How to Compare Renters Insurance Quotes for 2024
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How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

Renters Insurance in New York City (2024)

Published on:
Content was accurate at the time of publication.

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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.

Find the Cheapest Renters Insurance Quotes in Your Area

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

ProsCons

  You can use alternative documentation to verify income


  More relaxed credit requirements, including options for borrowers with no credit or those with a recent bankruptcy or foreclosure


  Foreign nationals can qualify


  No limit on how many financed properties you can own

  Down payment requirements are typically higher


  Interest rates and fees may be more expensive than standard loans


  Risky features may increase your risk of mortgage default


  Not all lenders offer non-QM loans, which makes them harder to find

Many factors go into calculating your renters insurance quote, including:

  • ZIP code
  • Your insurance claim history
  • Policy coverage limits and deductible chosen
  • Credit score

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

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

Find the Cheapest Renters Insurance Quotes in Your Area

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.

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.

Methodology

LendingTree collected thousands of renters insurance quotes from the largest insurance companies in each state, based on data availability.

We used thousands of renters insurance quotes from New York City for a 30-year-old single woman who has no recent renters insurance claims. Your rates may vary. Coverage limits include:

  • Personal property coverage: $20,000
  • Deductible: $500
  • Personal liability: $100,000
  • Guest medical protection: $1,000
  • Loss of use: $9,000