By Sa El Published: January 8, 2021

If you’re renting an apartment in NYC, you probably have questions about renters insurance. 

It’s important to find the best company to protect your belongings at a reasonable price. 

But, insurance can be complicated, and it’s hard to know companies are worth your time and money.

This guide to renters insurance for NYC will highlight the best features of our top picks and answer your questions.

Our #1 Pick

lemonade logo large

Lemonade is our #1 pick overall for renters insurance in New York City. Their application is super fast, their site is easy to navigate, and they have some of the lowest rates.

renters insurance nyc

Find Out Who Made Our Best Renters Insurance In NYC List.

Plus More Details On Each Company, Why You Need Renters Insurance, What Does It Cover, And How To Apply For Coverage.

renters insurance nyc

Find Out Who Made Our Best Renters Insurance In NYC List.

Plus More Details On Each Company, Why You Need Renters Insurance, What Does It Cover, And How To Apply For Coverage.

1. Lemonade

5.0

lemonade logo large

Best overall renters insurance.

A renters insurance policy with Lemonade is affordable, customizable to your unique needs, and brought to you by an innovative company that cares about the community.

Here’s a closer look at why Lemonade is out best overall choice:

  • AI and machine learning keeps prices affordable while offering an outstanding product
  • Options to add on different riders, including coverage for your bike, electronics, and more
  • Discounts for home security systems 
  • A- BBB rating
  • Easy to navigate app makes managing your account simple
  • Unique giveback program allowed them to donate over $600,000 to charities in 2019

2. Farmers

4.0

farmers logo

Best for quick online quotes

No one wants to spend all day filling out forms and making phone calls just to get a few quotes. Farmers Insurance knows you value your time, so they make getting quotes quick and simple.

Here are a few other highlights of a policy with Farmers:

  • You can add on optional riders for replacement costs and identity theft.
  • Bundle renters insurance with your car insurance and pet insurance to get discounts.
  • AM Best rating of B++ (Good) and a BBB rating of A+
  • You’ll only need to spend a few minutes of your time on their website to get your quote.
  • There’s no need to fill out a long form or talk to an agent.

3. Progressive

4.5

progressive logo

Best for discounts and customer service

Getting the best value for your dollar is essential, and Progressive offers an impressive number of ways to save.

Here’s a look at why they make our list:

  • Simple, easy to navigate claims filing process 
  • AM Best rating of A+ (Superior) and BBB rating of A+
  • Add-on optional riders for coverage on earthquakes, sewer and drain backups. 
  • Many discounts available, including military discounts and multi-policy bundles. 

4. Quote Wizard

4.0

quote wizard logo

Best for price comparison

While Quote Wizard isn’t an insurance company itself, it does give you an incredibly simple way to compare renters insurance rates and purchase your policy.

Here’s a look at what we love:

  • Rated A+ by the BBB 
  • Fill out one form to get a range of different quotes from different companies in minutes.
  • Their platform is a marketplace where agents are competing for your business.
  • Quote Wizard is independent of the insurance companies so they aren’t trying to sell you!

5. Liberty Mutual

4.0

liberty mutual logo

Best for Young Tenants

Young tenants face extra challenges in finding affordable renters insurance. Liberty Mutual offers many benefits for younger people looking for a policy.

Here’s a look at why we think they’re excellent:

  • Discounts for buying online, automatic payment, and bundling 
  • Age won’t factor into the qualification for discounts 
  • Customer service reps are always available to help 
  • The user-friendly app makes account management easy and convenient
  • AM Best rating of A (Excellent), BBB rating of A


Is Renters Insurance Required in NYC?

Renters insurance is not required by law in New York City. However, it’s common to find that landlords do require tenants to have a policy in the lease agreement.

Any insurance your landlord has on their property won’t cover your possessions if anything happens, so it’s a good idea to have a policy even if it isn’t required. 

best renters insurance new york city

Does NYC Renters Insurance Cover Floods or Earthquakes?

Renters insurance policies do not cover natural disasters like floods or earthquakes.

However, many insurance companies do offer coverage for natural disasters such as these that you can purchase in addition to your renters insurance policy.

THE SIMPLY INSURANCE WAY

Renters Insurance made easy.

Agents not required.

Get quotes and sign up online without talking to an agent. But, we are here if you need us.

Unbiased, expert advice.

Get unbiased insurance education from licensed experts and also avoid dodgy sales calls.

Coverage in minutes.

You can get renters insurance coverage within minutes of getting your quotes and applying.

What Does New York City Renters Insurance Cover In 2020?

A renters insurance policy in New York City covers three things: your personal property, your personal liability, and the loss of use.

If a named peril (such as a fire) destroys your personal property, your policy will cover it.

For example, if a hailstorm shattered your window and damaged the property that was inside, it would be protected by your policy. Other common named perils include windstorms, vandalism, explosions, and riots.

Your policy will also cover the loss of use.

This feature means that if you cannot use your apartment because of damage from a named peril, your policy will cover the expenses you incur to stay in a hotel. 

It could even include additional expenses like meals and extra transportation costs.

And finally, your policy covers personal liability.

If someone is injured while in your apartment, you are legally liable for that person’s medical expenses. 

Your policy will cover those costs as well as any legal fees that might arise from the situation. 

INSURANCE WHERE YOU LIVE

Renters insurance by state.

How Much Does NYC Renters Insurance Cost in 2020?

The cost of your renters insurance policy will depend on multiple factors, like how much coverage you need, where you live, and your personal history.

On average, a basic renters insurance policy in NYC costs about $14 per month, which is $168 per year.

Many insurance companies like Progressive and Farmers offer discounts that can bring this price down.

How Do I apply for New York City renters insurance? 

To buy NYC renters insurance you should follow the below steps.

View Your Instant Quote

First, you want to click here or any of the above buttons to start the quote process, you won't need any personal information other than the address to get your quotes fast. Once you have your quotes and pick the coverage option that works best for you, it's time to get covered.

Get Your Personal Information Together

You will need your name, address, and Social Security number. The online forms guide you through several questions to learn more about the rental you will be living in and what coverage you need. 

Start Your Online Application

Once you have all of your personal information together, your next step will be to start the application. This will be easy by just following the prompts after you complete your quote. 

Know The Safety Features Of Your Rental 

The application might ask about smoke detectors, sprinkler systems, and deadbolts. The best renters insurance will offer discounts for those features.

Sometimes, the intake form may also ask if you have pets, especially certain dog breeds. Overall the process can take less than five minutes. 

Answer Your Questions Honestly

Be sure to answer every question, truthfully. If you do not, and something happens, the company may deny your claim. Even if they do not deny your claim, you still may be committing fraud. 

Add Any Additional Interest

Some landlords may require you to add them as an additional interest; this will let them know if the policy has lapsed or when you have renewed your policy. Most companies can add this during the application process or immediately afterward.

Print Your Proof Of Insurance

Once your policy has been approved and paid for, simply print out your proof of insurance, and you're covered.

THE SIMPLY INSURANCE WAY

Renters Insurance made easy.

Agents not required.

Get quotes and sign up online without talking to an agent. But, we are here if you need us.

Unbiased, expert advice.

Get unbiased insurance education from licensed experts and also avoid dodgy sales calls.

Coverage in minutes.

You can get renters insurance coverage within minutes of getting your quotes and applying.

Take Action 

Overall, Lemonade is the best renters insurance company in NYC in 2020, with Farmers Insurance and Liberty Mutual strong runner-up contenders.

Lemonade offers an affordable policy with all the modern benefits we’ve come to expect in 2020.

You’ll be able to customize your coverage to fit your needs and manage everything from an innovative, user-friendly app.

Don't waste any time thinking about this, if you need renters insurance, we’ve done the hard work for you. Get your free renters insurance quote today.


Sa El

About the author

Sa El is the Co-Founder of Simply Insurance and a licensed Insurance Agent with over 12 years of experience in the industry.  He specializes in Life & Health Insurance and is certified in Long Term Care Insurance in the state of Georgia. He is also an Official Member of the Forbes Finance Council, a licensed real estate agent in the state of Georgia (License #382602), an entrepreneur, insurance educator, and freelance writer.

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