New York renters insurance costs an average of $124 a year. That usually works out to $10 to $12 a month for a policy that covers property damage, personal liability, and some medical payments for injuries that occur in your rental.

With over 19.84 million people living in New York, the Empire State is one of the most populated in the U.S. If you're one of those residents or looking to become one, you might be among the ranks of the many New Yorkers who rent their space.

New York may be known for its high cost of living, but renters insurance there is actually less than the national average. If you’re looking to learn more about renters insurance, from what it covers and how you can build your policy all the way to how to find the best deal, renters, home, and

car insurance

broker app

Jerry

has put together this handy guide.

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What is renters insurance?

Renters insurance

provides coverage in the event of damage, destruction or theft of your belongings. It can also cover personal liability and medical expenses in cases of injuries that occur on the property.

Renters insurance policies often include:

Property coverage (Coverage C): This covers your belongings if they’re damaged or destroyed by one of the events listed on the policy. It can either cover the actual cash value (ACV) of the item, or the replacement cost of the item, which will depend on the kind of policy you select.

Personal liability (Coverage E): In the event that a guest is injured on the rental property, this will cover the amount you are legally required to pay. This can also cover the cost of someone else’s property damage if it occurs in your rental. Keep in mind that an exception to this may be made in the case of injury caused by pets — some policies may cover things like dog bites, but others may exclude them.

Loss of use coverage (Coverage D): If your home becomes unlivable due to damage or destruction caused by a covered event, this part of your policy covers any additional living expenses incurred. That includes hotel rooms, food costs that exceed your usual expenses, and additional car mileage.

Medical payments (Coverage F): If someone is injured in your home, this will pay for any medical expenses.

Deciding the amount of property coverage you need can be done by conducting an inventory of your belongings.

Your landlord may stipulate exactly how much liability protection you need in your lease. Some landlords may require up to $500,000 of liability coverage.

MORE: Will renters insurance pay for a hotel?

What does renters insurance cover?

Your renters insurance only covers expenses caused by events listed on your policy. Be sure to look carefully at your own policy, as these events can vary from state to state. Typically, a renters insurance policy will cover damage from the following:

Fire

Lightning

Theft

Vandalism

Windstorms

Hail

Explosions

Smoke

Frozen plumbing

Mold

Volcanoes

Falling objects

Events covered by your policy may look different depending on where your home is located — they may even depend on what floor you are on. When getting renters insurance in New York, for instance, policies usually cover hurricanes and thunderstorms, but apartments on the ground floor may not be covered for flooding or excessive rain. You may have to purchase separate coverage for those instances.

Does renters insurance cover flood damage?

What does renters insurance not cover?

Here are some objects and occurrences that New York renters insurance does not cover.

Earthquakes and floods: These can be covered by a separate policy, although some insurance companies may offer them as an add-on.

Your roommate: Renters insurance only covers those listed on the policy. It’s recommended that each person living in the home

has their own individual coverage

Work related items: If you run your business out of your home, or even if you just work from home, your specialized work items may require separate coverage.

Valuables and expensive personal property: Collectibles, jewelry, furs, silverware, and some electronics are often not covered by basic policies.

Your car:

Your car is not covered

by your rental insurance, even when parked on your property. That will instead be covered by your car insurance, although you may be able to bundle your auto and renters insurance to make sure both are protected and save on your policies.

Key Takeaway For a low monthly payment, renters insurance covers you financially for property damage and personal liability.

Is renters insurance required in New York?

Renters insurance is not required by law in New York. Your landlord, however, can choose to include it as a term of their specific lease. In that case, you will need to get coverage that meets their minimum requirements.

The cost of renters insurance varies from state to state and year to year, but the average cost remains relatively affordable compared to other kinds of insurance. New York renters insurance costs an average of $10 to $12 a month, or around $124 per year. That’s $35 less than the national average.

That low monthly payment can cover thousands of dollars of property damage or costs due to an injury, making renters insurance a sound investment.

How to build a New York renters insurance policy

To build your New York renters insurance policy, you’ll want to take inventory of your belongings. This is called your personal asset inventory, and it will give you an idea of the amount of coverage you’re going to need. Go through your home and take note of the following for each item:

Quantity

Purchase date

Purchase price

Brand number

Serial number (if available)

Do this for furniture, electronics, art, appliances, and clothes. Make sure to take pictures or videos of the items. These steps will make submitting a claim easier should you need to in the future.

Choose your personal liability limit. Many landlords may ask that your renters insurance include a certain amount of liability insurance (typically $300,000 or $500,000), but if that is not listed your liability limit could be closer to $100,000.

Actual cash value vs. replacement cost

You’ll also need to choose whether your policy will cover actual cash value (ACV), or replacement cost.

The difference in ACV and replacement costs can be big. Say, for instance, that one day your cat decides to hop up on your kitchen shelves and knock your favorite dishes on the floor. A policy that covers ACV will cover the depreciated value of those dishes, while a policy that covers replacement cost will cover the full cost of a new set of dishes.

Keep in mind that a policy that includes replacement cost will cost more, as it covers a higher amount. You’ll want to

choose the coverage that makes the most sense

for your own needs, and the risk level of your area (and your cat).

Key Takeaway Personalize your renters insurance policy with a personal asset inventory and set your liability limit to meet your landlord requirements.

MORE:

What does actual cash value coverage mean on insurance?

How to find cheap renters and car insurance

You can find and purchase cheap renters insurance fairly quickly, but you can save even more if you

bundle your renters and auto insurance

. Bundling can get you an average discount of 5% to 25% on both.

Shopping around for a deal can be time consuming. If you’re in the middle of the moving process and need a little help finding the right auto insurance bundling deal,

Jerry

can help take the work out of it for you. A licensed broker that offers end-to-end support, the Jerry app gathers affordable quotes, helps you switch plans, and will even help you cancel your old policy.

“I was nervous to buy insurance for my first car because I had heard horror stories about the insurance prices in New York. After not even two minutes, I found four quotes from
Jerry
under $125/month. By the end of the night, I was on the road safe and insured!” —Reuben R.

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FAQs

Is renters insurance worth it?

For a relatively low monthly cost, renters insurance helps you replace or repair your property if it is damaged, stolen or destroyed, and can cover expenses related to injuries on the rental property. Even if it is not required by a landlord, many people find it well worth the peace of mind to purchase renters insurance.

What is the average cost of renters insurance in New York?

New York renters insurance costs an average of $10 to $12 a month. Annually, that amounts to around $124 per year, around $35 less than the national average.

You could save 15% or more on renters insurance by bundling

Bundle your renters and auto insurance with Jerry and save!

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