Best renters insurance in New York

If you rent, your landlord is responsible for maintaining the building’s physical structure. But if you want to protect your personal belongings, a good renters insurance policy is essential.

That’s especially true in New York state, which has the highest percentage of renters in the U.S., according to the U.S. Census Bureau’s 2020 American Community Survey.

Coverage in the Empire State doesn’t have to be expensive: A policy with $50,000 worth of coverage costs about $25 a month, according to the New York State Department of Financial Services.

CNBC Select has chosen the top renters insurance companies in New York, based on a variety of criteria. (See our methodology for more information.)

Who’s this for? Allstate‘s premiums are among the lowest for renters in New York State, with a bundling discount available if you have an Allstate auto policy, too.

Standout benefits: Renters over 55 who aren’t working full-time are eligible for a 25% discount on their policy.

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Who’s this for? If you need proof of insurance quickly, Lemonade approves renters in just a few minutes online.

Standout benefits: The digital-only insurer has an easy-to-use app and website and competitive pricing, with policies starting at just $5 per month.

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Who’s this for? If you own a car, New York Central Mutual (NYCM) offers a discount of up to 25% for bundling your renters policy with auto insurance.

Standout benefits: NYCM offers useful add-ons like identity fraud coverage, replacement cost coverage and personal injury coverage, which includes wrongful eviction, false arrest and slander. If you remain claims free for at least five years, you may be eligible for a 2.5% discount.

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Who’s this for? If you plan on staying put for a while, State Farm‘s inflation protection benefit keeps your coverage from effectively shrinking when prices rise.

Standout benefits: Renters who own a car can save up to 17% by bundling their policy with State Farm auto insurance.

Who’s this for? Nationwide is a great option if you need additional coverage. Endorsements include increased protection for valuables and coverage for damage from identity theft, earthquakes and backed-up drains and sewers

Standout benefits: The Brand New Belongings^® add-on reimburses the cost of replacing a damaged or stolen item with a new one.

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Allstate was founded in 1931 as part of Sears, Roebuck and Co., but has evolved into one of the nation’s largest insurance companies, with renters policies available 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

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Insurtech company Lemonade offers policies in 28 states and the District of Columbia and was ranked third for renters insurance in J.D. Power’s 2023 U.S. Insurance Shopping Study. With a focus on social responsibility, Lemonade donates unused premiums to nonprofits chosen by customers.

A.M. Best financial strength rating: Not rated

J.D. Power customer satisfaction rating: Excellent

NAIC complaint index: Fewer than expected

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Founded in 1899, New York Central Mutual (NYCM) only writes policies in the state of New York. But the small insurer has some of the perks of a bigger company, like a mobile app and 24/7 claims filing.

A.M. Best financial strength rating: A

J.D. Power customer satisfaction rating: Not rated

NAIC complaint index: Fewer than expected

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The largest renters insurance company in the U.S., Bloomington, Indiana-based State Farm offers policies in all U.S. states except for California, Massachusetts and Rhode Island. Although it ranked 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

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Renters insurance covers personal belongings that are stolen or damaged in a fire or other covered event, in your home or elsewhere. Your policy can also include additional living expenses if you need to relocate while your home is repaired and cover your liability if you or a family member are responsible for damages or injuries to someone else.

• Personal property coverage: Covers cost to repair or replace personal belongings that are stolen or damaged in a covered event, either at home or away.
• Loss of use: Pays for food, accommodations and other additional living expenses if you need to relocate while your home is repaired after a covered event.
• Liability: Covers payments and legal costs If you or a family member is held responsible for damages to someone else, this coverage could help cover legal costs and damages.
• Medical payments: Pays medical bills if you accidentally injure someone in your rental unit or outside of your home.

Renters insurance typically doesn’t include flood or earthquake damage. You’d need a separate policy to protect your belongings.

In New York state, renters insurance costs an average of $25 per month for $50,000 worth of personal property protection, according to the New York State Department of Financial Services.

Nationwide, renters insurance averages about $21 per month, according to the Insurance Information Institute.

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

• Your location: Renters in ZIP codes with higher crime rates may be charged more, as can people in areas prone to natural disasters.
• The size of your rental unit: The bigger your home, typically, the more it costs to cover.
• The value of your belongings: Adding more coverage to your policy could add to your costs. And, scheduling individual valuable items like jewelry or cameras could also up your cost.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every renters insurance review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of insurance products. To research the best insurance companies, we compiled over 100 data points on more than a dozen insurance companies. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See our methodology for more information on how we choose the best insurance companies. 

We incorporated average premium data from MarketWatch, as well as customer satisfaction data from the Better Business Bureau, the National Association of Insurance Commissioners (NAIC) and J.D Power’s U.S. Home Insurance Study.

We also considered CNBC Select audience data when available, such as general demographics and engagement with our content and tools.

After reviewing these features, we filtered recommendations by the best for affordability, for speedy approval, for endorsements, for bundling with auto insurance and for longtime renters.

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

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