New York Renters Insurance Guide

Cover your stuff in the Empire State.

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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 NYC 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 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 is renters insurance 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.

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 NY

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: These definitions don’t alter the terms, conditions, exclusions, or limitations of policies issued by Lemonade. They are intended for educational purposes only - they’re not meant to be used in lieu of professional legal or financial advice. We’ll do our best to keep them updated, but they may not always reflect current industry developments. Feel free to use the terms with attribution (friends don’t let friends plagiarize!)
Property and casualty insurance provided by Lemonade Insurance Company, 5 Crosby St., 3rd floor, New York, NY 10013. Life Insurance provided by North American Company for Life and Health Insurance®, Administrative Office, One Sammons Plaza, Sioux Falls, SD 57193.
Lemonade Insurance Agency, LLC (LIA) is acting as the agent of Lemonade Insurance Company and Lemonade Life Insurance Agency, LLC (LLIA) is acting as the agent of North American Company for Life and Health Insurance®. Both LIA and LLIA receive compensation based on the premiums for the insurance policies each sells. Further information is available upon request.
LLIA is a sub-producer of Bestow Agency, LLC. Life insurance quotes are provided by Bestow Agency, LLC dba Bestow Insurance Services in CA, who is the licensed agent. Term Life insurance policies are issued on North American Company for Life and Health Insurance® policy form LS181 and LS182, or state version including all applicable endorsements and riders. Products or issue ages may not be available in all jurisdictions. Limitations or restrictions may apply. Not available in New York. Our application asks about your lifestyle and health; your answers allow us to save you time and avoid offline medical exams.