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Renters insurance in New York costs an average of $293, and there are a lot of companies that offer coverage. Insure.com analyzed rates and third-party ratings to help you narrow down your choice.

Our top pick for renters insurance in New York is Chubb. If rates matter most to you, the cheapest option is State Farm, but it’s always important to consider the company’s reputation.

Our analysis includes many smaller regional companies to ensure you can see a broad selection of options. You can also take a look at the best renters insurance companies nationwide for more information on major insurers.

Key Takeaways

  • The average cost of renters insurance in New York is $293, but you can save by shopping around.
  • In New York, Chubb offers the best renters insurance based on our analysis.
  • Other top companies in New York include NYCM Insurance and Travelers.

How we picked the best renters insurance companies

In our analysis, we used a sample policy with $40,000 in personal property coverage with $30,000 for liability and a $1,000 deductible to field rates for renters insurance in New York.

Overall, we examined 149 companies and analyzed nearly 17 million quotes from 2023 across all states. We then narrowed the list to the companies with the best rates and reputation.

Insure.com’s choice: Best renters insurance companies in New York

Here is a list of the best renters insurance companies in New York:

RankCompany groupAnnual premiumAM Best ratingNAIC ratingScore out of 5
1Chubb$295 A++0.185
2NYCM Insurance$196 A0.214.73
3Travelers$174 A++0.544.42
4American Family$263 A0.374.42
5Farmers$319 A0.544.09
6State Farm$126 A++0.953.88
7Allstate$192 A+0.93.8
8Nationwide$236 A+0.873.79
9AIG$1,195 A0.093.73

What company has the cheapest renters insurance quotes in New York?

State Farm offers the cheapest renters insurance in New York at $126 a year. It is followed by Travelers and Allstate.

However, the cheapest insurer in the state won’t necessarily offer the most affordable policy to you. The best way to get a great deal is to compare quotes from several different companies.

Company groupAverage annual premiumAverage monthly premium
State Farm$126 $11
Travelers$174 $15
Allstate$192 $16
NYCM Insurance$196 $16
Nationwide$236 $20
American Family$263 $22
Chubb$295 $25
Farmers$319 $27
AIG$1,195 $100
USAA*$248 $21

Note: USAA only offers coverage to military members, veterans and their families.

Average cost of renters insurance in New York by city

Where you live within the state also can play a major role in what you pay for renters insurance. Here is the average cost of renters insurance in New York by city.

CityAverage annual premiumAverage monthly premium
National average$263$22
State average$293$24
Buffalo$261$22
New York$407$34
Rochester$256$21
Syracuse$272$23
Yonkers$340$28

Renters insurance rates vary from one city to another. But with Insure.com, finding the right renters insurance policy is easy. Learn more about renters insurance costs for different cities below.

Is renters insurance mandatory in New York?

No U.S. state requires tenants to purchase renters insurance. However, your landlord may require you to have a policy as a condition of renting the unit.

Even though the law does not require you to purchase renters insurance, it is a good idea to do so. In a worst-case scenario, a good renters insurance policy could save you hundreds of thousands of dollars in expenses that otherwise would come out of your pocket.

Frequently asked questions

How much renters insurance do I need in New York?

Everybody’s insurance needs are different, and the exact amount of coverage you require will likely depend on what you need to protect. If you have a lot of expensive items, you will likely need more coverage than someone who lives as a minimalist.

“Keep in mind when purchasing renters insurance that you’re buying coverage to repair or replace your personal belongings if they are damaged, destroyed or stolen,” says Carole Walker, executive director of the Rocky Mountain Insurance Association.

Walker says it’s important to note that you may need to purchase extra coverage for big-ticket or expensive personal items.

“Talk to your insurance professional about endorsements,” she says, noting that you might need to pay more to protect jewelry, art and antiques.

Regardless of how many possessions you have, it is important to purchase enough liability coverage to protect you if you are responsible for damages to another person or their property.

Does renters insurance cover water damage?

Renters insurance pays for some types of water damage, but not others. For example, if a pipe bursts and damages your expensive TV or computer, you should be covered. If a severe storm tears off part of the roof and rainwater pours over your expensive couch, that also should be covered.

However, water damage caused by a flood would not be covered. You would need a separate flood policy for that.

Water damage associated with sewer line damage is also unlikely to fall under the scope of your renters insurance policy. However, you might be able to purchase an endorsement that would give you coverage for such events.

Can my landlord require me to buy renters insurance?

Yes, landlords and property management companies can require you to purchase renters insurance as part of your lease.

However, this requirement must be written into the lease. Failure to purchase renters insurance can be grounds for eviction.

Landlords generally require you to purchase renters insurance coverage because it protects them and other tenants should you be responsible for damages, especially if those damages impact another person or their property.

Best renters insurance in other states

Alabama$324/Year
Alaska$257/Year
Arizona$260/Year
Arkansas$363/Year
California$271/Year
Colorado$191/Year
Connecticut$292/Year
Delaware$181/Year
Florida$248/Year
Georgia$352/Year
Hawaii$247/Year
Idaho$184/Year
Illinois$246/Year
Indiana$269/Year
Iowa$203/Year
Kansas$251/Year
Kentucky$207/Year
Louisiana$504/Year
Maine$190/Year
Maryland$256/Year
Massachusetts$262/Year
Michigan$340/Year
Minnesota$211/Year
Mississippi$387/Year
Missouri$231/Year
Montana$275/Year
Nebraska$279/Year
Nevada$246/Year
New Hampshire$173/Year
New Jersey$207/Year
New Mexico$201/Year
North Dakota$190/Year
Ohio$252/Year
Oklahoma$281/Year
Oregon$287/Year
Pennsylvania$274/Year
Rhode Island$479/Year
Tennessee$290/Year
Texas$226/Year
Utah$200/Year
Vermont$182/Year
Virginia$235/Year
Washington$222/Year
West Virginia$248/Year
Wisconsin$167/Year
Wyoming$136/Year
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Chris Kissell
Contributing Researcher

 
  

Chris Kissell is a Denver-based writer and editor with work featured on U.S. News & World Report, MSN Money, Fox Business, Forbes, Yahoo Finance, Money Talks News and more.

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