Lemonade, State Farm and Allstate provide the best renters insurance in New York based on the MarketWatch Guides team’s analysis of factors important to renters in the state, including costs, customer service and coverage options.
Renters insurance is not required by state law in New York, but landlords often mandate coverage as part of lease agreements. On average, a policy in the state costs around $14 per month, according to data from Quadrant Information Services.
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Top 6 Renters Insurance Companies in New York
We at the MarketWatch Guides Team rated and reviewed the top renters insurance companies in the nation using our comprehensive methodology and named the following six as the best affordable renters insurance providers in New York.
- Lemonade: Our top pick
- State Farm:Best for value
- Allstate: Best for discounts
- Progressive:Best for bundling
- Nationwide:Best for natural disaster damage
- Travelers:Best claims experience
Lemonade Renters Insurance
Our top pick
4.6
Cost: 4.3/5
Customer Experience: 4.7/5
Industry Standing: 4.1/5
Coverage: 4.4/5
Our Review
A.M. BestNRJ.D. Power854/1000
MONTHLY COST$11.92
Why We Chose Lemonade
New York renters who want to sign up for renters insurance with little effort might prefer Lemonade’s style. Leveraging the speed of artificial intelligence (AI), Lemonade can provide online quotes within minutes after applicants answer a few questions. Its claims process is also pretty simple —and you can even file claims through its mobile app.
The company is not rated by AM Best, the independent credit rating agency that rates the financial strength of many popular insurance companies. However, it received an A, or “exceptional,” financial stability rating from independent credit rating agency Demotech.
Pros and Cons
Pros Offers a straightforward process to buy a policy online, a benefit for digital savvy customers Received the third-highest score in J.D. Power’s 2023 customer satisfaction study Donates excess premiums to the policyholder’s chosen charity Cons Not rated for financial strength by AM Best, unlike most of competitors Provides fewer discounts than many of the other providers we reviewed
Discounts and Endorsem*nts
Lemonade offers a couple of discounts to New York renters:
- Multi-policy bundling
- Protective devices
You can purchase these endorsem*nts for additional coverage:
- Water damage
- Equipment breakdown
- Pet damage to property
- Water backup damage
- Lost or stolen expensive jewelry
What Customers Think of Lemonade
We assessed Lemonade’s Trustpilot reviews to get a sense of how customers feel about their renters coverage.
What Customers Like
- Efficient claims process: Several customers, including this one, wrote about a straightforward claims process, adding how easy it is to file a claim through the Lemonade app.
- Customizable policy: A customer complimented the company for its customization options.
What Customers Don’t Like
- Payment issues: A customer complained about the company charging them for a full year of renters insurance when they wanted to pay for just one month. The customer added that the company made it difficult to cancel the policy.
- Hard-to-reach customer support: Many policyholders, such as this one, said they could not get in touch with a customer service agent to resolve their issues.
Our team reached out to Lemonade for comment on its negative customer reviews but did not receive a response.
State Farm Renters Insurance
Best for value
4.6
Cost: 4.6/5
Customer Experience: 5/5
Industry Standing: 4/5
Coverage: 4.4/5
Our Review
A.M. BestBJ.D. Power844/1000
Pros and Cons of State Farm
Pros Offers affordable premiums compared to the other insurers on our list Provides several helpful resources on its website to help customers shop for coverage Scored above average in J.D. Power’s 2023 customer satisfaction study Cons Does not offer many endorsem*nts compared to other providers Has only a limited number of discounts available
Why We Chose State Farm
State Farm has a vast network of local agents who can help you get personalized coverage according to your specific needs and preferences. Its policies can also fit New York renters seeking simple coverage at an affordable rate, making it our pick for value. The company quoted us $10.42 per month based on a sample property in the state — one of the lowest quotes we received. Considering the company’s low costs and above-average customer satisfaction score from J.D. Power, State Farm stands out as a solid choice for New York renters.
However, if you want to extend your policy’s limits or coverage, you may want to consider another insurer. The company has few endorsem*nts on offer compared to competitors.
Discounts and Endorsem*nts
State Farm provides a limited number of discounts compared to its competitors. You can generally qualify for these saving opportunities:
- Home protection
- Multi-policy bundling
Those looking to purchase additional coverage can add these endorsem*nts:
- Personal liability umbrella policy
- Pet medical insurance
- Earthquake damage
- Identity restoration
What Customers Think of State Farm
We read through State Farm’s Trustpilot reviews to understand what current and past policyholders think about its quality of service.
What Customers Like
- Customer service: A few policyholders, including this one, gave shout-outs to local State Farm insurance agents for their customer support when signing up for renters insurance and filing claims.
- Forgiving on late payments: One customer said they paid their renters insurance premiums late a few times and were not charged a reinstatement fee.
What Customers Don’t Like
- Issues with policy sign-up: A former policyholder complained that a company agent made multiple mistakes in setting up their renters policy.
- Premium increases: Some customers, such as this one, complained about the insurer significantly increasing their premiums.
Our team reached out to State Farm for comment on its negative customer reviews but did not receive a response.
Allstate Renters Insurance
Best for discounts
4.4
Cost: 4.5/5
Customer Experience: 4.8/5
Industry Standing: 4.2/5
Coverage: 4/5
Our Review
A.M. BestA+J.D. Power835/1000
MONTHLY COST$10.25
Pros and Cons of Allstate
Pros Provides a discount of up to 25% for retired senior renters Offers many bundling options for existing Allstate customers Provides the choice of several endorsem*nts for policy customization Cons Scored below average in J.D. Power’s 2023 customer satisfaction study Has a limited number of discounts compared to other insurers
Why We Chose Allstate
Allstate has been issuing insurance policies for over 90 years, making it one of the industry’s most experienced insurers. It is a solid choice for renters of all ages, but it’s especially attractive for seniors. Seniors in New York renting an apartment or house can receive a discount of up to 25% on an Allstate policy. The discount is only available for retired renters not seeking full-time employment and who are at least 55 years old. The company also lets existing and new customers easily purchase a bundled policy.
It’s also worth noting that Allstate scored below average in J.D. Power’s 2023 customer satisfaction study, which indicates possible issues with its quality of service.
Discounts and Endorsem*nts
New York renters can lower their policy costs by qualifying for these discounts:
- 55-and-retired
- Multi-policy bundling
You can also purchase these endorsem*nts for comprehensive protection:
- Flood insurance
- Blanket jewelry
- Scheduled personal property
- Identity theft restoration
What Customers Think of Allstate
We read Allstate’s customer reviews on Trustpilot to find common themes among policyholders.
What Customers Like
- Helpful agents: Several policyholders, such as this reviewer, commended the company’s agents for providing satisfactory support.
- Service quality: A customer praised the company for its top-notch service for more than a decade.
What Customers Don’t Like
- Slow communication: A customer was upset with the company for making it difficult to add their spouse to their renters insurance policy.
- Claims issue: One policyholder said they’ve been waiting for two months to receive their claims check.
Our team reached out to Allstate for comment on its negative customer reviews and J.D. Power score but did not receive a response.
Progressive Renters Insurance
Best for bundling
4.3
Cost: 4.4/5
Customer Experience: 4.7/5
Industry Standing: 4.1/5
Coverage: 3.8/5
Our Review
A.M. BestA+J.D. Power804/1000
MONTHLY COST$18.83
Pros and Cons of Progressive
Pros Provides a policy bundling discount, ideal for Progressive auto or boat insurance customers Maintains helpful resources on its website for customers with questions about coverage Offers several discounts that can help lower rates Cons Received the lowest score in J.D. Power’s 2023 customer satisfaction study Uses a third party to underwrite policies, which can impact customer service
Why We Chose Progressive
Existing Progressive customers can benefit from sticking with the company for their renters coverage, making it our pick for bundling. The company makes it easy to tack on a renters policy and offers an average discount of 3% when you bundle coverage. If you have a renters and auto insurance bundle, the company may also let you pay one deductible for covered perils that involve both your rental and your car.
However, Progressive does not score well in terms of customer satisfaction based on J.D. Power rankings. It also does not offer many options for additional coverage.
Discounts and Endorsem*nts
Progressive offers several discount opportunities to help New York renters save on their premiums:
- Multi-policy bundling
- Quote in advance
- Pay in full
- Receive documents by email
- Secure or gated community
You can purchase these optional coverage add-ons if you want to extend your policy’s limits:
- Water backup
- Personal injury
What Customers Think of Progressive
We went through Progressive’s Trustpilot reviews to determine what its policyholders appreciate and dislike about its service quality.
What Customers Like
- Customer service: A longtime policyholder praised Progressive’s customer service agents, saying that they always return calls and remain committed to resolving issues.
- Affordable rates: A customer was glad to receive more affordable rates compared to another insurer.
What Customers Don’t Like
- Renewal issues: One customer complained that Progressive failed to send renewal documents, resulting in the company canceling their policy.
- Unnavigable website: A policyholder wrote that they had trouble renewing their policy due to issues with the company’s website.
Our team reached out to Progressive for comment on its negative reviews and J.D. Power score but did not receive a response.
Nationwide
Best for natural disaster damage
4.4
Cost: 4.2/5
Customer Experience: 4.6/5
Industry Standing: 4.4/5
Coverage: 4.6/5
Our Review
A.M. BestAJ.D. Power852/1000
MONTHLY COST$12.83
Pros and Cons of Nationwide
Pros Customers can choose from many optional coverages Provides a separate flood insurance policy, ideal for New York customers living in flood zones Scored above average in J.D. Power’s 2023 customer satisfaction study Cons Offers a limited number of discounts compared to some other companies Does not offer many additional coverage options
Why We Chose Nationwide
Nationwide can suit renters who want more than basic coverage by customizing their policy. For example, the company offers a replacement cost add-on that can pay to repair or replace your damaged items without accounting for depreciation in value. For this reason, and because the company offers an earthquake add-on, we named it our pick for natural disaster damage.
The company scored well in J.D. Power’s 2023 customer satisfaction study, a sign of positive customer experiences. New Yorkers with rentals in flood zones can also sign up for a Nationwide flood insurance policy to cover personal property that gets damaged by flooding. Note that standard renters insurance policies generally do not cover damage to a renter’s personal property in the event of flooding.
Discounts and Endorsem*nts
A limited number of discounts are available with Nationwide, including:
- Protective devices
- Claims-free
- Multi-policy bundling
The company also provides these valuable add-on endorsem*nts:
- Water backup
- Valuables plus
- Theft extension
- Earthquake
- Brand-new belongings
What Customers Think of Nationwide
We analyzed Nationwide’s customer reviews on Trustpilot to understand what aspects of its service policyholders like and dislike.
What Customers Like
- Professional customer support: Several policyholders, including this one, wrote about positive experiences with the company’s agents.
- Smooth claims process: A customer who filed a claim for the first time appreciated the efficiency of the overall process.
What Customers Don’t Like
- Coverage denial: Some policyholders, such as this one, complained about the company not providing them with the coverage it advertised.
- Inaccessible online portal: A customer was upset with the company because they could not access Nationwide’s mobile app or the customer portal on its website.
Our team reached out to Nationwide for comment on its negative reviews but did not receive a response.
Travelers Renters Insurance
Best claims experience
4.1
Cost: 3.6/5
Customer Experience: 4.8/5
Industry Standing: 4.2/5
Coverage: 4.2/5
Our Review
A.M. BestA++J.D. Power835/1000
MONTHLY COST$10.50
Pros and Cons of Travelers
Pros Provides a wide range of deductible options, making it easy to find a policy that fits your budget Lets you bundle renters insurance with several other types of policies Offers a convenient online sign-up process based on our experience Cons Received a below-average score in J.D. Power’s 2023 customer satisfaction study Doesn’t provide online estimates in all locations
Why We Chose Travelers
Travelers earned our pick for claims experience because it offers 24/7 customer service and claims filing, including multiple ways to file a claim. Another notable feature of Travelers’s renters insurance is the wide range of deductible options. For instance, we were offered the choice of a deductible between $500 and $10,000 in a quote we received for a sample property in New York. You can customize your deductible to find a rate that meets your needs. Generally, higher deductibles result in lower insurance premiums and vice versa.
The online sign-up process with Travelers is generally simple —if it’s available for you. The company might not offer online estimates everywhere in New York, so you might need to contact an independent agent for a quote.
Discounts and Endorsem*nts
Travelers does not have many discounts available for its renters insurance policies. You can generally lower your policy costs with these discounts:
- Loss-free
- Protective devices
- Multi-policy bundling
The company has two policy add-on options:
- Contents replacement cost
- Valuable items insurance
What Customers Think of Travelers
Since the company has fewer reviews on Trustpilot, we looked at Traveler’s Better Business Bureau (BBB) profile to understand what customers like and dislike about its service.
What Customers Like
- Professional customer support: Several policyholders praised the company’s friendly and helpful customer service agents.
- Convenient claims process: A customer praised the claims process, expressing appreciation for helpful adjusters with Travelers.
What Customers Don’t Like
- Policy cancellation: A former policyholder expressed frustration over the company canceling their policy shortly after signing up.
- Late refund: A customer complained about not receiving a refund after canceling their policy.
Our team reached out to Travelers for comment on its negative reviews and J.D. Power score but did not receive a response.
The Cost of Renters Insurance in New York
The average cost of renters insurance in New York is $22.39 per month, which is higher than the national average of $14.27. The monthly costs among our top providers range from $9.21 to $13.86. Note that costs will vary based on factors such as location, coverage levels, available discounts and more. Use the charts below to get a better idea of how much you can expect to pay for insurance before getting quotes.
Cheapest Renters Insurance in New York
We've compiled a list of the top five cheapest providers in New York to help you get the right coverage at the lowest price. The cheapest renters insurance company in New York is Allstate with an average cost of $9.21 per month.
| Provider | Monthly Cost |
|---|---|
| Allstate | $9.21 |
| State Farm | $10.42 |
| Travelers | $10.45 |
| Lemonade | $11.92 |
| Chubb | $12.84 |
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How To Save on Renters Insurance
You can save on your renters insurance policy in New York by increasing your deductible, comparing quotes, qualifying for discounts or using a combination of all three.
- Modify your deductible: Deductibles and monthly premiums tend to move in opposite directions: The higher your deductible, the lower your premiumgenerally. However, we recommend choosing a deductible that you can comfortably pay out-of-pocket if you file a claim.
- Shop around: Because insurance companies evaluate rental properties and renters differently, similar policies from two separate providers might cost vastly different amounts. We recommend requesting quotes from at least three providers to make sure you’re getting a fair rate.
- Consider discounts: Most insurers offer various discounts, and many are easy to qualify for. You might be able to save a few dollars per month by setting up automatic payments or staying claims-free, for example.
Common Causes of Renters Insurance Claims in New York
We researched the most common renters insurance claims in New York to help you prepare for potential risks and ensure you have sufficient coverage.
Theft and Burglary
According to the most recently available FBI data from 2019, a total of 9,846 burglary cases were reported in New York City. Statewide, more than 32,000 burglaries were reported in 2022, the most recent full year of data available from the New York Division of Criminal Justice Services. Both statistics show that the risk of property damage due to theft is pretty high in the state. A renters insurance policy can help protect your finances if you need to replace or fix personal belongings such as furniture or clothing as a result of theft.
Water Damage
Some parts of New York are at significant risk of flooding, thunderstorms and other severe weather events. According to the National Oceanic and Atmospheric Association, 143 flooding events were reported in the state from February 2023 to February 2024. A renters insurance policy usually does not cover damage due to flooding, which is why it’s important to consider additional coverage if you want comprehensive protection. Nationwide sells flood insurance for renters.
Is Renters Insurance in New York Worth It?
Our team found that it is worth purchasing renters insurance in New York because residents face risks of damage from natural disasters, theft and vandalism. Although New York state law does not require renters insurance, your landlord may make buying coverage mandatory as part of your lease.
Savings With Insurance
Renters insurance is designed to step in and help you pay to repair or replace your assets after a covered event, such as a fire or burglary. Just one renters insurance claim can cover thousands of dollars worth of damage to your personal property.
To show you how much you can save with a renters insurance policy, we’ve compared the average loss on a water damage or burglary claim to the cost of coverage. The example is based on a renters insurance policy with a $1,000 deductible and up to $30,000 in personal property coverage.
| Cause for Claim | Cost To Repair Without Insurance* | Cost With Insurance | Savings With Insurance |
|---|---|---|---|
| Water damage | $1,300 | $1,000 | $300 |
| Burglary | $2,661 | $1,000 | $1,661 |
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Frequently Asked Questions About New York Renters Insurance
Having renters insurance is not mandatory under federal, state or local law. However, many landlords in New York City and elsewhere in the state require tenants to get renters insurance. Even if your lease agreement does not require renters insurance, getting coverage is a good idea. Your landlord’s insurance will only cover the building, common areas and apartment units — not your belongings.
Generally, basic New York City renters insurance covers the following:
- Personal property
- Loss of use
- Personal liability
- Medical payments to others
The average cost of renters insurance in New York is $13.38 per month, based on data from the fourth quarter of 2023, sourced from Quadrant Information Services. You may pay a higher or lower premium depending on where you live, your deductible and the coverage you select.
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Methodology: Our System for Ranking the Best Renters Insurance Companies in New York
The MarketWatch Guides team reviews and rates renters insurance companies based on an in-depth methodology that considers the factors most important to renters nationwide. We conduct extensive research into the rental industry, including conversations with experts and a survey of 1,000 renters across the country, to gain insights into the insurance buying process. Through our analysis, we determined the following factors and weights to rank each company on our list, which we then convert into a five-star rating.
- Cost (40%): Our research helped us determine that cost is one of the most important factors for renters when buying insurance coverage. Renters insurance companies offering premiums that fall below the national average, and with discounts to lower prices further, score highest in this category.
- Availability and Ease of Use (25%): To get an idea of the quote process, we research available communication channels and simulated the experience of requesting a quote from each company on our list. Providers earn more points for offering digital and phone support, 24/7 customer service, a mobile app, multiple ways to file a claim and a transparent quote process.
- Coverage (20%): In addition to providing standard renters insurance coverage, which includes personal property, liability and loss of use protection, companies earn points for offering additional benefits such as valuables coverage. We also assess if a company offers riders or endorsem*nts to enhance coverage.
- Brand Trust (15%): Our team assesses brand trust by researching each company’s J.D. Power score, National Association of Insurance Commissioners (NAIC) complaint ratio and AM Best rating.
We used these rating factors to determine the best renters insurance companies to help with your decision when looking at policies. We routinely monitor and update data on a regular basis to ensure the reviews reflect the most up-to-date information and advice. For more information on our rating system, read our full renters insurance methodology.
AM Best Disclaimer
How We Gather Cost Data
We at the MarketWatch Guides Team gathered renters insurance quotes for the providers in this article using data from Quadrant Information Services. Quadrant is a leading source of property and casualty insurance solutions and data.
The sample renter our quotes are based on is a 30-year-old single male with good credit and no prior claims history. Our sample policies featured a $1,000 deductible and the following coverage and limits:
- Personal property: $25,000
- Loss of use: $7,500
- Liability: $100,000
- Medical payments: $500
For each provider, we gathered a quote for 50% of the ZIP codes in every state the provider is licensed in. We used the most populous ZIP codes for our study. We took the average of these individual quotes to calculate a national average premium per provider.
In some cases, cost data for a top renters insurance company isn’t offered in Quadrant’s database. To gather price information for these providers, we manually pulled quotes directly from insurers’ websites or representatives. We used the same sample homeowner demographics and comparable policy details for more than 20 ZIP codes across the U.S.
Our sample rates are for informational purposes only. Actual premiums will vary.
*AM Best rating accurate as of September 2024.AM Best disclaimer
If you have feedback or questions about this article, please email the MarketWatch Guides team at [email protected].
