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7 Best Renters Insurance Companies in New York (2022)


Once you’ve found the perfect place to rent in New York, whether in NYC, Albany or another city, the next step is obtaining renters insurance. Even if your landlord has property insurance, it won’t protect your personal belongings. While your landlord’s property insurance covers the building itself, renters insurance covers your personal property from loss or damage following an event such as a burglary or a fire. It also covers you if someone is injured at your rental property.

We at the Home Media reviews team have researched the nation’s top insurance companies to help you find the best renters insurance. Our reviews consider each company’s cost, coverage, customer service and more. Below, we outline the best renters insurance providers in New York.

 


 

Top 7 Renters Insurance Companies in New York of 2022

After in-depth research, we at the Home Media reviews team found the following to be New York’s best renters insurance providers:

According to a 2022 report from the Insurance Information Institute (III), the average cost of renters insurance in New York was $185 per year in 2019, which was slightly higher than the national average of $174.

Renters insurance rates vary based on your location, the square footage of your rental property and other factors. To get your personalized quote, use our free tool below.

Lemonade Renters Insurance

Lemonade is a great renters insurance option for college students, who will appreciate its robust mobile app. Through the app, you can sign up for coverage, manage your account and file claims. Another Lemonade highlight is its Giveback program. After keeping a fixed amount as profit, the company donates any premiums not used to pay claims to the nonprofits its customers select. Lemonade also covers the full replacement cost of stolen, damaged or destroyed belongings rather than the actual cash value (ACV).

Customers who prefer working with agents may find Lemonade’s digital-first approach frustrating. Lemonade is also a relatively young company and does not currently offer car or life insurance in New York.

Pros and Cons of Lemonade Renters Insurance

Here is what renters can expect from Lemonade:

​​+ Pays some claims within seconds

​​+ Donates a portion of unused premiums to charity

​​+ Covers the replacement cost of belongings

Has limited bundling opportunities in New York

Does not have local agents

Discounts

Lemonade offers discounts for renters who bundle with other Lemonade products, pay their premiums annually or install protective devices, such as smoke alarms, security systems and deadbolts.

Endorsements

Lemonade customers in New York can add Extra Coverage and Equipment Breakdown Coverage to their renters policies.

Get your personalized renters insurance quote from Lemonade.

To learn more: Lemonade Renters Insurance review

 


 

Geico Renters Insurance

  • Our rating: 4.73 out of 5
  • AM Best rating: A++*
  • J.D. Power score: NR

Geico is our pick for easy policy management thanks to its 24/7 customer service, long list of add-ons and helpful local agents. Drivers can receive a discount by bundling Geico auto insurance with renters insurance.

Geico does not underwrite its own renters insurance policies, meaning customers cannot file their claims through the Geico app or website. However, Geico makes it easy to file a claim and manage your account by listing contact numbers and helpful links for each of its partners.

Pros and Cons of Geico Renters Insurance

Here is what customers can expect from Geico:

​​+ Has an online calculator to determine coverage amounts

​​+ Provides links and contact info for each renters insurance partner on its website

​​+ Offers the option to bundle with a Geico car insurance policy

Does not underwrite its own renters insurance policies

Does not allow customers to file renters claims through their Geico accounts

*AM Best ratings are accurate as of September 2022.

Discounts

Geico offers multi-policy discounts and discounts for home security systems, sprinklers, smoke alarms and fire extinguishers.

Endorsements

Renters can add identity theft services, disaster coverage and jewelry insurance to their Geico policies.

Get your personalized renters insurance quote from Geico.

 


 

State Farm Renters Insurance

State Farm tends to be one of the cheapest companies for renters insurance. To complement its affordable premiums, State Farm has an extensive network of local agents who can help you customize your insurance coverage. Its website is also packed with helpful resources.

A bundling discount makes renters insurance even more affordable for auto insurance policyholders. In some cases, the savings may cover the entire cost of your renters policy. However, State Farm only offers one other discount for renters: a home alert discount for certain home security devices.

Pros and Cons of State Farm Renters Insurance

Here is what renters can expect from State Farm:

​​+ Has competitive rates and bundling discounts

​​+ Has a large network of local agents

​​+ Provides inflation coverage

Offers fewer discounts than some competitors

Does not have 24/7 customer service

Discounts

State Farm offers bundling and home alert protection discounts.

Endorsements

Renters can add a personal liability umbrella policy, identity restoration, personal article insurance, earthquake damage, additional business property, incidental business liability and pet medical insurance to their State Farm policy.

 


 

Allstate Renters Insurance

Allstate is another top pick for renters insurance in New York. Not only is Allstate a well-established company, but it also offers multiple discounts and policy options to help customers save money.

The biggest downside of Allstate is its limited coverage add-ons. According to J.D. Power, the company has a below-average customer satisfaction rating for renters insurance. However, Allstate does engage a large network of agents, a mobile app that supports claims and an online tool to help renters calculate the value of their belongings.

Pros and Cons of Allstate Renters Insurance

Here is what renters can expect from Allstate:

​​+ Offers customers choice of replacement cost or actual cash value policy

​​+ Provides an autopay discount with an Easy Pay Plan

​​+ Has a mobile app that makes it easy to file and track claims

Offers relatively few coverage add-ons

Has below-average customer satisfaction

Discounts

Allstate offers a multi-policy discount, a discount for customers aged 55 years and older or who are retired, and an Easy Pay Plan to help renters save money on their insurance.

Endorsements

Renters can add scheduled personal property coverage and identity theft restoration to their Allstate policy.

 


 

Progressive Renters Insurance

Progressive is a great choice for anyone looking to bundle their renters insurance with another policy. Drivers who bundle Progressive renters and auto insurance even get a single deductible benefit. If a single incident leads you to file claims on both policies, Progressive will reimburse one of the deductibles.

Keep in mind that Progressive does not underwrite its own renter insurance policies but rather offers policies through third-party providers. As a result, if you need to file a claim, you won’t be able to do it through your Progressive account.

Pros and Cons of Progessive Renters Insurance

Here is what renters can expect from Progressive:

​​+ Has more discounts than many competitors

​​+ Provides 24/7 customer service with live chat, phone and email support

​​+ Offers lots of online tools and resources to renters

Only offers renters insurance through third-party companies

Only allows claims to be filed directly with the third-party insurer

Discounts

Progressive offers multi-policy discounts and discounts for requesting a quote in advance, receiving documents by mail, paying in full, living in a secured or grated community, and having a single deductible for bundled renters and auto insurance policies.

Endorsements

Renters can add water backup, personal injury and scheduled personal property coverage to their Progressive policies.

 


 

Nationwide Renters Insurance

Nationwide stands out for its variety of endorsements — plus standard coverage that exceeds many of its competitors. For instance, a basic renters insurance policy from Nationwide includes coverage for credit cards and damage to additions and improvements you have made to your home.

Optional coverages include Valuables Plus, which provides extra coverage for high-value items, and Brand New Belongings. The latter pays the actual cash value for your belongings up-front, then reimburses you for the difference between that and the replacement cost once you submit a receipt.

Pros and Cons of Nationwide Renters Insurance

Here are some pros and cons of Nationwide renters insurance:

​​+ Includes credit card coverage

​​+ Includes coverage for home additions and alterations

​​+ Has several optional coverage options

Only has agents available during certain hours

Has potentially higher premiums than competitors

Discounts

Nationwide offers multi-policy, protective device and claims-free discounts.

Endorsements

Renters can add Valuables Plus, Brand New Belongings, water backup, theft extension and earthquake/volcano coverage to their Nationwide policy.

 


 

Travelers Renters Insurance

Travelers is the best option for those who want flexible deductible options. The company offers a range of deductible choices, plus several coverage extension options. It is also one of the oldest and most financially stable companies in the insurance industry.

According to J.D. Power’s ratings, Travelers has lower-than-average customer satisfaction. Its rates also tend to be higher than many competitors’ based on quotes we received, so it’s probably not the best option if you’re looking for cheap renters insurance.

Pros and Cons of Travelers Renters Insurance

Here are a few things to know about Travelers:

​​+ Has a wide range of deductibles and coverage options

​​+ Has outstanding financial stability

​​+ Offers housing improvements coverage

Has higher prices than many competitors, based on quotes

Has lower-than-average customer satisfaction, based on J.D. Power score

Discounts

Travelers offers multi-policy, loss-free and protective device discounts.

Endorsements

Renters can add contents replacement cost, additional housing improvements coverage and valuable items insurance to their Travelers policy.

 


 

What Factors Affect Renters Insurance Rates in New York?

Insurance providers use several factors to calculate the risk of underwriting your renters insurance policy. Most companies take into account the following:

  • Location: Insurance is more expensive for renters who live in areas with high crime rates or frequent natural disasters.
  • Building features: The age, condition, safety features and construction of your home can all affect your renters insurance rates.
  • Deductible: A higher deductible means a lower renters insurance premium, and a lower deductible means a higher premium.
  • Coverage limits: The more coverage you need, the higher your rates will be.
  • Credit score: Renters with a high credit score typically receive better rates than those with a low credit score.
  • Claims history: Insurance companies assume that renters who have filed a claim within the last three to five years are more likely to file a claim in the future.

 


 

Common Causes of Renters Insurance Claims in New York

According to Allstate, the most common risks covered by renters insurance include the following:

  • Theft and vandalism: Renters insurance covers stolen or damaged belongings due to malicious actions such as vandalism, riots or theft.
  • Fire and smoke: If your belongings are damaged by fire or smoke, your renters insurance can help you replace them.
  • Water damage: Although renters insurance typically does not cover water damage from floods or water backups, it does cover damage from a faulty water heater, leaks or burst pipes.

 


 

The Bottom Line: Which Renters Insurance Provider in New York Is Best for You?

We recommend Lemonade for its affordable premiums and user-friendly app. Geico offers easy policy management, State Farm features affordable premiums, and Travelers provides flexibility with its deductible options. Since different providers offer different types of coverage, we recommend getting quotes from at least three companies before making your decision.

Get instant quotes from insurers by entering your ZIP code or calling 855-948-5219.

 


 

Methodology: Our System for Ranking the Best Renters Insurance Companies

Through in-depth research of the industry, we determined the following factors and weights to rate each company by:

  • Overall cost: 15/100
  • Add-ons and discount options: 20/100
  • Standard coverage: 17.5/100
  • State availability: 5/100
  • Support availability: 20/100
  • Connectivity: 12.5/100
  • Authority: 10/100

We used these rating factors to determine the best renters insurance companies to help with your decision when looking at policies. After scoring each company out of 100, we converted each rating to a 5-point scale. We routinely monitor and update data on a regular basis to ensure the reviews reflect the most up-to-date information and advice.

AM Best Disclaimer



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