Best and Cheapest Renters Insurance in New York (2024)

Chubb is the best renters insurance provider in New York for $20K in personal property coverage, with an average annual premium of $111 and a MoneyGeek score of 89 out of 100. Allstate is the cheapest company, with an average annual premium of $105.

Although Chubb is the best overall company, the best for you will depend on your needs. For instance, USAA is best for military members, and State Farm is the top choice for those needing extra personal property coverage. Consider your priorities when choosing the best option.

Chubb is the best renters insurance provider in New York, with a MoneyGeek score of 89 out of 100 and an average annual premium of $111 for $20K in personal property coverage. The following providers are the top two best renters insurance options in New York for the same policy:

• Chubb: MoneyGeek score of 89 out of 100 ($111 per year)
• Allstate: MoneyGeek score of 86 out of 100 ($105 per year)

While Chubb is not the cheapest option, it strikes a good balance between customer satisfaction and affordability. However, the best choice for you will still depend on your needs.

Allstate offers the cheapest renters insurance in New York, with an average annual premium of $105 for $20K in personal property coverage. The following providers are the top two cheapest in New York for $20K in personal property coverage and a $1,000 deductible:

• Allstate: $105 per year
• Chubb: $111 per year

Personal property coverage reimburses you for the loss of your belongings due to events like theft, fire or certain natural disasters. Cheap renters insurance policies often have low personal property coverage limits. Higher limits can lead to higher costs but provide better protection if you own many items.

In New York, Chubb is the cheapest renters insurance company for $20K in personal property coverage with a $2,000 deductible, with an average annual premium of $94. For the same coverage, the following providers are the top two cheapest options in New York:

• Chubb: $94 per year
• Farmers: $103 per year

A deductible is the amount you pay out of pocket before your insurance kicks in. Higher deductibles usually mean lower premiums. Check the table below to see how rates vary.

In New York, Chubb is the best renters insurance company for service quality for $20K in personal property coverage, with an average annual premium of $111. The following providers are the top two best options in New York for those who value great customer service and need $20K in personal property coverage:

• Chubb: MoneyGeek score of 93 out of 100 ($111 per year)
• Travelers: MoneyGeek score of 91 out of 100 ($121 per year)

Excellent customer service is crucial for renters as it ensures quick resolutions and support when needed. For example, when you make a claim, good customer service means swift and efficient handling, making the process stress-free.

State Farm is the best renters insurance company for renters needing $100K in personal property coverage in New York, offering an average annual premium of $159. For $100K in personal property coverage, the following providers are the top two best options in New York:

• State Farm: MoneyGeek score of 95 out of 100 ($159 per year)
• Nationwide: MoneyGeek score of 88 out of 100 ($236 per year)

Renters with more personal belongings need higher personal property coverage. Personal property coverage protects belongings, like furniture and electronics, from theft or damage. Higher personal property coverage typically costs more. It's important to find a provider that balances cost and service since you want affordability and quality when protecting valuable items.

USAA is the best renters insurance company for those with military backgrounds in New York, with an average annual premium of $161. USAA is a company exclusively for those with military backgrounds. The following providers are the top two best options in New York for military members who need $20K in personal property coverage:

• USAA: MoneyGeek score of 100 out of 100 ($161 per year)
• Chubb: MoneyGeek score of 89 out of 100 ($111 per year)

USAA offers a range of products tailored for those with a military background, offering discounts and coverages that suit the military lifestyle. While there are cheaper options, USAA might be worth considering, given how it tailors its offerings for those with a military background.

Chubb is the best renters insurance company for those with poor credit in New York, with an average annual premium of $111. The following providers are the top two best choices in New York for those with poor credit:

• Chubb: MoneyGeek score of 96 out of 100 ($111 per year)
• State Farm: MoneyGeek score of 88 out of 100 ($142 per year)

Rates for those with poor credit are often higher as they pose a greater risk to providers. Insurers view them as higher risk because poor credit may indicate financial instability. However, you can improve your credit to lower rates and take advantage of available discounts.

The average cost of renters insurance in New York is $118 annually or about $10 monthly. This rate is $28 cheaper per year than the national average of $146 annually. These rates are based on a renters insurance policy with $20,000 in personal property limits, $100,000 in liability limits and a $1,000 deductible.

Renters should remember that the average cost of renters insurance in New York may vary greatly depending on the amount of personal property coverage you purchase. Personal property coverage protects your belongings in case of events like theft or damage. Use the tool below to get an estimate based on your needs.

The average cost for renters insurance varies not only by state but also by city. For instance, the average annual premium in Rochester is $102, whereas in New York City, it is $136. These rates are based on a renters insurance policy with $20,000 in personal property limits, $100,000 in liability limits, a $1,000 deductible and a good credit score. See the average cost in your city using the table below.

Multiple factors impact the cost of renters insurance in New York, including location, coverage amount and deductible. Understanding these factors is crucial for renters to make informed decisions and potentially lower their premiums.

• Location: Urban areas may have higher premiums due to increased risks.
• Coverage Amount: Higher coverage limits lead to higher premiums.
• Deductible: Lower deductibles result in higher premiums.
• Credit Score: Poor credit scores can increase premiums.
• Claims History: A history of claims can raise insurance costs.

Determining your personal property coverage as a renter starts with a thorough personal inventory of your belongings, along with their estimated value and proof of ownership. Here's how to create one:

1. Start With Big-Ticket Items: List all high-value items first, such as electronics, jewelry and furniture, noting their make, model and serial numbers when available.
2. Document With Photos or Videos: Take clear photographs or video recordings of your belongings, capturing any identifying marks or conditions.
3. Include Receipts and Appraisals: Attach purchase receipts, warranty cards and appraisal documents for items of significant value.
4. Store Information Securely: Keep your inventory list and supporting documents in a safe, accessible location, such as a cloud storage service.
5. Update Regularly: Review and update your personal inventory annually or whenever you acquire or dispose of items.

Renters insurance primarily protects your personal belongings from damage, but it also extends to other areas, such as liability and additional living expenses. Here's what a typical policy may cover:

• Personal Property Coverage: Safeguards your possessions against covered perils like theft to help you replace them.
• Personal Liability Coverage: Protects you from legal responsibility for injuries or damage to others, such as if a guest is injured in your rental unit.
• Loss of Use Coverage: Assists with additional living expenses. For example, if your rental is uninhabitable due to a fire, loss of use coverage can cover temporary housing costs.

Renters insurance typically applies to specific events, like theft, vandalism or specific natural disasters. Here's what most policies cover:

• Fire or lightning
• Windstorm or hail
• Explosions
• Riots
• Damage caused by aircraft
• Damage caused by vehicles
• Smoke damage
• Vandalism
• Theft
• Volcanic eruption
• Falling objects
• Weight of ice, snow or sleet
• Water-related damage from home utilities
• Electrical surge damage

Although renters insurance provides a safety net for your personal property and liability, it does not universally cover all losses. For instance, damage from floods typically falls outside standard policies. Here's what else is usually not included:

• Natural Disasters: Standard policies often exclude events like floods.
• High-Value Items: Expensive jewelry or electronics may exceed policy limits.
• Business Equipment: Items used for business may require additional coverage.
• Roommate Property: Your policy does not cover your roommate's belongings.
• Pest Damage: Infestations and damage from pests are generally not covered.
• Car Theft: Personal vehicles are covered under auto insurance, not renters insurance.

Understanding these exclusions can help you seek additional coverage if necessary, ensuring you're protected against a wider range of potential risks.

The best renters insurance provider for you depends on your needs. We answer common questions to help you make an informed decision about renters insurance.