How much is renters insurance in New York, NY

Why you can trust Insure.com

Quality Verified

At Insure.com, we are committed to providing the timely, accurate and expert information consumers need to make smart insurance decisions. All our content is written and reviewed by industry professionals and insurance experts. Our team carefully vets our rate data to ensure we only provide reliable and up-to-date insurance pricing. We follow the highest editorial standards. Our content is based solely on objective research and data gathering. We maintain strict editorial independence to ensure unbiased coverage of the insurance industry.

The average cost of renters insurance in New York, NY is $407 per year (for insurance coverage of $40,000 in personal property coverage, $300,000 in liability coverage and $1000 as deductible) — that’s $114 more than the state average of $293 a year.

It can be higher or lower depending on the coverage limit you choose and the amount of liability the policy provides. If you live in a rented apartment or home, you should consider buying renters insurance because it protects your personal belongings from damage caused by covered perils such as fire or smoke damage, theft, vandalism and other mishaps.

We did a thorough analysis of renters insurance companies to find the most affordable options for New York renters. Keep reading to find out the cheapest renters insurance companies in New York.

Key Takeaways

The average cost of renters insurance in New York is $407 annually or $34 monthly.
The cheapest option for renters in New York is State Farm, offering coverage at $11 per month.
Renters can reduce their insurance costs by taking advantage of discounts, such as discounts for installing a security system or bundling policies.

What is the average cost of renters insurance per month in New York?

The average monthly cost of renters insurance in New York is $34, which is $10 more than the state average of $24. This rate is for the coverage limit of $40,000 in personal property, $100,000 in liability protection and a $1000 deductible.

Renters insurance rates vary by city depending on the coverage and the insurance company you choose. For example, renters in New York pay $26 monthly for $20,000 in personal property coverage with a $1,000 deductible. If you increase your personal property coverage to $40,000, the cost will rise by $8 more.

You’ll need to determine the right amount of coverage based on your needs and budget. However, opting for higher coverage limits is recommended if you own valuable items like jewelry, furniture and electronics.

How much is renters insurance in New York by deductible?

The average cost of renters insurance in New York is $328 annually for a $500 deductible and $20,000 in personal property coverage

The deductible is the amount you pay out-of-pocket before your insurance kicks in. If you raise your deductible, your premiums will decrease. For example, if you maintain $20,000 in personal property coverage but increase your deductible from $500 to $1,000, you’ll save $17 every year on your insurance.

Here are the renters insurance premiums for different personal property coverage and deductible amounts.

Deductible	$20000 personal property	$40000 personal property	$60000 personal property
$500	$328	$432	$548
$1,000	$311	$407	$516

Read our guide to know what does renters insurance cover.

Who offers cheap renters insurance in New York?

Your quest for the cheapest renters insurance ends here.

State Farm provides the cheapest rates in New York, with an annual premium of $136 or $11 per month. NYCM Insurance is the second cheapest company, followed by Nationwide.

Insure.com’s experts have compared renters insurance quotes from all the national and regional carriers in New York to create a list of the most affordable insurers. Below is a list of the cheapest renters insurance companies and their average annual and monthly rates.

Renter insurance provider	Average annual rate	Average per month rate
State Farm	$136	$11
NYCM Insurance	$253	$21
Nationwide	$279	$23
Travelers	$284	$24
Allstate	$286	$24
Chubb Ltd	$347	$29
Farmers	$391	$33
American Family	$548	$46
AIG	$1,682	$140
USAA	$309	$26

Tips for reducing renters insurance cost

Here are some tips to help reduce renters insurance costs in New York:

Bundle insurance policies: If you have other insurance policies, such as car insurance, consider bundling them with the same insurer. Many insurers offer discounts for bundling in New York.

Increase deductible: Opting for a higher deductible can lower your premium in New York, but make sure you’re comfortable with the amount you’d pay out-of-pocket in case of a claim.

Choose the right coverage: Review your policy regularly to ensure you don’t have extra coverage. For example, you might not need as much coverage for personal property if you don’t own many valuables.

Avoid small claims: Filing too many small claims can increase your rates over time. Consider paying for minor damages out-of-pocket instead of claiming them through insurance.

Shop around: Don’t settle for the first quote you receive. Compare renters insurance quotes in New York from multiple providers to find the best price for the coverage you need.

Final thoughts

Renters in New York, NY should purchase renters insurance to protect their personal belongings, provide liability coverage, and cover additional living expenses if their rental becomes uninhabitable due to a covered event. Premiums may differ based on location, coverage amount and individual circumstances, but the peace of mind it offers is worth the investment. You can get an affordable policy that fits your budget by assessing your coverage needs, comparing quotes and taking advantage of available discounts.

Methodology

Insure.com, with the help of Quadrant Information Services, gathered data for renters insurance rates in New York for $40,000 personal property coverage, $300,000 liability coverage, and a $1000 deductible. The data presented are those with a good credit tier alignment.

How much is renters insurance in other cities

Shivani Gite

Contributing Writer

Shivani Gite is a personal finance and insurance writer with a degree in journalism and mass communication. She is passionate about making insurance topics easy to understand for people and helping them make better financial decisions.