discount available
Claims paid out at replacement cost
Cons
Claim filing is online only
Relatively high complaint rate
Best renters insurance for retirees: Allstate
If you’re retired and over the age of 55, you can get up to a 25% discount on your renters insurance premium with Allstate.
Pros
Good renters insurance discount for retirees 55 and older
Offers umbrella coverage
Cons
Relatively high complaint rate
Replacement cost coverage not included in standard policy
Best discounts: Progressive
Of all the companies we surveyed, Progressive had the highest average rate for renters insurance in New York City ($263 per year). Fortunately, though, they also offer a wide range of discounts to bring the cost down.
These include discounts when you…
- Bundle renters and auto insurance together
- Get a Progressive policy at least three days before expiration of your current policy
- Switch to electronic documentation
- Pay your annual premium in full
- Live in a gated community
Pros
Good range of discounts
Offers personal injury add-on coverages
Cons
High average renters insurance rates
Replacement cost coverage not included in standard policy
Renters insurance in New York City
Of the five boroughs that make up New York City, Staten Island pays the cheapest rates for renters insurance, with an average of $164 a year.
Cheapest renters insurance rates by borough
| Company | Bronx | Brooklyn | Manhattan | Queens | Staten Island |
|---|---|---|---|---|---|
| Lemonade | $89 | $99 | $102 | $85 | $79 |
| State Farm | $125 | $125 | $125 | $125 | $125 |
| Allstate | $192 | $216 | NA | $180 | $168 |
| Assurant | $212 | $212 | $212 | $212 | $212 |
| Progressive | $266 | $268 | $303 | $240 | $238 |
| Average annual rate | $177 | $184 | $185 | $168 | $164 |
What does renters insurance cover in New York City?
Standard renters insurance coverage includes the following:
- Personal property: Belongings, such as clothing, electronics and furniture, are covered against damage or destruction due to perils (risks) listed in your policy.
- Liability: Covers injuries and property damage to others if you’re held responsible.
- Medical payments: Handles injury related expenses for others hurt in your rental home, regardless of who’s at fault.
- Additional living expenses: Covers the costs of relocation while your rental home is repaired.
Frequently asked questions
New York state law doesn’t demand residents carry renters insurance, but landlords often require you to have a renters insurance policy as part of the lease agreement.
You’ll want to have enough personal property coverage to make sure you can replace all your stuff in the event of a total loss. Make a home inventory list complete with the cost of each item when possible in order to get an accurate personal property limit.
Renters liability coverage usually starts at $100,000. This limit can be hit quickly in the event of an extended hospital stay or court case. If claim-related costs go over your policy limit, they’ll need to be paid out of pocket. To avoid this, consider raising your liability limit to $300,000 if possible.