Renters Insurance in New York City

Whether you were born a New Yorker or are a recent transplant, getting renters insurance in New York City is a pro move to protect the things you care about.

Let’s get into the basics of renters insurance coverage in New York City, and go through some scenarios of where it could really come in handy.

What does renters insurance cover in New York City?

Let’s break down the components of what your policy covers and your coverage options. Here are the main types of coverage you’ll want to know about:

Personal Property

‘Personal property’ coverage makes sure your personal belongings are protected, whether you’re relaxing at your apartment or off traipsing across Europe. So if your living room furniture is ruined due to water damage from that burst pipe, or your phone is stolen while you’re taking a trip to Berlin, your renters insurance policy has your back.

Loss of Use

What about if disaster strikes? If you can’t stay at your home because of covered losses (like a fire or windstorm), your ‘loss of use’ coverage provides reimbursements for temporary housing and additional living expenses such as food, laundry, hotel parking, and more.

Liability coverage

If someone is injured in your apartment, or anyone on your policy causes damage to someone else’s property or stuff, your insurance company should have things like legal fees and property damage covered.

Medical Protection

Your insurance provider covers medical expenses if your guests get injured at your place, or if you accidentally hurt people outside of your home as well. Note that your renters insurance policy does not cover medical payments if you or your roommates are injured—only non-residents and guests.

Is renters insurance required in New York City?

Renters insurance is not required by law in New York City, but your individual landlord might specifically require it. And if your lease specifies that you need renters insurance, well… that’s that.

Even if it isn’t required, safeguarding your stuff with renters insurance is still arguably a good idea. For example, if a burglar sneaks into your apartment while you’re traveling and steals your valuables, renters insurance can help cover the costs to replace your stolen items. And perils like burglary and theft in New York City might be more common than you’d think. There’s an average of 210 burglaries and 1,368 thefts in New York City per year for every 100,000 residents, according to usa.com* .

The good news is that it’s easy to sign up for a renters insurance policy with Lemonade, and you’ll thank yourself later if your stuff gets stolen or damaged! When signing up for New York renters insurance, your landlord might request they be added as an ‘interested party’ on your policy. This just means they’ll be kept in the loop when you make any changes to your renters insurance coverage —or if you cancel your policy. It’s super easy to add them using the Lemonade app.

How much does renters insurance cost in New York City?

The average monthly cost of renters insurance in New York City is $15, according to ValuePenguin. That’s 4% more than the average cost in the state of New York.

But prices will vary, depending on where in NYC you live. Here’s a breakdown of average renters insurance costs by borough:

Borough	Average cost of renters insurance
The Bronx	$16
Brooklyn	$15
Manhattan	$18
Queens	$12
Staten Island	$16

BTW: Did you know that the cost of Lemonade renters insurance across the US is around $14 a month, with policies starting as little as $5/month? It’s important to keep in mind that your policy price depends on a lot of factors—like where you live, your deductible, and the actual amount of coverage you need.

But the truth is, the best way to get a sense for how much you’ll pay for renters insurance is to build a quote. Click below to get started.

What’s the right amount of renters insurance coverage to get in New York City?

There’s no easy answer to that question, and it depends on how much stuff you have to cover, and what it’s worth. As we discussed above, your policy has a few main categories: Contents (your stuff); Loss of Use (temporary living expenses); and then personal liability and medical bills.

You’re able to set the coverage limits for these categories when you sign up for a Lemonade policy. Lower coverage limits might save you a few bucks on your monthly premiums—but they might also leave you with insufficient coverage when you have to make a claim. You’ll also need to figure out your deductible. It’s a balancing act, and one that requires you to think about your property and lifestyle. Take a few minutes to apply to see your renters insurance quote to get a sense of your insurance options.

Also, if you’ve got valuables that are especially pricey or important—things like engagement rings, fancy cameras, musical instruments, or artworks—you can add ‘scheduled personal property coverage’ for those items. At Lemonade we simply call it ‘Extra Coverage’—here’s a bunch more info about that.

Who needs renters insurance in New York City?

All renters in New York City should get renters insurance, since it offers vital financial protection at a very low cost.

Like we mentioned above, your landlord or property manager may require renters insurance, but there are so many scenarios where you’d be grateful to have your stuff covered in New York City with renters insurance.

You’re a college student

Renters insurance provides college students who live off campus a safety net, ensuring you can focus on your studies without the worry of unexpected financial burdens from things like theft or accidents.

Picture this: You drive down to an off-campus coffee shop for some much needed brain fuel during exams cramming. You park your car and head inside, leaving your laptop and AirPods Max on the passenger seat. While you’re inside waiting for your matcha latte, a thief smashes your passenger window and steals your electronics.

Having car insurance that includes comprehensive coverage covers the broken car window, but you’d need renters insurance to get reimbursed for the things that were stolen from the car.

You’re engaged or married

It’s easy to cover your engagement ring, wedding ring, or just about any piece of jewelry with a renters insurance policy.

At Lemonade, $1,500 worth of jewelry is insured in the base plan for theft. In other words, the total cost of all your jewelry is covered only up to $1,500 if someone comes in to take your stuff. But you’ll likely need more coverage than that to fully protect your new bling.

You can also purchase Extra Coverage (also known as scheduling) to cover just about any damage to your engagement ring—except normal wear and tear—up to its full value. That means that if the ring gets lost, stolen, or damaged, you can get it replaced, without paying a deductible.

To include Extra Coverage for your engagement ring on a Lemonade Renters policy, you’ll just need to submit some simple documentation on the Lemonade app.

If you chip your sparkler on a V5 route at the bouldering gym, or it gets swiped from the gym locker while you’re in the shower, you’ll wish you’d said “I do” to Extra Coverage.

You’re a hobbyist

Renters insurance can help safeguard your stuff when you have a passion or hobby that includes expensive gear or valuable items—like a camera, musical instrument, or art.

Imagine you just bought a GoPro Hero 11 for a leisure scuba diving excursion in the Philippines. A standard renters insurance policy covers your camera against named perils like theft, fire, or vandalism.

But if a Parrot fish gets too friendly with the camera and bites the lenses of your GoPro, leaving it with the crack, you’ll need Extra Coverage to help with the costs to get your cracked camera repaired or replaced.

You’re a diehard cyclist

Bikes are more than just a vehicle, they’re a lifestyle. But have you considered how renters insurance can be a vital ally for your cycling passion?

Picture this: You cover your high-end road bike that you use for daily commutes and weekend adventures and store your bike in your apartment’s shared garage. One morning you head to the garage to get your wheels out for a leisure Saturday ride, only to discover it’s been stolen. Your renters insurance steps in to save the day, helping cover the cost to replace your stolen bike.

If your bike is stolen or vandalized while it’s in your home, garage, or even while you’re out and about, Lemonade renters insurance can help cover the cost of replacement or repair. Meaning you can get back to riding without the heavy burden of an unexpected financial hit.

But what about accidents while you’re cycling? If you accidentally collide with a pedestrian or damage someone’s property with your bike, your policy’s personal liability coverage could cover the other person’s resulting medical or repair bills.

Plus, when you add Extra Coverage for your road bike, your ride will be covered for just about anything except for wear and tear, without a deductible. But it’s best to check your policy for details of what is and isn’t covered.

You’re a pet parent

Your Renters policy’s personal liability coverage could help cover medical expenses of another dog or person related to a dog bite if your dog bites them, as well as additional damages. That’s one of the many reasons why pet parents should get renters insurance.

Renters insurance won’t cover your pets medical expenses though (that’s where pet insurance comes in).

How can I lower the cost of renters insurance in New York City?

Here are a few ways that you can save on your renters insurance payments with Lemonade.

1. Bundle your Lemonade insurance policies

One of the easiest ways to save money on your renters insurance is to bundle it with our car or pet or life insurance.

When you bundle your policies, you’ll be eligible for a Lemonade bundle discount. The more policies you bundle, the more you’ll save.

2. Install security devices

Your home doesn’t need to be ‘smart’ in order to install some devices that will help to lower renters insurance cost. Start with a standard fire alarm and burglar alarm, and you’ve already lowered your risks (for additional tips to secure your home, check out this post). And lowered risks equals lowered premiums. Which equals more lattes?

3. Increase your deductible

Another way to save on your renters insurance payments is to increase your deductible. Your deductible is the amount you’ll need to pay out-of-pocket before your insurance coverage kicks in.

By increasing your deductible, you can lower your monthly premium.

4. Adjust your coverage

Lastly, you can adjust your coverage to fit your needs. The more coverage you have, the higher your premium will be. If you’re looking to save money, consider reducing your coverage to only what you need. Just be sure that you have enough coverage to protect your belongings and liability, and to meet any requirements for coverage that may be laid out in your lease agreement.

Don’t forget: You can always update your coverage limits, whenever and wherever, on the Lemonade app with no brokers or paperwork involved.

Paw-some spots in NYC for pet parents

If you’re living with a pet, there are a few fantastic spots you and your furry companion won’t want to miss:

• Central Park, Manhattan: Central Park is a must-visit for pet parents. With designated off-leash areas like the Central Park Dog Run and plenty of paths to explore, it’s a great place for both dogs and their humans to get some exercise and fresh air.
• Prospect Park, Brooklyn: This Brooklyn gem offers acres of open space for dogs to run and play. The Prospect Park Dog Beach is a favorite among pups who love to splash around, and there are also designated off-leash hours in certain areas for added fun.
• Astoria Park, Queens: Astoria Park boasts stunning views of the East River and the Manhattan skyline, making it a picturesque spot for dog walks. The park features grassy areas, walking paths, and even a dog-friendly waterfront where your pup can dip their paws.
• Carl Schurz Park, Manhattan: Tucked away on the Upper East Side, this park is a peaceful oasis along the East River. It’s known for its dog-friendly amenities, including separate areas for small and large dogs to play off-leash, making it a favorite among local pet parents.
• Fort Greene Park, Brooklyn: This historic park offers a mix of open fields, wooded areas, and scenic paths, providing plenty of space for dogs to explore. The off-leash hours allow pups to socialize and burn off energy, and there are often events like dog-friendly markets or meet-ups for extra fun.

And while cats typically prefer indoor environments, some adventurous felines enjoy exploring on a leash or in a secure cat stroller. Parks like Central Park and Prospect Park have designated areas where leashed pets are allowed, providing a safe space for cats to experience the outdoors under supervision.

Getting to know NYC

Boasting a walkability score of 88, a transit score of 89, and a bike score of 69, according to Walkscore.com, New York is one of the easiest cities to explore in the US—even though it spans five boroughs and is home to well over 8 million people.

Here are five iconic locations you’ll definitely want to visit:

1. Central Park, Manhattan: As a new resident, Central Park offers endless opportunities for exploration and relaxation. You can discover its hidden corners, join community events, and enjoy outdoor activities like jogging, picnicking, or simply unwinding in nature.
2. Brooklyn Bridge, Manhattan/Brooklyn: Walking or biking across the Brooklyn Bridge is not just a tourist activity—it’s a rite of passage for New Yorkers. It’s a great way to soak in breathtaking views while feeling connected to the city’s history and diverse boroughs.
3. Local Neighborhood Hangouts: Get to know your own neighborhood and nearby areas. Explore local cafes, parks, and shops to get a feel for the community spirit and find your favorite spots for coffee, brunch, or an evening stroll.
4. Cultural Institutions and Events: NYC is a cultural hub with museums, galleries, theaters, and events happening year-round. Take advantage of your new surroundings by visiting museums like MoMA or the Met, attending live performances, or exploring art galleries in Chelsea or Williamsburg.
5. The High Line and Other Urban Parks: The High Line is just one example of NYC’s innovative urban spaces. Discover nearby parks like Prospect Park in Brooklyn or Riverside Park on the Upper West Side. These green retreats offer a refreshing escape from city life and are perfect for unwinding or meeting locals.

These experiences will help you settle into NYC life, connect with your new neighborhood, and appreciate the diverse cultural and recreational offerings the city has to offer.

Hidden gems in NYC

Exploring hidden gems can really help you feel like a local in NYC. Here are a few lesser-known spots to discover:

• Snug Harbor Cultural Center and Botanical Garden, Staten Island: This hidden gem offers a peaceful retreat with botanical gardens, art galleries, historical buildings, and scenic waterfront views. It’s a great place to immerse yourself in nature and culture away from the city’s hustle.
• The Cloisters, Manhattan: Tucked away in Fort Tryon Park, The Cloisters is a branch of the Metropolitan Museum of Art dedicated to medieval European art and architecture. Its serene gardens, cloistered walkways, and stunning collection make it a hidden oasis of art and history.
• Socrates Sculpture Park, Queens: Located along the East River in Long Island City, Socrates Sculpture Park features outdoor exhibitions of contemporary art, workshops, performances, and stunning views of the Manhattan skyline. It’s a unique blend of art, nature, and community engagement.
• Green-Wood Cemetery, Brooklyn: While it may seem unconventional, Green-Wood Cemetery is a historic landmark with beautiful architecture, sculptures, and lush landscapes. It’s a peaceful place for contemplative walks, birdwatching, and discovering the stories of notable figures buried there.
• City Island, The Bronx: Escape the urban hustle with a visit to City Island, a quaint seaside community in the Bronx known for its seafood restaurants, marinas, and small-town charm. Explore local shops, enjoy fresh seafood fare, or simply stroll along the waterfront.

These hidden gems offer unique experiences that go beyond the typical tourist attractions, allowing you to uncover the diverse and lesser-known aspects of NYC.

* Averages calculated from 2010 to 2014 stats.

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A few quick words, because we <3 our lawyers: This post is general in nature, and any statement in it doesn’t alter the terms, conditions, exclusions, or limitations of policies issued by Lemonade, which differ according to your state of residence. You’re encouraged to discuss your specific circumstances with your own professional advisors. The purpose of this post is merely to provide you with info and insights you can use to make such discussions more productive! Naturally, all comments by, or references to, third parties represent their own views, and Lemonade assumes no responsibility for them. Coverage and discounts may not be available in all states.