Cheapest Renters Insurance in New York City

Your neighbors pay as little as $10 a month for coverage.

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Renters insurance costs $18 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, affect your monthly premium.

New York City has a larger proportion of renters compared to many other large American cities. Sixty-seven percent of housing units in New York City are occupied by renters, compared to 63% in Los Angeles, 55% in Chicago and 58% in Houston, for example.

We will cover:

Cheapest renters insurance companies in NYC

The cheapest price we found for renters insurance in New York City is $125 per year from Travelers. Here are some of the top renters insurance companies and their average rates in New York City.

Company Average annual premium Average monthly premium
Allstate $266 $22
Farmers $164 $14
Travelers $125 $10
Amica $294 $25
Note: Average rates are based on online quotes from provider websites. Your rates may vary.

You can save on your renters insurance policy by comparing rates from multiple insurance companies.

Best renters insurance companies in NYC

We found Travelers to be the best renters insurance company in New York City for rates, and Allstate to be the best renters insurance company in NYC for discounts.

That said, there’s no shortage of insurance companies to pick from in NYC. We recommend answering 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.

To find the best renters insurance in NYC, we compared renters insurance companies by their cost, discounts and customer service.

Best rates: Travelers

Travelers offers the cheapest renters insurance rates at $125 a year. Travelers includes all the standard coverages of a renters insurance policy as well as housing improvements coverage. If you’re making any alterations to your rental, then you may be covered up to 10% of your personal property coverage to make repairs or replace the alterations you made. Travelers also offers multiple discounts such as a no claim discount.

Best discounts: Allstate

Allstate offers a variety of renters insurance discounts, which can potentially lower your premium significantly. You can save money by bundling your renters and auto policies with Allstate. Also, if you're retired and 55 or older, you can get up to 25% off your premium. Allstate also offers a discount if you enroll in its Easy Pay Plan.

Along with their discounts, Allstate also offers many optional coverages, which includes flood insurance, identity theft coverage and scheduled personal property coverage.

Best for customer reviews

Here are how some of the most popular renters insurance companies in NYC stack up in terms of customer satisfaction.

Company 2021 J.D. Power overall customer satisfaction (out of 1,000)
USAA 893
Lemonade 870
State Farm 866
American Family 838
Nationwide 834
Allstate 833
Farmers 831
Liberty Mutual 823
ASI Progressive 816
Travelers 815
Source: J.D. Power 2021 U.S. Home Insurance Study, Overall Customer Satisfaction Index Ranking, Renters Insurance.

These figures suggest that Lemonade and State Farm offer the best customer service in NYC as far as renters insurance companies are concerned. USAA also performs exceedingly well; however, USAA insurance is only available to veterans, military service members and their eligible family members.

Find cheap renters insurance in New York City

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, however, can vary substantially. That’s because insurance companies calculate how they take on risk in different ways. Insurance companies use many factors to determine the price of your quote — some of them are in your control, and some are 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 important factor in deciding what you pay for renters insurance. 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 in the event of a claim.

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 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.


We collected quotes from NYC for a renters insurance policy with the following coverages:

  • $30,000 of personal property coverage
  • $500 deductible
  • $100,000 of personal liability
  • $1,000 of medical payments to guests
  • Loss of use: 30% of personal property coverage

We used quotes from the following insurance companies:

  • Allstate
  • Farmers
  • Travelers
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