Best Renters Insurance in New York City

New York City: It’s a place where anything can happen, day or night. It’s a good idea to buy renters insurance to protect your belongings for those “what if” scenarios. It’s the not-so-fun side of adulting, but think of it this way: Renters insurance is a safety net for your assets.

Let’s take a high-level look at renters insurance in New York City.

QuickLook: Best New York Renters Insurance

• Best for Seamless, 100% Digital Sign-Up: Lemonade
• Best for Claims Free Policyholders: Travelers
• Best for Renters With Roommates: Assurant
• Best for Tailored Coverage: Liberty Mutual

Best Renters Insurance Providers in NYC

New York has it all — including renters insurance. We’ve pared the best renters insurance options down to the list below.

1. Best for Seamless, 100% Digital Sign-Up: Lemonade

Did you know most of our readers prefer to work with Lemonade for their renters insurance needs?

Lemonade has transformed the insurance business model — the company injects technology and transparency into the insurance industry. Lemonade’s B corporation status means it’s legally obligated to consider the needs of its constituents, not just owners.

It follows a socially responsible mindset through its unique giveback program. Lemonade donates a portion of leftover money to causes its policyholders hold dear. We recommend Lemonade as a top choice for renters insurance.

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Lemonade offers fast, easy coverage through their seamless application and claims process. Get personal property and liability protection with Lemonade Renters Insurance.

Why we love it:  Lemonade offers a hassle-free online experience, with policies starting as low as $14 per month. Its innovative use of AI technology allows for quick claims processing, with 30% of claims being paid out in just seconds, making them a reliable and efficient choice for renters looking for affordable coverage.

2. Best for Claims Free Policyholders: Travelers

Travelers takes on your risk and provides coverage to protect the important things in life. In business for more than 160 years, Travelers has earned a reputation as one of the best property casualty insurers in the industry because it takes care of its customers.

A standard policy includes personal property protection, personal liability protection, medical payments coverage and additional living expenses. Travelers offers discounts if you have multiple policies with, security devices or are claims-free. We highly recommend Travelers based on our own reviews and research. 

Why we love it: Travelers has strong financial stability and high customer satisfaction ratings, with an average rating of 4.5 out of 5. They offer comprehensive coverage options for personal belongings, liability protection, and additional living expenses, making them a reliable choice for renters in the state.

3. Best for Renters With Roommates: Assurant

Started in 1947 as a small Florida agency with a few thousand dollars and a handful of employees, Assurant has grown into a Fortune 500 company and is a leader in specialty insurance. You can score personal property and liability coverage, replacement cost coverage and drain/sewer back-up coverage for just $12 per month. Assurant is financially stable and likely to be around longer than your need for coverage.

Assurant also vows to keep your personal information safe as well as practice environmental responsibility. However, when we tested its customer service, Assurant had a few “misses” in that area.

Why we love it: Assurant offers comprehensive coverage for renters with policies starting as low as $22 per month for up to $300,000 in coverage. With a 96% customer satisfaction rate and 2 million renters insured, Assurant provides financial protection for tenants in the event of theft, damage, or liability issues.

4. Best for Tailored Coverage: Liberty Mutual

Liberty Mutual has been in business since 1912. It’s the 3rd largest property and casualty insurer in the U.S. and is driven by its belief that progress happens when people feel secure. Liberty Mutual is like a cafeteria for renters insurance. Take what you need and want, pass on what you don’t.

Standard coverage includes personal property and personal liability coverage, additional living expenses (if you can’t live in your rental for a week or two) and medical expenses. Coverage add-ons include identity fraud, home computer and electronics, replacement cost, jewelry, water and earthquake damage.

Rather than coverage that follows a set menu, you get to create your customized coverage.

Why we love it: Liberty Mutual has a comprehensive coverage option starting at $5 per month, high customer satisfaction ratings, and excellent claims-handling process.

Renters Insurance in New York City Overview

The real estate market in NYC is as diverse as the people who live and work there, so you need to make sure you get the coverage that fits you. Will you be the sole resident? Do you have a family? Will you live with roommates? Will you sublet the apartment? Do you plan on listing the apartment on Airbnb? Yes — so many questions. But remember, they’re all important. 

A regular renters insurance policy is on your horizon if you live alone or you live with your family. What happens if you plan to have roommates? In that case, you need to talk to your roommates and an agent to figure out the best way to handle coverage. Let’s say you plan to sublet or list the apartment on Airbnb. You’ll be tackling different policies altogether.

Let’s focus on traditional renters insurance. Renters insurance policies start at about $125 a year, according to BrickUnderground.com, an award-winning NYC real estate website. That's a little more than $10 a month. Standard coverage for property damage is around $25,000 to $50,000 and the average liability coverage is about $100,000. You can lower your rate with a higher deductible. A deductible is what you pay out of pocket before your insurance kicks in. 

BrickUnderground.com also lists the top 3 insurance claims in NYC: 

1. Sink, tub or toilet overflow
2. Dog bites
3. Malfunctioning packaged terminal air conditioner (PTAC) and pipes

Read on so you know how you can properly prepare yourself.

What Does Renters Insurance Cover in NYC?

Standard renters insurance coverage includes personal liability protection and personal property protection. Personal liability protection takes care of you. Personal property protection takes care of your belongings. 

Personal liability protects you financially in case you accidentally cause damage. Let’s say your dog (you know, the one who aced puppy socialization) bites someone. Personal liability protects your assets and covers the medical claim should your pup suddenly nip a person rather than a treat. 

Personal property protection protects your stuff — clothes, electronics, jewelry, kitchenware and books — if they’re stolen or damaged by something like smoke, water or vandalism. Let’s say your neighbor upstairs forgets that she was filling her tub and water leaks through your ceiling and directly onto your laptop. Personal property protection covers this and helps you secure a replacement laptop. 

Most Affordable Cities for Renters Insurance NY

Curious to know how New York City compares to the rest of the state? You’ll save if you move to one of these cities: 

• Greenburgh
• Cheektowaga
• Amherst

Most Expensive Cities for Renters Insurance NY

On the other hand, here are the most expensive cities you can live in New York:

• Ramapo
• Smithtown
• Brookhaven

Get Yourself Covered in NYC 

Renters insurance (and the best home insurance companies) protect you in all of those “what-if” scenarios. 

It’s always best to take steps so you cover yourself from the mayhem life throws your way. Just like New York is made up of boroughs and neighborhoods, each with its own unique character, there are multiple policies you can consider. Choosing a policy is a matter of fit.

Plenty of renters insurance options exist, so take stock of what you have, what you cannot do without and what you can afford if something goes wrong. Do your homework, get quotes and then choose the renters insurance that works for you.

Frequently Asked Questions