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.

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Best Renters Insurance Companies in New York City

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.

1. Liberty Mutual

Liberty Mutual offers 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.

Take a look at other Liberty Mutual benefits and drawbacks:

Liberty Mutual Pros & Cons

Offers a variety of discountsOnly offers up to $25,000 worth of personal property coverage
Provides more discounts than USAA and FarmersDoesn’t provide 24/7 customer service
Allows you to choose between actual cash value (ACV) and replacement cash value (RCV) policies

Regarding coverage, here are some events that are covered under a Liberty Mutual policy:

  • Fire
  • Smoke
  • Lightning
  • Severe storms
  • Vandalism
  • Water damage not caused by a flood
  • Theft


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.

Here are some other USAA highlights:

USAA Pros & Cons

Offers up to $1 million in personal liability coverageOnly for military members, veterans, and their immediate family
All personal property coverage is RCVDoesn’t provide loss of use coverage
Provides coverage for floods and earthquakes in every policy

A USAA policy protects you from these events and more:

  • Fire and lightning
  • Flood and water
  • Windstorm or hail
  • Collapse of building
  • Volcanic eruption
  • Earthquake
  • Smoke
  • Freezing
  • Falling objects
  • Explosion
  • Theft

3. Farmers

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.

Here’s an overview of the company and its benefits and drawbacks:

Farmers Pros & Cons

Doesn’t have a limit on personal property coverageOnly offers ACV coverage
Offers 24/7 customer service for claimsHas a premium that’s double the national average at $30 per month
Provides a unique non-smoking discount

Here are some of the events you can expect Farmers to cover:

  • Weight of snow, sleet, or ice
  • Theft
  • Fire and lightning
  • Vandalism
  • Damage by vehicle
  • Falling objects
  • Water damage not from flooding
  • Extreme weather

New York City Renters Insurance Coverage

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.

How Much Does a Renters Insurance Policy Cost in New York City?

In 2017, the average cost of renters insurance in New York was about $16 per month, according to the Insurance Information Institute. Relative to other U.S. states, New York tends to have more expensive renters insurance.

Factors to Consider Before Buying 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.

Compare Renters Insurance Coverage Options

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

Compare Renters Insurance Companies

CompaniesLiberty MutualUSAAFarmers
Types of coveragePersonal property, loss of use, liability, medical payments to othersPersonal property, liability, medical payments to othersPersonal property, loss of use, liability, medical payments to others
Personal property coverage limits$15,000, $20,000, or $25,000$25,000–$750,000No limit
Liability coverage limits$100,000, $200,000, $300,000, $500,000, or $1,000,000$100,000, $300,000, $500,000, or $1,000,000$100,000, $200,000, $300,000, or $500,000
Monthly priceAs low as $5As low as $10About $30
Discounts available533
Unique add-onsBlanket jewelryComputer and tabletIdentity theft protection
Customer service24/7 for claims; limited for sales and service24/7 for claims; limited for sales and service24/7 for claims; limited for customer service
BBB ratingA+A-A+

Our Conclusion

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:

Compare Renters Insurance Policies & Rates
Answer a few simple questions and we’ll take care of the rest.

Frequently Asked Questions About Renters Insurance in New York City

How quickly can I get New York renters insurance?

Most renters insurance companies have an online quote tool that allows you to get a quote and purchase a policy instantly.

Can your landlord force you to get renters insurance?

Yes. Renters insurance isn’t required by law, but a landlord can make you get renters insurance to live in their building. The insurance your landlord has only covers the building, so they may want you to get liability insurance so that they don’t have to pay for liability claims.

Can my renters insurance claim be denied?

As long as the property that was damaged is covered and the event that caused the damage is covered, your claim will be approved. Read the fine print concerning limitations before you purchase a policy.

To share feedback or ask a question about this article, send a note to our Reviews Team at reviews@thisoldhousereviews.com.