The 5 Best Renters’ Insurance Providers in NYC

Buying insurance is one of the best ways to protect yourself from unexpected and unwanted losses. While we know accidents are usually infrequent, it’s not wise to risk losing your property in the event one should occur.

Renters typically think they would need a homeowner’s insurance policy to cover their belongings or damages. However, that’s incorrect. A homeowner’s insurance policy only covers the property owner/landlord’s property; coverage doesn’t extend to the tenant or their possessions.

Renters should invest in their own insurance coverage and there are dozens of service providers that provide such coverage. You need only to figure out your specific needs and which companies would best accommodate those needs.

Note: Renters are under no legal obligation to get renter’s insurance, it is merely recommended unless required by your landlord.

The Top Renters Insurance Providers in NYC

1. USSA:

USSA’s annual premiums are among the most reasonable in the insurance market. However, coverage is limited to active or former military members and their immediate families.

2. Geico:

The best way to judge a company is to read online reviews about it. If you’ve ever read reviews about Geico, you probably understand why we are recommending it. They are different as they do not sell their policy directly. Instead, they sell other company policies under the title of Geico Insurance Agency. The model is super successful and they receive rave reviews from their clients.

3. State Farm:

State Farm is one of the most affordable renters insurance providers in NYC. They also provide excellent claims processing, which makes them a popular choice among renters in NYC.

4. Allstate:

A close competitor to State Farm is Allstate. They have invested a great deal in customer care, so much so that you receive a dedicated sales agent to help you understand the policy and to customize it according to your requirements. They also provide online support.

5. Liberty Mutual:

Liberty Mutual is popular for its customizable policies. They offer different categories by which you can protect your personal belongings such as furniture, smart devices, jewelry, and expensive ornaments as well.

What’s Covered in a Renter’s Insurance Policy?

Before buying a renter’s insurance policy, get to know what it covers. Some policies don’t cover certain events like flood damage. Besides, if you happen to cause damage yourself, be it intentionally or unintentionally, the damage would not be covered by the policy.

Insurance Policies Typically Cover the Following Events or Types of Damage:

Burglary:

Crime can only be minimized, not erased. And some areas in NYC are at a higher risk for crimes like burglary than others. Most basic renters insurance policies cover property lost due to a burglary.

Fire:

Most of the time, apartment fires occur out of tenant carelessness or forgetfulness. Renters insurance typically covers property damaged due to accidental fire.

Water Damage:

Water damage is a frequent cause of property loss, especially in older apartments. This is a covered event as long as it was not due to weather-induced flooding.

Personal Liability:

Accidents happen all the time. If you happen to damage someone else’s property or unintentionally injure someone, some renter’s insurance policies cover the injured person’s medical expenses and, if needed, legal fees up to a certain amount.

Additional Living Expenses:

In the event, your place becomes uninhabitable due to sustained damage, some rental policies offer relocation reimbursement for hotel expenses incurred during the time you were displaced.

Conclusion

Renters insurance is a must have, no matter how long you plan on staying in your apartment.  Always do your due diligence on insurance providers and select the one that best suits your needs.

Related Article:

Best Homeowner’s Insurance Companies in NYC
Landlord Insurance for Rental Property – Helpful Guide