As an apartment renter in New York City, you'll want to find the best renters insurance company to protect your personal belongings. While your landlord has insurance to cover damage to the building, renters insurance policies are there to protect your personal items and to give you liability protection. They can help with things like replacement cost coverage if your items are damaged or stolen, covering additional living expenses in a covered event, fixing water damage, and more. Not only is this a very useful type of personal property coverage, but a lot of landlords and property management agencies also require it.

Renters insurance coverage in NYC is generally affordable, costing an average of about $14 for the best companies. It's also typically easy to get a policy since most companies allow you to buy a policy online after answering a few questions about you and your apartment. There are many different types of coverage and renters insurance providers, so it is important to decide if you need standard coverage or something more. You should also consider your renter's insurance premiums. Talking with an insurance agent and reading over renters' insurance reviews can help you decide what is best for you.

It is important to know as much as you can about your renter's insurance company before taking out a policy with them. Talking to a local, experienced insurance agent can help answer any questions you may have. Some questions to consider asking include, "What is the average cost for your renter's insurance coverage?" "Does my policy cover things such as water damage and bodily injury?" and "What are my coverage options and my coverage limit?"

To help you in your search for renters insurance policies in New York City, you can find the best renters insurance companies in New York along with rates for six of those top 10 companies.

On this page you’ll find:

• Best renters insurance companies in NYC
• Average renters insurance rates in NYC
• Average rent cost in NYC

What are your coverage options on a renters insurance policy?

Just like any other policy, you can usually customize your renters insurance coverage to get exactly what you need. Most standard renters policies contain some form of the following types of coverage:

• Personal property coverage – This coverage pays the replacement cost for the personal items you keep in your apartment should they be damaged or destroyed.

• Liability coverage – Liability insurance pays for medical expenses if someone is injured in your apartment.

• Loss of use coverage – Loss of use pays for your hotel and food expenditures when you are unable to stay in your apartment because of damages. This may also be called additional living expenses coverage.

Beyond these basic coverage options, you may also be able to purchase identity theft protection, guest medical coverage, and more additional coverage.

If you keep valuable items, like jewelry or sports equipment, in your apartment, you may also wish to raise your personal property coverage limits.

People who live in high-risk areas prone to flood or earthquake damage may need to purchase a special rider on their policy for those perils to be covered.

Extra coverage and riders will usually raise your renters insurance premium, but it's important to have all the protection you need.

What are the best renters insurance companies in NYC?

The top 10 renters insurance companies in New York City are listed in the table below. The rankings were determined by customer reviews submitted to Clearsurance as of October 2019. Customers who review each company rate them on a number of factors, including their overall rating of the company, its customer service, as well as their likelihood to renew and recommend the company to a friend. In order to qualify for this list, companies needed at least 25 renters insurance reviews and to sell renters insurance in New York. Below the table, you can see information about each company for a renters insurance NYC comparison.

*USAA insurance is only available to active and former military members and their families

1. Lemonade (Lemonade profile)

Lemonade is rated as the best renters insurance company in NYC. This modern renters insurance company allows you to get a quote for a policy online in just minutes. Lemonade handles its claims process through its mobile app with assistance from artificial intelligence. With a high rating of 4.78 out of 5, Lemonade is the number one rated renter's insurance company in New York City-based on renters insurance rankings.

2. USAA (USAA profile)

USAA is the number 2 choice for renters insurance in NYC according to ratings submitted by customers. However, insurance coverage from USAA is only available to active or former military members and their families. USAA earned a score of 4.77 out of 5 stars.

3. Geico (Geico profile)

According to reviews from policyholders, GEICO earned the 3rd spot on the list of best renters insurance in NYC. GEICO is different from all other companies on this list because it doesn't actually sell GEICO policies, but instead sells policies through other licensed companies through the GEICO Insurance Agency. GEICO is a popular choice for apartment insurance in NYC, according to consumer feedback.

4. State Farm (State Farm profile)

State Farm is 4th on the ranking of best NYC renters insurance companies. As one of the cheapest and highest-rated renters insurance companies in New York, it's one of the best options for people renting an apartment in the city.

5. Allstate (Allstate profile)

Another great option for NYC renters insurance is Allstate. When you purchase an Allstate renters insurance policy, which you can do online, you'll have access to a local agent to help you with your insurance needs.

6. Farmers (Farmers profile)

Farmers is a popular renters insurance choice with a rating of 4.12 out of 5. If you purchase a policy for your New York City apartment, you can even earn discounts if you have multiple Farmers' policies (such as car, life, or umbrella along with renters), if you don't smoke, and if you have a security system or fire alarm.

7. Liberty Mutual (Liberty Mutual profile)

Ranked number 7 on the list of best renters insurance companies in New York City, Liberty Mutual is a good option to protect your personal items while renting an apartment in the city. A Liberty Mutual policy is customizable with the ability to add coverages including identity theft, computer and smartphone, and blanket jewelry coverage.

8. Travelers (Travelers profile)

Another highly-rated renter insurance company for apartment renters in the Big Apple is Travelers. Travelers has a score of 4.03 out of 5. A renters insurance policy with Travelers is a great way for New Yorkers to protect their personal belongings and also receive liability protection.

9. Nationwide (Nationwide profile)

Nationwide earned the 9th rank of the best renters insurance companies in NYC. Nationwide has unique policy features, including Valuables Plus insurance to cover high-value items like jewelry or fine art if they're damaged or destroyed by a covered peril. Replacement cost coverage typically has limits for high-value items so this is a great way to get what you need to be covered.

10. Assurant (Assurant profile)

No. 10 on our list of best renters insurance companies for New York City is Assurant. You can purchase an Assurant policy on its website in just a few minutes. Assurant earned a score of 3.79 out of 5.

How much does renters insurance cost in New York City?

The average cost of renters insurance in NYC among the highest-rated renters insurance companies in New York is about $14. The price of a renters insurance policy for an apartment in the city varies greatly by company. Lemonade offers the cheapest renters insurance with a price of about $7.17 per month. In the table below, you can see renters insurance quotes for an apartment in New York City from seven of the ten highest-rated companies.

To retrieve these quotes, we used a profile of a 25-year-old single male renting an apartment in NYC with no roommates or pets with a policy beginning in May 2019. The policies include $20,000 in personal property coverage ($30,000 for Travelers because that is the minimum required by the company), $100,000 in personal liability and $1,000 in medical payments to others. The policies have a $500 deductible. Your rates may vary depending on your characteristics and coverage. We were unable to retrieve quotes from USAA, Nationwide and Liberty Mutual.

*Geico sells renters insurance through other licensed insurance companies. The Geico quote listed is for coverage from Assurant Group.

The best way to find cheap renters insurance in NYC is to get quotes from multiple renters insurance companies. Compare the policy offerings and prices to find the one that is best for you.

Keep in mind that there are many other factors that also affect the cost of NYC renters insurance, including specifics about your apartment and the building, the location of your apartment, the value of your personal belongings, and more. Renters insurance in Brooklyn likely costs different than renters insurance in Manhattan or any of the other boroughs.

How much does rent cost in New York City?

The average cost of rent in New York City is pricey, but it varies by area in the city. NYC, the most populous city in the United States, consists of five boroughs: The Bronx, Manhattan, Brooklyn, Queens, and Staten Island.

Staten Island is the most affordable area of NYC to live in with an average rent cost of $1,467 per month. The most expensive area to rent an apartment in is Manhattan with an average rent cost of $4,272 per month. As for the other boroughs, the average monthly rent cost is $1,708 in the Bronx, $2,586 in Queens and $2,940 in Brooklyn.

Renters insurance is a good investment to consider when renting an apartment in NYC as it can help you recover from an unexpected loss, such as if your items were destroyed in a fire, or stolen or damaged in a break-in. For about the cost of a pizza each month, you can get yourself that protection. To see the most up-to-date list of the best renters insurance companies in New York City, you can view our best New York renters insurance page.

How can you save money on your renters insurance?

If you bundle your auto insurance policy with a homeowners insurance policy or renters policy with the same company, you will usually receive a multi-policy discount (this might also be available for bundling any additional policies, such as a life insurance policy or boat insurance policy). Some companies also offer discounts for safety devices in your apartment, such as smoke detectors or burglar alarms, or for setting up automatic payments.

Additional insurance discounts may be available, so make sure to ask renters insurance providers about your options when you're shopping around for quotes. If you're looking for the most affordable rate, get renters insurance quotes from at least three companies before making a decision.

You can get online quotes from multiple companies easily by entering your ZIP code in the box below.

What's the bottom line?: Best Renters Insurance in NYC

• Lemonade: Best renters insurance in NYC
• USAA: Best renters insurance for military members in NYC
• Lemonade: Cheapest renters insurance rates in NYC

Image source: turtix/ shutterstock.com

It is important to know all that you can before taking out a renters insurance policy. Learn about the insurance company and the protection that their policies offer before making a final decision. Know and understand your policy limits and ask about what additional coverages you can add to your protection.

While we all want the most affordable renters’ insurance, it is important not to sacrifice the quality of your protection just to save some money. Talk to a local insurance agent about what insurance company is right for you, and what coverages they offer.

The content on this site is offered only as a public service to the web community and does not constitute solicitation or provision of legal advice. This site should not be used as a substitute for obtaining legal advice from an insurance company or an attorney licensed or authorized to practice in your jurisdiction. You should always consult a suitably qualified attorney regarding any specific legal problem or matter. The comments and opinions expressed on this site are of the individual author and may not reflect the opinions of the insurance company or any individual attorney.