New York's top renters insurance options.

If you rent, your landlord is responsible for maintaining the building's physical structure. However, to safeguard your personal belongings, a comprehensive renters insurance policy is crucial. This is particularly important in New York state, which has the highest percentage of renters in the U.S., as per the U.S. Census Bureau's 2020 American Community Survey. Fortunately, coverage in the Empire State doesn't have to be expensive; a policy with $50,000 worth of coverage costs approximately $25 a month, as stated by the New York State Department of Financial Services.

In New York, the top renters insurance companies have been selected by CNBC Select, taking into account multiple factors. (For more details, please refer to our methodology.)

Best for low rates: Allstate

In New York State, Allstate offers some of the lowest premiums for renters, and you can get an additional discount if you also have an Allstate auto policy.

Renters aged 55 and above who do not work full-time are entitled to a 25% discount on their insurance policy.

Best for speedy approval: Lemonade

If you require proof of renters' insurance promptly, Lemonade can approve your application in a matter of minutes through their online platform.

The insurer offers a user-friendly app and website, competitive pricing, and policies starting at $5 per month.

Best for bundling with car insurance: NYCM

If you own a car, NYCM provides a discount of up to 25% for bundling your renters policy with auto insurance.

NYCM provides valuable add-ons such as identity fraud coverage, replacement cost coverage, and personal injury coverage that includes wrongful eviction, false arrest, and slander. If you maintain a claims-free record for at least five years, you may be eligible for a 2.5% discount.

Best for longtime renters: State Farm

If you plan on remaining stationary for an extended period, State Farm's inflation protection benefit ensures that your coverage does not diminish due to rising prices.

By bundling their policy with State Farm auto insurance, renters who own a car can potentially save up to 17%.

Best for add-ons: Nationwide

If you require extra coverage, Nationwide is a suitable choice. Their endorsements provide enhanced protection for valuables and coverage for damage caused by identity theft, earthquakes, and backed-up drains and sewers.

The new Belongings® add-on covers the cost of replacing a damaged or stolen item with a new one.

Shop for the right homeowners insurance

Allstate

Since its inception in 1931 as a subsidiary of Sears, Roebuck and Co., Allstate has grown into a major insurance company in the United States, offering renters insurance in all 50 states and Washington, D.C.

A.M. Best financial strength rating: A+

J.D. Power customer satisfaction rating: Below average

NAIC complaint index: Fewer than expected

Lemonade

Lemonade, an insurtech company, operates in 29 states and the District of Columbia and was ranked third for renters insurance in J.D. Power's 2023 U.S. Insurance Shopping Study. Lemonade prioritizes social responsibility by donating unused premiums to nonprofits selected by customers.

A.M. Best financial strength rating: Not rated

J.D. Power customer satisfaction rating: Excellent

NAIC complaint index: Fewer than expected

New York Central Mutual

Since its establishment in 1899, New York Central Mutual (NYCM) specializes in writing insurance policies only in the state of New York. Despite its smaller size, the insurer offers some of the benefits of larger companies, such as a mobile app and round-the-clock claims filing.

A.M. Best financial strength rating: A

J.D. Power customer satisfaction rating: Not rated

NAIC complaint index: Fewer than expected

State Farm

State Farm, the largest renters insurance company in the U.S., is based in Bloomington, Indiana and offers policies in all states except for California, Massachusetts, and Rhode Island. Despite ranking above average on J.D. Power's 2023 U.S. Insurance Shopping Study, State Farm received a C- from the Better Business Bureau, which cited 227 unresolved complaints.

A.M. Best financial strength rating: A++

J.D. Power customer satisfaction rating: Above average

NAIC complaint index: Fewer than expected

Nationwide

Nationwide, established in 1926 as the Farm Bureau Mutual Automobile Insurance Company, offers renters insurance in all U.S. states except Alaska, Florida, Hawaii, Louisiana, Massachusetts, New Jersey, and New Mexico. The company ranked fourth in J.D. Power's 2023 U.S. Insurance Shopping Study and received an A+ rating from the Better Business Bureau.

A.M. Best financial strength rating: A++

J.D. Power customer satisfaction rating: Excellent

NAIC complaint index: More than expected

What does renters insurance cover?

Your renters insurance policy can protect your personal belongings in case of a fire or other covered event, whether they are located in your home or elsewhere. Additionally, your policy may cover additional living expenses if you need to relocate while your home is being repaired and provide liability coverage for any damages or injuries caused by you or a family member.

Personal property insurance: Protects against financial loss due to the theft or damage of personal items, whether at home or abroad, by providing coverage for repair or replacement costs.
If your home is damaged by a covered event and you need to relocate, you will be reimbursed for food, lodging, and any additional living expenses.
If you or a family member is held liable for damages to someone else, this coverage could help cover legal costs and damages.
If you accidentally injure someone in your rental unit or outside of your home, you are responsible for paying medical bills.

Typically, renters insurance does not cover flood or earthquake damage, so a separate policy is required to safeguard your possessions.

How much does renters insurance cost?

On average, renters in New York state pay $25 monthly for $50,000 worth of personal property protection, as stated by the New York State Department of Financial Services.

On average, renters insurance costs approximately $21 per month across the country, as stated by the Insurance Information Institute.

The amount you'll pay for coverage is largely based on:

Individuals residing in ZIP codes with higher crime rates or natural disaster-prone areas may be subject to higher rental charges.
Generally, larger rental units tend to come with higher costs for coverage.
Increasing the coverage of your belongings may increase your policy's cost. Additionally, scheduling valuable items like jewelry or cameras could also increase your expenses.

Why trust CNBC Select?

Our goal at CNBC Select is to deliver top-notch service journalism and in-depth consumer advice to our readers, enabling them to make well-informed decisions with their money. Each renters insurance review we publish is the result of thorough reporting by our team of expert writers and editors, who possess extensive knowledge of insurance products. In order to identify the best insurance companies, we conducted extensive research, collecting over 100 data points on more than a dozen companies. At CNBC Select, we take pride in our journalistic standards and ethics, and we ensure that all our content is created without any input from our commercial team or external third parties. For more information on our methodology, please refer to our website.

Our methodology

We evaluated various renters insurance companies in New York based on factors such as rates, coverage options, discounts, and processing time.

We utilized average premium data from MarketWatch, along with customer satisfaction ratings from the Better Business Bureau, NAIC, and J.D. Power's U.S. Home Insurance Study.

We took into account CNBC Select audience data, including demographics and engagement with our content and tools, when possible.

We filtered recommendations based on affordability, speedy approval, endorsements, bundling with auto insurance, and longtime renters after reviewing these features.

Premiums and policy structures listed for renters insurance may fluctuate with company policy.

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