The Best and Cheapest Renters Insurance in New York (2019)

Find the Cheapest Renters Insurance Quotes in Your Area

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On average, renters insurance in New York City (NYC) costs about $24 per month or $282 annually. The average cost in the rest of New York State is lower, at $15 per month or $175 each year. Whether you live downtown or upstate, the best renters insurance offers 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 Best Renters Insurance Companies in NYC

The two best renters insurance companies in New York City are also the cheapest. Having dug into the coverage details, we recommend Lemonade or State Farm renters insurance policies based on affordability, customer service and ease of use.

State Farm Renters Insurance Review: Best for Customer Satisfaction

While it's slightly more expensive than Lemonade, on average, buying renters insurance with State Farm means your claims will be handled by one of the largest insurers in the country with a quality customer service reputation. State Farm receives one of the best marks for customer satisfaction from J.D. Power's home insurance study, a good proxy for renters insurance, given the similarities of the policies. New Yorkers can get a State Farm renters insurance quote online, but, as with many of the traditional insurers, you'll have to finalize your purchase with an insurance agent.

Lemonade Renters Insurance Review: Best for Instant Coverage and Cheap Prices

Lemonade beats State Farm and other renters insurance companies in terms of pure convenience. You can get a Lemonade quote in less than three minutes, and you can then buy and activate the policy that same day. If you've been procrastinating getting renters insurance, Lemonade may be the answer. The company is young and growing, but shoppers concerned about its sustainability should note that it gets an A rating from Demotech Inc., indicating an exceptional ability to pay customer's claims.

The Cheapest Renters Insurance Options in New York City

Based on our research, Lemonade is the cheapest company for renters insurance in NYC, offering $30,000 in personal property coverage for $9 per month, on average. If you're more comfortable getting a policy from one of the major traditional insurers, State Farm is the next cheapest renters insurance option for about $11 per month. Other major insurers such as Liberty Mutual and Progressive have pricier rates, but shoppers should always get multiple quotes from different insurers, as prices are driven by a variety of factors including your location and the type of building you live in.

Cheap NYC

Find the Cheapest Renters Insurance Quotes in Your Area

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How Renters Insurance Costs Differs by Borough in NYC

As is the case with most expenses, the five boroughs of NYC come with different price tags. We found that renters insurance in Brooklyn has the highest average price for renters insurance, while neighboring Queens has the cheapest. Manhattan, the most densely populated part of the city, has the second most expensive renters insurance, on average.

Borough NYC

But prices ultimately aren't that different—the range between the lowest and highest rates are about $73 per year, and your cost is more likely to be driven by the amount of coverage selected than any other factor. Still, the price of renters insurance should be incorporated into your calculation of housing costs when finding an apartment in NYC.

Do You Need Renters Insurance in NYC?

Having renters insurance isn't a legal requirement to rent in the city, but some landlords will make it a mandatory part of your lease agreement. Either way, the benefits you get from an active renters insurance policy are well worth the relatively low premiums. There are four major areas in which renters insurance offers protection:

  • Personal property coverage: When you buy renters insurance for your New York apartment, personal property coverage will protect you against damage or theft of your things. This feature will reimburse you for a loss to belongings ranging from clothes to furniture, as long as it's the result of a covered peril.
  • Personal liability coverage: This will cover you if you're held legally responsible for injury to other people or their property. Specifically, it will cover the costs of the injury or, if necessary, your legal defenses. For example, if your A.C. unit falls from your second-story window and injures a passerby, liability coverage will help pay for your legal defense if you're sued. Most renters insurance policies start at $100,000 in liability coverage with the option to increase that number for a limited additional cost.
  • Additional living expenses (ALE) coverage: Sometimes referred to as loss-of-use coverage, ALE will cover New Yorkers for costs beyond their normal expenses if their apartment is made uninhabitable by a covered loss. For instance, if a brutal New York winter results in burst pipes in your apartment and you have to stay in a hotel for a few days, your insurance company will reimburse you for the cost of the room. ALE is particularly valuable for tenants in big cities such as New York, where the price of a room in a hotel or Airbnb is higher than most other places.
  • Medical payments coverage: This reimburses you for medical bills if people are hurt on your rented property. The feature is unrelated to legal liability and provides limited coverage—typically a few thousand dollars—for basic medical expenses.

Personal property coverage does not cover everything that happens to your belongings. Specific perils, like floods, are not covered. And damage to your belongings that come as a result of your own negligence, such as water damage resulting from a long-unfixed broken window, also won't be covered. Below we've listed some of the more common perils in New York City for which a renters insurance policy will cover you.


New York City saw over 27,000 building fires last year, according to statistics from the FDNY. In terms of severity of claims, fire and lightning damage are among the most expensive in the property damage world. Luckily, renters insurance policies always cover fire damage, so New York tenants can use it to protect themselves against the risk that a cooking fire (or fire from any other source) damages or destroys their belongings.

Water Leaks

After wind and hail damage—more of a concern for homeowners than renters—water damage is the most common home peril by claim frequency. Apartment dwellers in New York might be subject to water damage due to poorly maintained plumbing or burst pipes in the freezing winter. Renters insurance will cover you for water damage as long as it is not defined as flooding, which is characterized by a storm surge and water coming from outside the apartment. If you want to cover your personal items for flood damage, you'll have to get contents flood insurance.


New York City property crime rates are low compared to some other major cities such as Los Angeles or Chicago, but rates can vary widely depending on where in the city you live. Renters insurance will ensure that you're made whole if your personal property is stolen from your apartment, up to policy limits.

Is Renters Insurance Required in New York City?

Purchasing renters insurance is not required of tenants by law, and you'll only need to purchase a policy if your landlord requires it. However, just because you aren't required to buy renters insurance doesn't mean you shouldn't consider buying it. These policies offer valuable financial protection against sudden and unexpected events, and we think any tenant would be well-served in holding a policy, given its affordable price.

How many renters in New York actually have renters insurance? There are no hard numbers, but probably not enough of them. New York City is a renting town, with statistics from the NYC Department of City Planning showing that over two-thirds of resident units in the city are renter occupied, almost twice the national average. 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.

Cheapest Renters Insurance Companies in New York State

New York State is more than just New York City, and having renters insurance is just as valuable in other parts of the state. We collected quotes for sample residences across 63 cities from State Farm, Allstate, Liberty Mutual and Farmers. Quotes from each company were averaged to find which insurance companies had the cheapest renters insurance rates in New York. The graph below shows the average annual costs to insure our sample residence by company alongside the state average:

Cheap NYC

Top 5 Least Expensive Cities for Renters Insurance in New York

1. Oneida, NY

Residents of Oneida pay an average annual renters insurance rate of $158, which is 10% less than the state average. Based on our study, Oneida ranks as the best city for affordable renters insurance in the state. Among the insurance companies in our study, we found that annual renters insurance costs in Oneida varied by $96.

Oneida is a small city in New York located approximately 32 miles east of Syracuse. The city of Oneida has been designated as a Tree City USA community by the Arbor Day Foundation. The special designation is earned by meeting certain standards that show a commitment to local forestry management.


2. Fulton, NY

The city boasts the second most affordable renters insurance rates in the state. Our research found that the average annual cost for renters insurance in Fulton was $159, which is 9% less than the state average. State Farm offered the most affordable quotes by a margin of $18. Allstate was the only insurance company that quoted annual renters insurance costs of more than $200.

Fulton is a city in New York of just over 10,000 people. The Oswego River runs through the middle of the city from north to south. Recently, the city submitted an application to New York State for grant money in order to revitalize the downtown area. The grant application cited plans to focus development efforts around the Oswego River.


3. Auburn, NY

Auburn is the third best city for cheap renters insurance in the state of New York. On average, residents of Auburn pay $160 per year for their renters insurance, which represents a rate that is $15 less than the state average. State Farm and Liberty Mutual offered renters insurance rates that were within $14 of each other. Similar to other cheap cities for renters insurance, Allstate offered the most expensive quote at an annual cost of $219.

Auburn is located between Syracuse and Rochester. The city is well known as the resting place of Harriet Tubman. In fact, Harriet Tubman purchased a home in the city of Auburn in the mid-1800s. Today, the home is open for visitors to tour.


4. Elmira, NY

Elmira ranks as the fourth most affordable city for renters insurance in New York. The average annual renters insurance rate in the city is $160, which is 8% less than the state average. We recommend comparing quotes from State Farm and Liberty Mutual, as they offered quotes within $13 of each other. Allstate offered the most expensive quote from the insurance companies we sampled at an annual cost of $219, which is $63 greater than the next highest quote offered by Farmers.

The city of Elmira was established in 1864, which makes it over 150 years old. Recently, the city was awarded with a $10 million award to be used on the downtown area. The city plans to use the award to strengthen its retail and housing options. Much like Fulton, Elmira plans to focus revitalization efforts around the river that runs through the city.


5. Dunkirk, NY

Based on our study, Dunkirk is the fifth best city for cheap renters insurance in New York. If you’re looking for cheap renters insurance in Dunkirk, we recommend starting with State Farm, which quoted our sample policy an annual rate of $126. Liberty Mutual and Farmers offered slightly greater rates, but offered quotes within $16 of each other.

Dunkirk is located along the coast of Lake Erie and near the U.S.-Canada border. The city rose to prominence due to it being a stop along frequently traveled railroad tracks. The city’s economy was initially steel based, but today it is mostly known as a tourist destination due to its location alongside Lake Erie.


Top 5 Most Expensive Cities for Renters Insurance in New York State

1. Newburgh, NY

Excluding New York City, Newburgh ranks as the most expensive city in the state for renters insurance. The most affordable renters insurance rate in Newburgh was offered by State Farm at an annual cost of $125. Allstate offered an annual rate of $302, which is more than double the figure that State Farm quoted. Residents pay an average annual cost of $196 for renters insurance.

Newburgh is a small city located 60 miles north of NYC. It's home to just one school district, which operates nine elementary schools, three junior high schools and one high school. Additionally, the city is home to Mount Saint Mary College, a four-year private college.


2. White Plains, NY

White Plains is a city located approximately 30 miles north of Midtown Manhattan and ranks as the second most expensive city for renters insurance in New York State. Based on our research, annual renters insurance quotes in White Plains vary by $135. On average, residents pay $194 per year, which is 11% greater than the state mean. The least affordable insurance company, Allstate, offered a rate of $260. State Farm offered the cheapest rate for our sample policy at an annual cost of $125.

The city is located within driving distance of several major airports, including LaGuardia and Newark. White Plains’ downtown area has recently grown and features more than 3,000 units of residential housing.

White Plains

3. Buffalo, NY

Based on our study, Buffalo ranks as the third most expensive city for renters insurance in the state. On average, Buffalo residents pay $194 per year for renters insurance, which is 11% greater than the state average. Renters insurance rates within Buffalo vary by $137.

Buffalo is the second largest city in New York and is located near the state’s northern border. The city serves as a popular tourist destination due to its proximity to Niagara Falls. The three waterfalls that make up Niagara Falls are responsible for water flow that exceeds 3,000 tons per second. Niagara Falls is approximately a 30-minute drive from downtown Buffalo.


4. Albany, NY

Albany ranks as the fourth most expensive city for renters insurance, with residents paying 11% more for renters insurance compared to the state average. State Farm quoted the least expensive renters insurance rate in Albany at $125 per year, which is $197 less than Allstate’s quote of $322. Based on our study, Allstate is the least affordable insurance company in the city.

Albany is the capital of New York State. The city’s growth in the 1900s is primarily attributed to its ability to become a major transportation center. Its central location made it ideal for manufacturers and business owners alike. Today, Albany is the state’s sixth largest city.


5. Amityville, NY

Amityville ranks as the fifth most expensive city for renters insurance in New York State, with shoppers paying a premium 10% above the state average. Allstate could not provide an online quote for Amityville, but annual rates among the remaining insurers varied widely, from as cheap as $142 per year with State Farm to $265 per year with Farmers.

Most known as the setting of the famous horror novel, Amityville is a suburban village on Long Island with a population of under 10,000.



We studied 64 cities, including New York City, spread out geographically throughout the state of New York. The sample renters insurance policy we gathered quotes for included $30,000 of coverage. Quotes were obtained from State Farm, Farmers, Allstate, Liberty Mutual and Farmers insurance companies for New York State and a broader group of companies for New York City. The rates were then averaged to arrive at a mean for each city. We’ve displayed all cities with the average annual cost of insurance for our benchmark policy and how much each city costs relative to the statewide average.

RankCityAverage Insurance RateCost Compared to Average
5Glens Falls$160-8%
17Le Roy$167-4%
41Little Falls$1761%
48Niagara Falls$1804%
57Orchard Park$19110%
50Port Chester$1814%
49Rye Brook$1814%
54Sag Harbor$1877%
33Saratoga Springs$1730%
55Staten Island$1888%
29West Seneca$173-1%
62White Plains$19412%

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