The Renters Insurance NYC: Who Is the Cheapest and How to Get It?

By | June 19, 2019

Insurance NYC – Whether you lately moved into a new studio near Albany’s Main Street or an apartment in Manhattan’s East Village, searching for the best renters insurance NYC is a crucial part for the sake of your new space.

When the renter policy of your landlord is able to help you to protect the property, it actually doesn’t provide coverage to your personal belongings. As a result, you need to find insurance that can cover your own property.

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Insurance NYC

Who Has the Most Affordable Renter Insurance Rate in New York?

Based on a study, it was discovered that New York renters need to pay an average of $175 every year for the renters insurance. Then, when it comes to renters insurance companies in New York, the rate that is offered is actually varied.

State Farm is found to the cheapest one when it comes to the average cost it charges to its customers. The company has an average of $126 rate. Following State Farm, there are Liberty Mutual and Farmers who each of them has an average of $161 and $184.

Moreover, if we consider the top cheapest cities for renters insurance in NY, there will be Oneida, Fulton, Auburn, Elmira and Dunkirk. These cities have an average of renter insurance rate between $158 and $160 only. If you opt for a company that offers cheap rate, you can even get lower insurance too in this city.

How to Get the Best Renter Insurance in New York?

When it comes to renters insurance NYC, there is no doubt that you will find a lot of choices since there are various companies that offer the service. To help you come up with a good strategy when shopping around, here are some factors to consider beside the cost.

1. Personal property coverage

Generally, the biggest mistake you may make when taking renters’ insurance is that you don’t make sure you are truly covered. Ask yourself whether all your stuff covered or not. Most policies usually cover personal property such as furniture, jewelry, silverware, clothing and artwork. Computer equipment is likely to be covered as well.

2. Perils coverage

What perils are covered? Generally, renter insurance will cover your property against fire, theft, explosion, smoke and also water damage caused by overflows or bursting pipes. Perils from wind are usually covered. But, problem that is caused by water which seeps through your wall or roof is not covered. The point is you need to make sure what is included to your policy.

3. Third-party coverage

What happens if there is someone gets hurt in your apartment? You need to think about it too when shopping for a renter insurance. It is possible that your policy includes coverage to any injury that happens to someone inside your studio or apartment. However, you still need to make sure to your insurance carrier about it.

Final Line

That’s all a little about renters insurance NYC. Now, you can start to shop around for your new renters insurance in New York. Make sure that you are not forget to consider some factors mentioned above. Good luck!

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