Renters insurance in New York: Cost, best companies and how to save

What is the average cost of renters insurance in New York?

The average renters insurance cost in New York is $276 per year. Rates vary based on factors such as location, coverage amount, deductible, and claims history.

"The number one thing that's most important is to get good liability. A renter's policy will default to $100,000 liability," Josiah Hatch, an insurance pro with Bender Hatch Insurance in Boston, said. "It costs next to nothing to go from $100,000 to $500,000. I want to say it's probably 10 bucks a year. It's really cheap to get a lot of extra coverage. I always recommend getting the most liability you can because that's, at its core, what insurance is all about: the worst-case scenario."

Average annual premium	$276
Average monthly premium	$23

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Best renters insurance company in New York: Chubb Ltd

Chubb Ltd ranks as the best renters insurance company in New York, earning a top score among the carriers we surveyed. Its average rate is $279 per year.

NYCM Insurance and Travelers are also among the top insurance companies for renters insurance in New York.

Renters insurance rates vary significantly among providers, so you should compare options before choosing. You should also select a company with a good reputation to ensure it will be there if you have a claim.

To help you find the best renters insurance in New York, we evaluated average rates, NAIC complaints ratio, and AM Best financial ratings. We calculated the total Insurance.com score out of five using these factors.

Here are the best renters insurance companies in New York.

Company	Average annual premium	AM Best	NAIC	Insurance.com rating
Chubb Ltd	$279	A++	0.18	5
NYCM Insurance	$174	A	0.21	4.75
Travelers	$159	A++	0.54	4.44
American Family	$250	A	0.37	4.43
Farmers	$302	A	0.54	4.11
State Farm	$125	A++	0.95	3.88
Allstate	$172	A+	0.9	3.82
Nationwide	$222	A+	0.87	3.8
AIG	$1,195	A	0.09	3.73

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Cheapest renters insurance in New York

Our analysis shows that State Farm is the cheapest renters insurance company in New York, with an average annual premium of $125.

Renters insurance rates can differ greatly between providers, so it's best to compare quotes to find affordable coverage that meets your needs.

Here is the list of the cheapest renters insurance companies in New York along with their average annual premiums.

Company name	Average annual premium
State Farm	$125
Travelers	$159
Allstate	$172
NYCM Insurance	$174
Nationwide	$222
American Family	$250
Chubb Ltd	$279
Farmers	$302
AIG	$1,195
USAA	$219

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New York renters insurance: The least and most expensive ZIP codes

Your location in New York directly impacts the cost of renters insurance. The most expensive ZIP code in New York is 11230, with an average annual premium of $452. This amount is $176 more than higher than the state average.

On the other hand, 14466 is the least expensive ZIP code for renters insurance with an average annual premium of $229 a year.

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Most expensive ZIP code
Least expensive ZIP code

ZIP code	Average annual rate
11230	$452
11236	$451
11220	$449
11225	$447
11256	$446
11237	$440
11231	$430
11205	$429
11968	$413
11976	$410

ZIP code	Average annual rate
14466	$229
14520	$230
13207	$257
13210	$257
12453	$258
10915	$263
10919	$263
10910	$267
10541	$273
10560	$275

Renters insurance cost in New York by city

Renters insurance rates vary widely across cities in New York, driven by factors such as weather risks, crime rates, and other factors. To find the best deal in your city, you should consider these factors and compare quotes from multiple insurers before choosing a policy.

City	Annual insurance premium
Albany	$250
Buffalo	$250
Mount Vernon	$312
New Rochelle	$284
New York	$358
Rochester	$242
Schenectady	$247
Syracuse	$260
Utica	$247
Yonkers	$307

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How to save on renters insurance in New York

There are several easy ways to lower the cost of renters insurance in New York without losing necessary coverage:

Bundle your policies. Many insurance companies offer a discount if you buy renters and auto insurance together.
Increase your deductible. Choosing a higher deductible will lower your monthly or yearly premium; just ensure you can afford it.
Ask about discounts. Most providers offer savings for things like smoke alarms, security systems, or being claims-free.
Compare quotes. Prices can vary widely between companies, so getting quotes from multiple insurers can help you find the best deal.
Pay annually. Some insurers offer a small discount if you pay once a year instead of monthly.

Methodology

Insurance.com compared renters insurance rates provided by Quadrant Information Services for $40,000 personal property coverage with a $1,000 deductible and $100,000 liability coverage for all available ZIP codes based on a renter with good credit. To rank the best insurance companies, we gathered AM Best financial stability ratings, where an A++ is the best possible score, and National Association of Insurance Commissioners (NAIC) complaint ratios, which compare the number of complaints a company receives to the anticipated complaint volume based on market share. These factors were used along with rates to find the best companies overall.

FAQ: New York renters insurance

Do I need renters insurance in New York?

You do not legally require renters insurance, but your landlord may require you to carry a policy as part of your lease agreement.

How much renters insurance do I need in New York?

You should make sure your personal property coverage is sufficient to replace all of your belongings at replacement cost; there is no minimum requirement.