The Best Cheap Renters Insurance in NYC

Lemonade has the cheapest renters insurance in NYC at only $10 per month on average.

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Whether you live in TriBeCa or Elmhurst, the best renters insurance providers are those that offer extremely affordable protection from theft, damage and personal liability.

To help you find the right coverage for your living situation, we've profiled the best and cheapest renters insurance options in New York City. We also looked at renters insurance costs from a statewide angle and found that affordability can vary quite a bit within New York State.

The cheapest renters insurance in New York City

Lemonade is the cheapest company for renters insurance in NYC, offering $30,000 in personal property coverage for about $10 per month, or $125 per year on average. Farmers and Travelers also have affordable rates.

Other major insurance companies such as Amica and Allstate tend to have higher rates, but shoppers should always get multiple quotes from multiple companies, as every person will find different prices based on where they live, their coverage needs and more.

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Cheapest renters insurance companies in New York City

Monthly cost
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Farmers logo
Travelers logo
Allstate logo
Amica logo

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The best renters insurance in NYC

The best renters insurance in New York City combines cheap rates, practical coverage and dependable customer service. We recommend Lemonade, State Farm, or Farmers renters insurance policies based on affordability, customer service and ease of use.

  • Demotech financial stability rating: A (exceptional)
  • J.D. Power rank: Not included
  • Unique value: Low cost, adjustable limits and fast claim settlement
  • Read the Full Review

Best for fast and cheap coverage: Lemonade

In terms of pure convenience for renters, Lemonade has a significant lead on the rest of the field. Getting coverage from Lemonade takes less than ten minutes from start to finish on its app. If you've been procrastinating on getting renters insurance because of the potential hassle, Lemonade's quick process may be the answer.

Lemonade is the cheapest renters insurance in NYC. Its coverage comes at an average of about $10 per month or $125 annually. Despite its cheap prices, there's nothing lacking in Lemonade's coverage. You get industry-standard coverage and the ability to customize your protection with a few upgrades.

State Farm

  • AM Best rating: A++ (superior)
  • J.D. Power rank: 3rd of 14 insurers
  • Unique value: Best customer service among NYC providers
  • Read the Full Review

Best customer service: State Farm

Buying renters insurance with State Farm means your claims will be handled by a nationwide insurer with a quality customer service reputation. Out of the insurers available to New Yorkers who rent, State Farm received one of the best user satisfaction scores in J.D. Power's study of renters insurance providers' pricing, policy offerings and interaction.

State Farm also has agencies located throughout New York, so if you have a question about your policy or prefer to meet in person before you buy, you can talk with an insurance agent directly.

  • AM Best rating: A (excellent)
  • J.D. Power rank: 9th of 14 insurers
  • Unique value: Multiple discounts and optional add-on coverages
  • Read the Full Review

Best for customized coverage: Farmers

Besides offering the second-lowest rate for renters insurance we found, Farmers provides a number of options that enable renters to save money or add endorsements to cover particularly high-value belongings. The flexibility of renters insurance at Farmers makes it a good fit if you want coverage that's optimized for you as an individual.

Some examples of the renters insurance add-ons at Farmers include the ability to opt into replacement cost coverage and identity theft protection — options that not every competitor offers. In other regards, Farmers is a solid if unremarkable choice. Its customer satisfaction score is about average relative to other renters insurance providers, and its financial stability rating according to AM Best is an A for "excellent."

How much is renters insurance in New York?

Tonawanda, near Buffalo, is the cheapest place in New York State for renters insurance. In Tonawanda, the average price is $138 per year — about 20% less than the average price.

Where you live has a significant impact on your renters insurance prices. You might pay less if you live in a low crime area or more if you live far from a fire station.

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Renters insurance costs by NYC borough

Just as in the state as a whole, the average price of renters insurance in NYC varies depending on where you live. In New York City, the cheapest borough for renters insurance is Queens, where the average rate is just $142 per year. Manhattan residents pay the most, at $221 per year.

Cost differed by about $33 per year between the highest and lowest annual rates we saw across all five boroughs. The amount of coverage you choose affects the final rate more than any other factor.

The cost of renters insurance in NYC

Average monthly cost
Difference from city average
Staten Island$165%

What does renters insurance include?

Renters insurance protects you in three key ways: it provides coverage for your physical belongings as well as the cost of alternative housing if your apartment is uninhabitable, and it provides liability coverage that protects you if someone is injured at your apartment.

What it is
Personal property coverageProtects all your belongings against damage or theft. With some limits, this can apply to losses that happen anywhere in the world.A burglar breaks into your apartment and steals your laptop.
Personal liability coverageCovers you if you're held legally responsible for injury to other people or their property. This includes medical costs and legal fees.You bump into someone on the street, who drops and breaks their camera.
Additional living expenses (ALE) coverageAlso called loss-of-use coverage, this covers any costs beyond normal expenses if your apartment is made uninhabitable by a covered loss.Your apartment's pipes burst, forcing you to stay in a hotel.
Medical payments coverageThis covers medical bills for guests who are hurt on your rented property. The feature is unrelated to liability and usually provides a few thousand dollars for basic medical expenses.Your friend trips on his own feet and falls down the stairs.

Personal property coverage does not cover everything that happens to your belongings — certain perils like floods are not covered.

Damage that's caused by your own negligence is also excluded. Below we've listed some of the more common perils in New York City for which a renters insurance policy will cover you.


Property crime in New York City is not as common now as it was in the past, but it still happens. Renters insurance will ensure that you're made whole if your personal property is stolen from your apartment, up to policy limits.


According to New York City Fire Department (FDNY) records, the city saw nearly 13,000 structural fires over the first half of 2019. Fire and lightning usually cause the greatest losses in any single incident, but fortunately renters insurance policies always cover both.

Water leaks

For renters, water damage is the one of most frequently reported causes of loss. Older apartments in New York sometimes suffer from poorly maintained plumbing or burst pipes in the winter. Renters insurance will cover you for water damage as long as it is not flooding, which is defined by a storm surge and water entering the apartment from outside.

Do you need renters insurance in NYC?

Renters insurance is not required by law. But landlords may require you to purchase insurance in order to sign a lease.

We recommend that you buy renters insurance regardless of whether or not your landlord requires it. Renters insurance offers valuable and cost-effective financial protection against unexpected events that could cost you far more if you were uninsured.

It's not known exactly how many New Yorkers have renters insurance, but chances are that not enough of them do. Statistics show that renters make up the overwhelming majority of New Yorkers. Considering that approximately 63% of tenants nationwide do not have renters insurance, a large share of New Yorkers are likely living without the useful protection the policies offer.

Frequently asked questions

How much is renters insurance in NYC?

Renters in New York City pay around $17 per month for insurance. The best rates come from Lemonade, where a policy costs $10 per month.

Is renters insurance mandatory in NYC?

The city of New York does not require renters to buy insurance, but your landlord might. You should check your lease agreement to make sure you have enough protection to cover you in an accident.

What's the average cost of renters insurance in New York?

The average cost of renters insurance in New York state is $14 per month, which is 21% cheaper than the national average.


We gathered 125 quotes for renters insurance in New York, throughout New York City and New York State. The sample renters insurance policy we gathered quotes for included $30,000 of coverage and $100,000 of liability protection. Renters insurance quotes came from Allstate, Amica, Farmers, Lemonade, Nationwide and Travelers. In making our recommendations for the best insurers in New York, we considered the breadth and quality of coverages available from each insurer, as well as customer service ratings from the National Association of Insurance Commissioners (NAIC) and J.D. Power, in addition to price.

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.