New York Renters Insurance Guide

Cover your stuff in the Empire State.

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renters insurance new york

New York renters insurance

Whether you rent a cozy apartment in Greenpoint, a brownstone on the Upper West Side, or a spacious 2-bedroom in Albany, you’re going to need renters insurance.

Why? Renters insurance protects you against a bunch of all-too-common situations, like your phone getting swiped on the subway, or your apartment catching fire after accidentally leaving your stove on.

What does renters insurance in New York cover?

If you live in New York, you know that summers are scorching, winters are icy, and seasonal storms are the norm. And while crime in New York has decreased, theft is still more common than the national average.

So when it comes to what your Lemonade renters insurance covers, you’ll want to make sure you’re protected against risks that might damage your apartment or stuff:

Loss of Use

If your place becomes uninhabitable due to covered damages, your ‘loss of use’ coverage may help pay for a temporary place to stay and basic living expenses such as food, laundry, parking, etc.

Personal Property

‘Personal property’ covers your stuff both inside and outside your home for theft, fire, vandalism, etc. So if your couch is ruined due to that burst pipe, or your laptop is swiped at a coffee shop, renters insurance has your back.

Situations Covered by Renters Insurance - Lemonade Blog

Liability protection

If your neighbor slips and falls in your apartment, you could be liable. If someone is injured on your property, or anyone on your policy causes damage to someone else’s property or stuff, your insurance company should have you covered.

Medical Protection

If your neighbor needs to go to the hospital because of that slip and fall, your medical payments will kick in. Renters insurance covers you if your guests get injured at your place, or people you may have accidentally hurt outside of your home as well.

As an introverted millennial with phone anxiety, being able to switch my @Lemonade_Inc renters insurance via app in two minutes while standing in line at Starbucks quite literally made my day.

Christina Murphy, New York

How much does renters insurance cost in New York?

When it comes to your renters insurance premium, there’s no one-size-fits-all price. Your friend living in Williamsburg will have a totally different premium than your cousin renting in Buffalo. (Ditto if you’ve decided to leave NYC and head upstate to Kingston, which we consider one of the best cities for young professionals, especially if you’re a creative worker with a remote job.)

On average, renters insurance in New York costs $14.60 per month. Take note that in New York City, the cost of renters insurance is above average, at $23.50/mo, with Brooklyn having the most expensive renters insurance rates (an average of $26.75/mo).

But aside from location, there are tons of other parameters that factor into your renters insurance price. Let’s break them down:

Age of your building

If your apartment building is brand new, you could get a discount on your renters insurance policy! However, old buildings are more likely to have structural issues or problems with the electrical or plumbing systems, which may jack up the price of your insurance a bit.

Protective devices

If you have a fire alarm, for example, you could get a discount on your renters insurance. That’s because they’ll allow you to catch a fire before it damages your stuff.

Amount of insurance

The cost to replace all of your belongings has an impact on the price of your renters insurance policy. So if you have $50,000 worth of personal property (aka, ‘stuff’), your renters insurance policy will probably be a bit pricier than if your stuff is worth $10,000.


The lower your deductible, the higher your homeowners insurance price. So choose a deductible that makes the most sense for your lifestyle.

Insurance Deductible - Lemonade Insurance


If you add expensive jewelry or fine art or tack on water backup coverage to your policy, your price will go up a bit.

Claims history

If you’ve never filed a claim, you’ll probably have a cheaper renters insurance policy than someone who has a history of filing claims.

Your insurer

Different insurance companies offer different rates- depending on their expenses, business model, etc. While the average price of a GEICO policy is $24/mo in NYC, for example, Lemonade offers renters insurance at an average of $9/mo in the concrete jungle.

The average cost of renters insurance in NYC

BoroughAverage cost of renters insurance
The Bronx$17
Staten Island$18

Get a customized renters insurance quote in New York

Getting renters insurance can be time-consuming, confusing, and expensive. But since Lemonade’s insurance is powered by tech, you can get a policy on the Lemonade app in less than 2 mins, at the lowest prices on the market. Zero paperwork, zero hassle.

Plus, if you ever need to file a claim, Lemonade processes them instantly, approving 30% in a mere 3 seconds! Check renters insurance off your to-do list, get a quote.


Please note: Lemonade articles and other editorial content are meant for educational purposes only, and should not be relied upon instead of professional legal, insurance or financial advice. The content of these educational articles does not alter the terms, conditions, exclusions, or limitations of policies issued by Lemonade, which differ according to your state of residence. While we regularly review previously published content to ensure it is accurate and up-to-date, there may be instances in which legal conditions or policy details have changed since publication. Any hypothetical examples used in Lemonade editorial content are purely expositional. Hypothetical examples do not alter or bind Lemonade to any application of your insurance policy to the particular facts and circumstances of any actual claim.