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The average cost of renters insurance in New York, NY is $463 per year (for insurance coverage of $40,000 in personal property coverage, $100,000 in liability coverage, and $1000 as deductible) — that’s $110 more than the state average of $353 a year.
It can be higher or lower depending on the coverage options you choose and the amount of liability the policy provides. If you live in a rented apartment or home, you should consider buying renters insurance because it protects your personal belongings from damage caused due to covered peril such as fire or smoke damage, theft, vandalism, and other mishaps.
We did a thorough analysis of renters insurance companies to find the most affordable options for New York renters. Keep reading to find out the cheapest renters insurance companies in New York.
What is the average cost of renters insurance per month in New York?
On average, the cost of renters insurance in New York is $39 a month. It’s $10 more than the state average of $29. Renters in New York pay these rates for the coverage limit of $40,000 personal property coverage, $1,000 deductible and $100,000 liability protection coverage.
The renters insurance rates vary by city depending on your insurance provider and the coverage limits you decide. For example, renters in New York pay $28 per month for personal property coverage of $20,000 and $1,000 deductible. However, if you decide to increase the personal property coverage limit to $40,000, you will pay $11 more for renters insurance.
Now, you’ll have to decide how much coverage you need and how much you can afford. However, it is recommended, if your personal belongings consist of expensive jewelry, furniture, and electronics, you should choose higher coverage limits.
How much is renters insurance in New York by deductible?
The renters insurance cost in New York is $361 per year for a $500 deductible and $20,000 as personal property coverage. A deductible is an amount you agree to pay before your insurance company kicks in. If you increase your deductible limit, your insurance cost will go down. For instance, if the personal property coverage is the same, i.e., $20,000, but you increase your deductible limit from $500 to $1,000, you will pay $22 less every year for insurance.
Below are the renters insurance rates for different personal property coverage and deductible amount.
Deductible
$20,000 personal property
$40,000 personal property
$60,000 personal property
500
$361
$493
$631
1000
$339
$463
$592
Note: The liability protection coverage is $1,000.
Read our guide to know what does renters insurance cover.
Your search for the cheapest renters insurance company ends here.
State Farm offers the cheapest renters insurance in New York at about $165 a year or $14 per month. According to Insure.com data analysis, Allstate ranks second on our list followed by Heritage Insurance Holdings.
Our experts at Insure.com evaluated renters insurance quotes from all the big and small insurance companies in New York and put together a list of the most affordable insurance carriers. Below are the average annual and monthly rates of the cheap renters insurance companies across New York, NY.
Renter insurance provider
Average annual rate
Average per month rate
State Farm
$165
$14
Allstate
$289
$24
Heritage Insurance Holdings
$292
$24
Nationwide
$293
$24
Chubb Ltd
$315
$26
Travelers
$356
$30
NYCM Insurance
$407
$34
USAA
$450
$38
Farmers
$498
$42
American Family
$536
$45
AIG
$1,800
$150
Methodology
Insure.com, with the help of Quadrant Information Services, gathered data for renters insurance rates in New York for $40,000 personal property coverage, $100,000 liability coverage, and a $1000 deductible. The data presented are those with a good credit tier alignment.
The average monthly cost of renters insurance in New York City is $15, according to ValuePenguin. That's 4% more than the average cost in the state of New York. Did you know that the cost of Lemonade
Lemonade
Lemonade is a fully licensed and regulated insurance company, which means that we underwrite, price, and sell policies, as well as handle and pay claims. We're also a public benefit corporation and a certified B-Corp, which means we care about the community and environment, and not just business results.
How much is renters insurance in New York? The average cost of renters insurance in New York is $170 a year, or about $14 a month. That's about 15% higher than the national average of $148 a year. Renters insurance in New York City costs $192 a year, on average.
How Much Does Renters Insurance Cost? Renters insurance costs an average of $157 a year for a policy with $15,000 of personal property coverage. The average cost of renters insurance for a policy with $30,000 is $199 annually, and a $50,000 policy costs an average of $260 a year.
Renters insurance coverage is almost always worth it. It is much more affordable than other policies, including home or auto insurance, and provides valuable financial protection. Even if you can save enough money to cover unexpected loss, renters insurance may be worthwhile.
According to PropertyNest research, the average basic renters insurance in New York State varies depending on your coverage needs. Still, you can expect to pay around $16.33 per month or $180 per year. What is the Average Cost of Basic Renters Insurance in NYC?
Insurance is all about risk, so customers that live in areas with higher risks of claims usually have to pay more for coverage. Some location-based factors that impact renters insurance rates can include: The rate of crimes, especially theft, in your ZIP code.
What does renters insurance cover? Renters insurance covers personal property, personal liability, medical payments and additional living expenses or loss of use, up to the limits of your policy. Learn more about what renters insurance covers and the types of renters insurance coverages.
Renters insurance premiums can rise if you have a bad credit score, while good credit can lower them. Paying off debts can help you establish credit. Location: The cost of renters' insurance varies depending on the crime rate in your locality and proximity to a fire station from where you live.
In most cases, yes, your insurance premiums will increase after filing a renters claim. As it recalculates your premiums in the wake of a claim, your insurance company will generally consider the type, amount and frequency of claims. The more often you file claims, the riskier you are to insure.
Lemonade renters insurance covers property damage caused by accidental fires. You can also purchase a separate fire insurance policy. This would provide you with extra coverage above your standard coverage limit and would also include fires caused by an event that isn't covered in a standard policy, such as a flood.
How much is life insurance? The average cost of life insurance is $26 a month. This is based on data provided by Quotacy for a 40-year-old buying a 20-year, $500,000 term life policy, which is the most common term length and amount sold.
Renters insurance protects your belongings from loss, damage, or destruction following things like burglaries, fires, tornadoes and other covered events. Plus, renters insurance also protects your liability (and your money) if someone is injured at your rental home or apartment.
Costs of homeowners insurance vs. renters insurance. In general, you can expect your renters insurance quote to be less than for homeowners insurance. That's because homeowners insurance includes the building structure itself, which isn't the case for renters insurance policies.
We at the Guides Home Team found that Lemonade stands out as one of the best homeowners insurance companies in the industry for its unique claim-filing process that uses a mobile app with artificial intelligence (AI) technology to process information and make payouts to homeowners seamlessly and hassle-free.
Renters insurance isn't required by New York law, but your landlord or building management company may mandate a renters policy before you can move in. Even if you're not required to carry renters insurance, a renters policy is generally affordable and may cover your belongings against certain perils.
According to the Investopedia article mentioned above, most renters insurance policies cover personal items, living expenses, and liability insurance (typically from $100,000 to $300,000 in damages).
Insurance is all about risk, so customers that live in areas with higher risks of claims usually have to pay more for coverage. Some location-based factors that impact renters insurance rates can include: The rate of crimes, especially theft, in your ZIP code.
Your renter's insurance policy will generally pay to replace any property that is stolen, damaged or destroyed by a covered cause, subject to any policy limits or exclusions.
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