New York, to many people the center of the world, needs no introduction. At once home to one of the world’s greatest cities and beautiful countryside (and hardworking people all over), millions rent apartments and live their lives to the fullest in the state. And knowing this, we don’t want people to be set back by circumstances beyond their control, which is why we recommend a renters insurance policy to nearly every New Yorker. It can be effective, it can act as your safety net, and it doesn’t need to break your bank account, as we will show you.
Here are the four cheapest renters insurance providers operating in New York State:
The Four Cheapest Quotes:
For the purposes of this article, we are mainly focusing on New York State, with an honorable mention for New York City later on. We ask that you keep this in mind and also note that your experience and quote might differ greatly from what is listed here depending on your location and life situation.
The number listed next to each provider is the average annual rate for a standard policy.
1) State Farm: $126
The cheapest option for most of New York State and the rest of the country, State Farm has effectively built an empire off of providing basic yet affordable policies to millions of people, and you could be another satisfied customer if that level of coverage is what you’re looking for. Combine that with some additional bundling and discount opportunities, and many New Yorkers will find that their coverage barely makes a mark in their budget.
State Farm doesn’t universally excel though, and unfortunately, the general customer service experience could use a bit of work when compared with its peers. It also either doesn’t provide or provides poor flood and water damage insurance, so people on lower floors or otherwise worried about those eventualities will not find the low price worth the risk.
You can expect the following working with State Farm:
- Fantastic loss-of-use and expensive items plans.
- Competitive electronics and business property coverages, especially for the price.
- Some limited ability to customize your coverages.
2) Liberty Mutual: $161
Whether you’re in the city or the countryside, Liberty Mutual can be the best choice for you if you’re looking for an all-around policy like State Farm would provide, but are also looking for something just a little more robust. Also, an easy company to work with, Liberty Mutual prevents too much thinking about the process by virtue of having few tradeoffs to worry about when it comes to renters insurance.
If you’re only looking for renters insurance, they might be the best, but if you’re looking for multiple policies from one provider or a bundled policy you might want to be cautious, as not all Liberty Mutual policies are created equal. On the same note, they don’t consider all regions equal, and your area might have a much higher average rate.
You can expect the following working with Liberty Mutual:
- Partnerships with many organizations operating in the state, most of which will be able to provide you with a discount to your annual rate.
- Additional coverage options including identity theft, electronics, jewelry, high-value items, and water damage.
- Plenty of additional insurance products, even if they aren’t all perfect.
3) Farmers: $184
The best option for New Yorkers looking for a more friendly and frustration-free experience, Farmers is a company focused on providing customers with more tools to customize their policy (which we will get into below) alongside top-level customer service, proving they respect the initiative and intelligence of their customers.
What they might not have is great default jewelry coverage, or as much respect for your time based on the number of reports of customers being taken by the bureaucracy of the company. You may want to prepare to spend a little extra time working with them.
You can expect the following working with Farmers:
- The ability to customize your policy and levels of certain types of coverage based on your perceived level of risk.
- Similarly, the ability to modify your deductible.
- Customization options for your policy which can allow you to have pet damage protection, better liability coverage, personal article floaters, and identity theft protection.
4) Allstate: $232
Allstate is a bit more expensive than the rest of the options listed here, and it might not be the best choice for everyone, but there are a few major benefits you should know about. First of all, much like State Farm and Liberty Mutual, it’s an easy policy to get and will cover most of the bases for you. Yet furthermore, Allstate has excellent flooding and water damage coverages, great for if you might get caught up in a bad storm or have questionable plumbing.
Yet much like some of its notable competition, Allstate falls into the insurance trap of having a lackluster customer service experience, with customers noting a number of agents or representatives not being up to par. You may also notice a bit of a rate spike depending on your area, and there aren’t as many customizations as most of the competition.
You can expect the following working with Allstate:
- A set of easy-to-use and helpful online tools and services.
- A very competitive auto insurance bundle you can take advantage of.
- The stability of a massive company with a lot of fiscal weight behind it.
A Cheap Option for New York City Renters:
All of the options listed above are still a great choice for New York City (albeit perhaps in a different order when it comes to their annual rate), but we also wanted to mention Lemonade, a very inexpensive choice for the area on average.
1) Lemonade: $108
A company we haven’t seen too much of outside of New York City, Lemonade is something a bit new in the insurance scene and not for everyone, but if you’re in the city and are looking for a rate that can’t be beat, they might be perfect for you. This is especially the case if you don’t have a car in New York City, as Lemonade strictly focuses on homes and apartments.
It should be granted, however, that Lemonade might not have the massive support structure and bevy of options that these larger companies listed above have. You may want to think of Lemonade as being in an entirely different weight class.
You can expect the following working with Lemonade:
- A socially responsible company, Lemonade also donates a large portion of its profits to charity.
- An extremely easy policy and service to use, acquire, and switch over from another provider to.
- Some limited ability to customize your coverage levels.
Of perhaps every state, New York can be the most complicated to get renters insurance in considering the wild card that is New York City as well as the number of companies trying to get a piece of the pie. Yet we ask that you try to consider all of the possibilities as an opportunity and do some of the extra legwork that might be required in order to get the perfect policy for you, your apartment, and your family. We hope that the above information helped you get exactly what you need and you are able to get back to your amazing New York life shortly.