The 7 Best Renters Insurance Companies in New York 2022
Once you find the right place to rent in New York, whether in NYC, Albany or any other city, the next step is to get renters insurance. Even if your landlord has property insurance, it will not protect your personal belongings. While your landlord’s property insurance covers the building itself, renters insurance covers loss or damage to your personal property after an event such as theft or fire. This covers you if someone gets injured at your rental property.
At Home Media Review Team we’ve researched the top insurance companies in the country to help you find the best renters insurance. Our reviews consider each company’s cost, coverage, customer service, and more. Below, we outline the best renters insurance providers in New York.
7 Best Renters Insurance Companies in New York 2022
After extensive research, the Home Media Review team found the following to be the best renter insurance companies in New York.
- Lemonade: Our pick for college students
- Geico: Easy policy management
- Nationwide: Offers valuable endorsements
- Travelers: Impressive deductible options
- State Farm: Affordable premiums
- Allstate: Our overall pick
- Progressive: Our pick for bundling
According to the Insurance Information Institute (III) 2022 report, the average cost of renter insurance in New York in 2019 was $185 annually, slightly above the national average of $174.
The renter’s premium rate varies depending on where they live, the size of the rental property, and other factors. Use our free tool below to get a personalized quote.
Lemonade Renters Insurance
Lemonade is a great rental insurance option for college students who appreciate its robust mobile app. Through this app, you can apply for coverage, manage your account and submit claims. Another highlight of Lemonade is the return program. After achieving a certain amount of profit, we will donate unused premiums to pay insurance claims to the non-profit organization of the customer’s choice. Lemonade also covers the cost of full replacement of stolen, damaged or destroyed property, not the actual cash value (ACV).
Customers who prefer to work with agents may find Lemonade’s digital-first approach disappointing. Lemonade is also a relatively young company and does not currently offer auto or life insurance in New York.
Pros and Cons of Lemonade Rental Insurance
What renters can expect from Lemonade:
+ Pay certain claims within seconds
+ Donate a portion of the unused premium
+ Cover the cost of replacing your belongings
– Limited bundling opportunities in New York
– There is no local agent
Geico Renters Insurance
Geico is our choice for easy policy management thanks to its 24/7 customer service, long list of add-ons, and helpful local agents. By doing so, the driver can get a discount.
Geico does not write its own renters insurance policy. This means customers cannot submit claims through her Geico app or her website. However, Geico makes it easy to submit claims and manage your account by listing contact numbers and helpful links for each partner.
Geico Renters Insurance Pros and Cons
Here’s what you can expect from her Geico.
+ We have an online calculator to determine the amount of compensation
+ Website provides links and contact information for each renter insurance partner
+ Provides option to bundle with Geico auto insurance
– does not undertake its own lessee insurance policy
-Do not allow a customer to submit tenant claims through her Geico account
Nationwide Renters Insurance
Nationwide stands out for its standard coverage, which exceeds many of its competitors, in addition to its wide range of recommendations. For example, Nationwide’s basic renter insurance includes credit card coverage and damages for any additions or modifications to your home.
Optional warranties include Valuables Plus, which provides additional coverage on expensive items, and Brand New Belongings. The latter will pay the actual cash value of the property in advance and will refund the difference between it and the replacement cost upon submission of a receipt.
Advantages and disadvantages of nationwide rental insurance
Here are the pros and cons of national rental insurance:
+ Includes credit card coverage
+ Includes coverage for home extensions and alterations
+ There are some optional compensation options
– Agents available only during certain hours
– Potentially higher premiums than competitors
Travelers Renters Insurance
Travelers is a great option for those who want flexible waiver options. The company offers several coverage extension options along with various deductible choices. He is also one of the oldest and most financially stable companies in the insurance industry.
Travelers’ customer satisfaction is below average, according to J.D. Power ratings. Its rates tend to be higher than many of its competitors based on the quotes we receive, so it’s probably not the best option if you’re looking for cheap renter insurance.
Pros and Cons of Travelers Renters Insurance
There are a few things you should know about Travelers.
+ Wide range of deductibles and coverage options
+ Great financial stability
+ Offer Home Improvement Coverage
– Pricing higher than many competitors based on quotes
– Customer satisfaction is below average based on J.D. Power scores
State Farm Renters Insurance
State Farm is one of the cheapest insurance companies for renters. To complement its affordable premiums, State Farm has an extensive network of local agents who can help customize your insurance coverage. Its website is also full of helpful resources.
Bundle discounts make renters insurance even more affordable for auto policyholders. In some cases, the savings cover the full cost of the rental contract. However, the only discount State Farm offers renters is a home alert discount on certain home security devices.
Pros and Cons of State Farm Rental Insurance
Here’s what renters can expect from State Farm:
+ We have competitive rates and bundle discounts
+ Has a large network of local agents
+ Provides inflation compensation
– Offers less discounts than some competitors
– No 24/7 customer service
Allstate Renters Insurance
Allstate is another top pick for insurance for renters in New York. Allstate is not only a well-established company, but also offers multiple discounts and policy options that help customers save money.
Allstate’s biggest drawback is its limited add-on coverage. According to J.D. Power, customer satisfaction with its lessee insurance is below average. However, Allstate utilizes a large network of agents, mobile apps to support billing, and online tools to help renters calculate the value of their property.
Pros and Cons of Allstate Rentals Insurance
Here’s what renters can expect from Allstate:
+ Offer customers a choice of replacement cost or real cash value policy
+ Offer automatic payment discounts with Easy Pay plans
+ Has a mobile app that makes filing and tracking claims easy
– Provides relatively few coverage add-ons
– Below average customer satisfaction
Progressive Renters Insurance
Progressive is ideal for those looking to bundle lessee insurance with another policy. Drivers who bundle progressive renters and car insurance can even get a single deductible benefit. If a single incident results in filing a claim against both policies, Progressive will refund one of the deductibles.
Please note that Progressive does not underwrite its own renters insurance policy, but offers it through a third-party provider, so if you need to file a claim, Progressive does not have it in her account. can’t do
Pros and Cons of Progressive Renters Insurance
Here’s what renters can expect from Progressive:
+ We have more discounts than many competitors
+ 24/7 customer by live chat, phone and email providing his service
+ Provides renters with many online tools and resources
– Provides insurance only to lessees through a third party company
– Only allow claims to be submitted directly to a third party insurance company
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The 7 Best Renters Insurance Companies in New York 2022
(Except for the headline, this story has not been edited by News East India staff and is published from a syndicated feed.)