Best Renters Insurance in New York City

With a New York renters insurance policy, you can have peace of mind that your insurance provider will cover damages to your rental unit, personal belongings, or neighbor if an accident occurs.

The This Old House Reviews Team put together a review of the best renters insurance companies in New York and a buying guide to help you find the right policy for your home. Read our review to learn how to get affordable and comprehensive coverage, and use the tool below to get multiple quotes from providers in your area.

We scoured the renters insurance market and picked the following three providers as the best in New York City based on coverage, cost, customer service, and more.

• Lemonade: Easiest Sign-Up
• Liberty Mutual: Most Experience
• USAA: Best Membership Perks
• Farmers: Most Customizable Coverage

Lemonade

• J.D. Power Rating: 853/1000
• A.M. Best Rating*: N/A

Lemonade renters insurance is ideal for renters who want affordable coverage and an easy, fast sign-up process. The company also stands out for its quick claims process where policyholders can get paid in as little as three minutes when filing a claim through the app. To top it off, Lemonade is known for its charitable give-back program in which it donates all unused claims money to charity every year.

Liberty Mutual

• J.D. Power Rating: 834/1000
• A.M. Best Rating: A

Liberty Mutual offers some of the cheapest renters insurance out of the providers in this review. A Liberty Mutual policy can cost as low as $5 per month, and gives you personal property, loss of use, liability, and medical payments to others coverage.

USAA

• J.D. Power Rating: 886/1000
• A.M. Best Rating: A++

USAA is best for current or former military members and their families who are looking for affordable renters insurance. While Liberty Mutual is cheaper than USAA, a USAA policy isn’t far behind with liability, medical payments, and personal property coverage starting at $10 per month.

Farmers

• J.D. Power Rating: 831/1000
• A.M. Best Rating: A

Farmers renters insurance offers the best deductible with seven options—$100, $100 for theft and $250 for everything else, $250, $500, $1,000, or $2,500. Few insurance companies give you that many options, allow you to go that low, or let you change deductibles based on the covered loss.

Most policies for a New York City residence will include four types of coverage:

1. Personal property—This protects the personal belongings in your apartment. If burst pipes cause water damage or a fire burns your items, your policy will pay to replace these items.
2. Loss of use—If an event damages your home and you need to temporarily live elsewhere during repairs, your policy will pay for those additional living expenses.
3. Liability—A renters insurance policy pays for claims if you’re liable for bodily injury to someone or damage their belongings. This part of your policy is usually required by your landlord so that they aren’t held liable for these incidents.
4. Medical payments to others—If a guest is injured while in your home, your policy will cover their medical expenses to get treatment.

Note: Most providers offer additional coverage options called endorsements to extend your coverage. Examples of these include protection for identity theft, earthquakes, and scheduled personal property.

In 2019, the average cost of renters insurance in New York was about $185 per year and $15.40 per month, according to the latest report released by the Insurance Information Institute. Relative to other U.S. states, New York tends to have more expensive renters insurance.

Before you buy renters insurance, consider these factors:

• Liability coverage—Because New York City is densely packed, any damage you cause to your apartment could affect the apartments around you, making it likely that you face liability claims from your neighbors.
• Climate—New York’s cold winters can cause issues in your home from the weight of snow or from frozen pipes. Confirm that your renters insurance covers these types of incidents so that you don’t have to pay to repair or replace your belongings.
• Pets—Most companies include pets in liability coverage, but if you have a dog with a history of aggression, you may not be covered. If that’s the case, look into endorsements to ensure any damage or injuries your pet causes will be covered by your renters insurance company.
• Home inventory—Personal property coverage will only cover the replacement amount you choose, so purchase enough coverage to protect all of your belongings. To do this, take inventory of the belongings in your home, estimate their value, and add up those amounts. You can also use an online estimation tool from insurance companies like Geico and Allstate.

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If you’re not sure which New York renters insurance policy is best for you, compare the providers below.

Lemonade, Liberty Mutual, USAA, and Farmers offer the best renters insurance in New York City. With any of these providers, you’ll get comprehensive coverage at an affordable insurance rate to accommodate the high cost of living in the city. Before choosing a company, consider getting renters insurance quotes from all three providers to compare policy coverage and costs:

The This Old House Reviews Team is committed to providing comprehensive and unbiased reviews to our readers. This means earning your trust through transparency and having the data to back up our ratings and recommendations.