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Laura Berry

Former Insurance Agent

Former Insurance Agent

Joshua Adamson

Joshua is a copywriter at Obrella who for more than 10 years has been creating content about insurance, health care, and more. He helps companies explain complex insurance subjects in simple ways so that customers can make smart buying decisions. He spends way too much time binge-watching Netflix, loves the outdoors and has a cat who tolerates him.

UPDATED: Jul 14, 2021

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Having a renters insurance policy is crucial if you fall victim to fire, theft, or if someone is injured on your property. That’s because it helps protects you from legal and medical costs and in most cases, will assist you in recouping your damaged or stolen belongings.

While many renters aren’t aware they can get coverage or think they don’t need it, renters lose all their belongings every day. If you don’t have renters insurance for your personal property, you may not be able to replace everything. You might be surprised at how quickly the items in your closet add up.

With renters coverage, a renter can be made whole again with property replacement, liability protection, and additional living expenses. These are just a few reasons more renters now get renters insurance quotes and sign up for policies.

Read more about New York renters insurance below.

What Is The Average Renters Insurance Cost in New York?

In New York one of the more expensive rental markets in the country renters insurance is only $211 a year on average. Though that premium is 13% above the national average, a minimum-wage employee would need to work only 24 hours to cover that cost for the entire year.

This is a fraction of even the cheapest homeowners policies. A standard policy covers thousands of dollars in personal property and liability, and extra living expenses and medical expenses as needed. Depending on where you live, some companies also offer deposit protection under certain circumstances.

$211 is the average, but that doesn’t mean that’s what you’ll pay. With quotes and discounts, you can get a competitive rate for exactly what you need.

Do You Need New York Rental Insurance Coverage?

Imagine how devastating it would be if a fire, burglar, or weather related event damaged or destroyed your belongings and you had to pay for the replacements yourself.

The odds of something bad happening are up there too. In 2012, New York reported 64,533 burglaries. Plus, fires, injuries, and leaks cost renters thousands of dollars every year. If you purchase a policy, you’ll be able to rest assured that the insurance company will help pay to recover damages.

How Can You Save with Renters Insurance Companies?

There are a few factors that can influence the cost of your premium, such as: where your home is located, value of belongings, and history of claims. Even though renters insurance won’t cost you more than a couple hundred dollars per year, you might be able to lower your premiums even more thanks to New York renters insurance discounts.

  • Multi-Policy: Combine insurance policies to save more money. You can start by getting a quote with your current auto insurance company. Insurance agents can get you other quotes, or you can get more quotes online starting with your zip code. An insurance agent can also help you explore additional coverage if you need it.
  • No Prior Claims: You won’t pay extra if you haven’t ever filed a claim.
  • Safety Devices: Pay less if you install smoke detectors, anti-theft systems, or other safety devices. Renters may need to discuss options with the property owner, but you can always get renters insurance coverage whether you live in Manhattan, Staten Island, or somewhere else.
  • Higher Deductibles: Lower your renters insurance premium by raising your deductible. Just know that the higher the deductible, the more you’ll have to spend out-of-pocket if you file a claim.

What Are The New York Renting Statistics?

New York has a relatively large renting population 46%. While the average two-bedroom rental is $1,335 a month, the average cost of renters insurance is only $211 a year. That’s a small price to pay for your protection. A good renters insurance plan can keep you safe from your own financial disaster.

How Can You Get Help From Insurance Experts?

Are you ready to hear more about renters insurance in New York? Give an expert a call at [mapi-phone /]. Licensed agents are standing by to help you find the best renters insurance premium and policy, starting with a free quote. You can compare different renters insurance providers and find the plan that makes sense for your needs whether that be the cheapest renters insurance, something with a little extra coverage, or somewhere in between.

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