Average Cost of Renters Insurance in New York City
Renters insurance costs $16 a month in New York City on average, but rates can start as cheap as $10 a month. The specifics of your policy, like where you live in NYC and how much coverage you purchase, will affect your monthly premium.
|Coverage amount||Average cost per month||Average cost per year|
|Source: National Association of Insurance Commissioners (2019, New York)|
The cost of renters insurance in NYC increases as you add more coverage, but the data shows that average monthly premiums remain low. For example, going from $20,000 of coverage to $50,000 of coverage only adds an extra $7 a month! Those extra few dollars could be well worth the additional coverage.
Many people don’t realize how valuable their belongings are — $50,000 of coverage may sound like a lot. But consider your clothes, bedding, furniture, kitchen gadgets, pots and pans, electronics, and sports and musical gear. The value of your belongings can add up fast, and protecting them with renters insurance for an average of $194 a year is a great decision for many New Yorkers.
Your rent may be overpriced, but your insurance doesn't have to be.
NYC renters insurance companies
There’s no shortage of insurance companies to pick from in NYC, but every company isn’t made the same. Companies have varying customer satisfaction ratings, agent services and online experiences. These are all worth taking into consideration when picking a renters insurance company.
QuoteWizard rates renters insurance companies’ customer satisfaction level in two ways: J.D. Power’s renters insurance study and the NAIC Complaint Index. The Complaint Index measures the number of complaints relative to a company’s size, meaning lower numbers indicate fewer complaints. Here are how some of the most popular insurance companies in NYC stack up.
|Company||2019 J.D. Power overall satisfaction||2019 NAIC Complaint Index (lower is better)|
|Adirondack Insurance Exchange||—||—|
These figures suggest that State Farm offers the best customer service in NYC, with a 5/5 from J.D. Power and a low Complaint Index of 0.35. USAA also performs exceedingly well, however USAA insurance is only available to veterans, military service members and their eligible family members.
We recommend thinking about a few questions when picking a company, like:
- Do you want to be able to manage your policy online?
- Do you want a dedicated agent?
- Do you want a brick-and-mortar insurance agency?
These questions can help you pinpoint which company is the best for you, along with comparing rates and coverage options between companies. Collecting a few quotes from different companies is a great way to get a baseline.
Compare rates from the best renters insurance companies in NYC
Renters insurance quotes in NYC
Before you commit to a renters insurance company, you’ll have the opportunity to review a quote. We recommend getting a few quotes so you can pick the policy that’s best suited for you. Coverage can vary slightly between quotes, but coverage is consistent across companies for the most part.
Cost can vary substantially between quotes, however. That’s because insurance companies calculate how they take on risk in different ways. There are many factors insurance companies use to determine the price of your quote, some of them in your control and some not. Here are a few things a company might consider.
Quote rate factors
Where you live affects the cost of your quote: rates vary from borough to borough and neighborhood to neighborhood, depending on variables like how close you live to a fire department and your local crime statistics.
Your home also plays a role in determining your premium. Whether you live in an apartment building or house, the age and construction of your home matters. For example, New Yorkers who live in old apartment buildings may see slightly higher rates because old wiring and plumbing can increase the risk of electrical fires and burst pipes.
Your claims history matters as well because if you’ve filed a renters insurance claim in the past, companies consider you more likely to file a claim in the future. For that reason, filing a renters insurance claim for small amounts isn’t always the best idea.
Your coverage limits and deductible are another determining factor in your quote. As we’ve shown, increasing your coverage limits can have a minimal impact on your final price — that’s why you should ensure you’re buying enough coverage. Raising your deductible will save you a few dollars on your monthly premium, but those few bucks may not be worth having to pay a higher deductible after a claim.
New York City renters statistics
New York City has a larger proportion of renters compared to many other large American cities. Sixty-four percent of housing units in New York City are occupied by renters, compared to 58% in Los Angeles, 48% in Chicago and 48% in Houston, for example.
The popularity of renting changes depending on the borough, however. Seventy-six percent of homes in The Bronx are rented, compared to only 53% in Queens and 34% in Staten Island.
|Manhattan (New York County)||Brooklyn (Kings County)||Queens (Queens County)||The Bronx (Bronx County)||Staten Island (Richmond County)||Citywide|
|Median gross rent||$1,746||$1,433||$1,588||$1,188||$1,291||$1,443|
|Percent of homes rented||69%||66%||53%||76%||34%||64%|
|Percent of homes owned||20%||25%||39%||18%||59%||28%|
|Percent of units vacant||11%||9%||8%||6%||7%||8%|
|Source: U.S. Census and S&P Global|
You don’t need to be told how expensive rent is in NYC, and adding another monthly expense isn’t attractive. But if you’re unlucky enough to suffer a disaster like an apartment fire or burglary, you’ll be glad you had coverage. Despite the great coverage renters insurance provides, only 26% of renters in New York state have insurance.
Renters insurance laws in New York City
If you rent in New York, your landlord is required to have insurance. However, your landlord’s insurance does not cover your belongings, medical expenses if somebody is injured in your home, or injuries or property damage for which you are found liable. That leaves a large gap of protection for you, which is why we think every renter should have renters insurance.
Although New York law does not require renters insurance, your landlord can require it as a condition of your lease. If this is the case, your landlord is considered an “interested party,” and your company will notify your landlord of coverage.
If you’re one of the roughly 40% of New Yorkers living with roommates, your renters insurance policy usually won't cover them. Every roommate needs their own renters insurance policy. However, with renters insurance being so affordable, it's something every tenant should have.
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