Having a renters insurance policy is crucial if you fall victim to fire, theft, or if someone is injured on your property. That’s because it helps protects you from legal and medical costs and in most cases, will assist you in recouping your damaged or stolen belongings. Read more about New York renters insurance below.

Average Renters Insurance Cost in New York

In New York—one of the more expensive rental markets in the country—renters insurance is only $211 a year on average. Though that premium is 13% above the national average, a minimum-wage employee would need to work only 24 hours to cover that cost.

New York Rental Insurance Coverage

Imagine how devastating it would be if a fire, burglar, or weather related event damaged or destroyed your belongings and you had to pay for the replacements yourself.

The odds of something bad happening are up there too. In 2012, New York reported 64,533 burglaries. Plus, fires, injuries, and leaks cost renters thousands of dollars every year. If you purchase a policy, you’ll be able to rest assured that the insurance company will help pay to recover damages.

How to Save

There are a few factors that can influence the cost of your premium, such as: where your home is located, value of belongings, and history of claims. Even though renters insurance won’t cost you more than a couple hundred dollars per year, you might be able to lower your premiums even more thanks to New York renters insurance discounts.

  • Multi-Policy: Combine insurance policies to save more money.
  • No Prior Claims: You won’t pay extra if you haven’t ever filed a claim.
  • Safety Devices: Pay less if you install smoke detectors, anti-theft systems, or other safety devices.
  • Higher Deductibles: Lower your renters insurance premium by raising your deductible. Just know that the higher the deductible, the more you’ll have to spend out-of-pocket if you file a claim.

New York Renting Statistics

New York has a relatively large renting population—46%. While the average two-bedroom rental is $1,335 a month, the average cost of renters insurance is only $211 a year. That’s a small price to pay for your protection.  A good renters insurance plan can keep you safe from your own financial disaster.

Get Help From Insurance Experts

Are you ready to hear more about renters insurance in New York? Give an expert a call at 855-462-2213 . Licensed agents are standing by to help you find the best renters insurance premium and policy, starting with a free quote.