If you rent, your landlord is responsible for maintaining the building’s physical structure. But if you want to protect your personal belongings, a good renters insurance policy is essential.
That’s especially true in New York state, which has the highest percentage of renters in the U.S., according to the U.S. Census Bureau’s 2020 American Community Survey.
Coverage in the Empire State doesn’t have to be expensive: A policy with $50,000 worth of coverage costs about $25 a month, according to the New York State Department of Financial Services.
CNBC Select has chosen the top renters insurance companies in New York, based on a variety of criteria. (See our methodology for more information.)
Best renters insurance in New York
Best for low rates: Allstate
Allstate Renters Insurance
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Cost
Starts at $4/month when bundled with auto insurance; premium depends on the coverage amount you choose
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Maximum coverage
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App available
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Policy highlights
Allstate’s renters insurance coverage includes additional living expense coverage with its standard policy. Allstate renters insurance covers theft, fire and smoke, vandalism and water damage from plumbing, furnace, air conditioning and water heaters.
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Does not cover
High-value items, flood damage, earthquake damage; additional coverage can be purchased for these instances
Pros
- Available in all 50 states
- Four discounts available
- Quotes available online
Cons
- Slightly more expensive than some competitors according to our sample quote
Who’s this for? Allstate’s premiums are among the lowest for renters in New York State, with a bundling discount available if you have an Allstate auto policy, too.
Standout benefits: Renters over 55 who aren’t working full-time are eligible for a 25% discount on their policy.
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Best for speedy approval: Lemonade
Lemonade Renter’s Insurance
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Cost
Starts at $5/month; premium depends on the coverage amount you choose
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Maximum coverage
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App available
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Policy highlights
Standard policies include personal property damage, personal liability, temporary living expenses, medical expenses for guests
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Option add-ons
Extra coverage for jewelry and other valuables, no-deductible claims, coverage for accidental damage and mysterious loss
Pros
- Reasonable rates
- Can buy policies and file claims online
- Claims paid based on replacement cost value
Cons
- Available in only 29 states
- Can’t add roommates to policy
Who’s this for? If you need proof of insurance quickly, Lemonade approves renters in just a few minutes online.
Standout benefits: The digital-only insurer has an easy-to-use app and website and competitive pricing, with policies starting at just $5 per month.
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Best for bundling with car insurance: NYCM
New York Central Mutual Renters Insurance
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Cost
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Maximum coverage
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App available
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Policy highlights
NYCM offers New York state residents renters insurance that covers personal property, liability, medical payments and additional living expenses. Several add-ons can help you customize your policy to fit your concerns.
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Option add-ons
Option to replace items at replacement cost instead of actual cash value, optional identity fraud protection coverage.
Pros
- Reasonable rates
- Offers several discounts, including 2.5% off for being claim-free for five years
- Offers bundling discount
Cons
- Quotes require an agent
- Very little information is available online
Who’s this for? If you own a car, New York Central Mutual (NYCM) offers a discount of up to 25% for bundling your renters policy with auto insurance.
Standout benefits: NYCM offers useful add-ons like identity fraud coverage, replacement cost coverage and personal injury coverage, which includes wrongful eviction, false arrest and slander. If you remain claims free for at least five years, you may be eligible for a 2.5% discount.
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Best for longtime renters: State Farm
State Farm Renters Insurance
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Cost
Premium depends on the coverage amount you choose
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Maximum coverage
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App available
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Policy highlights
Policy covers personal property damage caused by fire, smoke, some water damage, theft and vandalism; covers damages you accidentally cause to others
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Does not cover
Property damage to buildings, roof and siding, water damage from flooding or underground water, earthquake or landslide damage
Pros
- Available in all 50 states
- Company sells a number of other insurance coverages for bundling
Cons
- Online quotes not available in all states
Who’s this for? If you plan on staying put for a while, State Farm’s inflation protection benefit keeps your coverage from effectively shrinking when prices rise.
Standout benefits: Renters who own a car can save up to 17% by bundling their policy with State Farm auto insurance.
Best for add-ons: Nationwide
Nationwide Renters Insurance
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Cost
Starts at $20/month; premium depends on the coverage amount you choose
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Maximum coverage
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App available
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Policy highlights
Policies cover personal property damage or loss, loss of use, personal liability, medical payments to others, building additions and alterations, credit card coverage for unauthorized transactions.
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Optional add-ons
Personal injury, high-value items, water backup, earthquakes, theft of items stored in vehicle
Pros
- High scores for customer satisfaction
- Protection for unauthorized credit card transactions
- Discount for having smoke detectors, burglar alarms and other protective devices.
- Can qualify for a better rate if you don’t make any claims
Cons
- Rates are higher than some competitors
- Not available in every state
Who’s this for? Nationwide is a great option if you need additional coverage, with endorsements like increased protection for valuables and coverage for damage from identity theft, earthquakes and backed-up drains and sewers.
Standout benefits: The Brand New Belongings® add-on reimburses the cost of replacing a damaged or stolen item with a new one.
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Shop for the right homeowners insurance
More on our top renters insurance in New York
Allstate
A.M. Best financial strength rating:Â A+
J.D. Power customer satisfaction rating:Â Below average
NAIC complaint index:Â Fewer than expected
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Lemonade
A.M. Best financial strength rating:Â Not rated
J.D. Power customer satisfaction rating:Â Excellent
NAIC complaint index:Â Fewer than expected
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New York Central Mutual
A.M. Best financial strength rating:Â A
J.D. Power customer satisfaction rating:Â Not rated
NAIC complaint index: Fewer than expected
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State Farm
The largest renters insurance company in the U.S., Bloomington, Indiana-based State Farm offers policies in all U.S. states except for California, Massachusetts and Rhode Island. Although it ranked above average on J.D. Power’s 2023 U.S. Insurance Shopping Study, State Farm received a C- from the Better Business Bureau, which cited 227 unresolved complaints.
A.M. Best financial strength rating:Â A++
J.D. Power customer satisfaction rating:Â Above average
NAIC complaint index: Fewer than expected
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Nationwide
Founded as the Farm Bureau Mutual Automobile Insurance Company in 1926, Nationwide sells renters insurance in all U.S. states except Alaska, Florida, Hawaii, Louisiana, Massachusetts, New Jersey and New Mexico. It ranked fourth for renters insurance on J.D. Power’s 2023 U.S. Insurance Shopping Study and received an A+ from the Better Business Bureau.
A.M. Best financial strength rating:Â A++
J.D. Power customer satisfaction rating:Â Excellent
NAIC complaint index: More than expected
What does renters insurance cover?
- Personal property coverage: Covers cost to repair or replace personal belongings that are stolen or damaged in a covered event, either at home or away.
- Loss of use: Pays for food, accommodations and other additional living expenses if you need to relocate while your home is repaired after a covered event.
- Liability: Covers payments and legal costs If you or a family member is held responsible for damages to someone else, this coverage could help cover legal costs and damages.
- Medical payments: Pays medical bills if you accidentally injure someone in your rental unit or outside of your home.
Renters insurance typically doesn’t include flood or earthquake damage. You’d need a separate policy to protect your belongings.
How much does renters insurance cost?
In New York state, renters insurance costs an average of $25 per month for $50,000 worth of personal property protection, according to the New York State Department of Financial Services.
Nationwide, renters insurance averages about $21 per month, according to the Insurance Information Institute.
The amount you’ll pay for coverage is largely based on:
- Your location: Renters in ZIP codes with higher crime rates may be charged more, as can people in areas prone to natural disasters.
- The size of your rental unit: The bigger your home, typically, the more it costs to cover.
- The value of your belongings: Adding more coverage to your policy could add to your costs. And, scheduling individual valuable items like jewelry or cameras could also up your cost.
FAQs
How much does renters insurance cost in New York?
Is renters insurance mandatory in New York?
Renters insurance isn’t required by law in New York or anywhere else, but many landlords require it.
Is renters insurance worth it?
While it may seem unnecessary, renters insurance is a worthwhile investment. In addition to covering the cost of damaged or stolen personal possessions, your policy can cover items outside the house and protect you if someone is hurt while in your home.
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Why trust CNBC Select?Â
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every renters insurance review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of insurance products. To research the best insurance companies, we compiled over 100 data points on more than a dozen insurance companies. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See our methodology for more information on how we choose the best insurance companies.Â
Our methodology
When narrowing down and selecting the best renters insurance companies in New York, we focused on rates, coverage options, discounts, processing time and other factors.
We incorporated average premium data from MarketWatch, as well as customer satisfaction data from the Better Business Bureau, the National Association of Insurance Commissioners (NAIC) and J.D Power’s U.S. Home Insurance Study.
We also considered CNBC Select audience data when available, such as general demographics and engagement with our content and tools.
After reviewing these features, we filtered recommendations by the best for affordability, for speedy approval, for endorsements, for bundling with auto insurance and for longtime renters.
Premiums and policy structures listed for renters insurance may fluctuate with company policy.
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Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
Alice J. Roden started working for Trending Insurance News at the end of 2021. Alice grew up in Salt Lake City, UT. A writer with a vast insurance industry background Alice has help with several of the biggest insurance companies. Before joining Trending Insurance News, Alice briefly worked as a freelance journalist for several radio stations. She covers home, renters and other property insurance stories.