Renters Insurance New York

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The average estimated cost of a rental insurance policy in New York was $119 a year in 2013. Renters insurance is less expensive than many people realize: average homeowners insurance is $630 a year in New York.

Comparing Renters and Owners Insurance in 2013 in New York

The landlord's policy is not going to cover renter's damages like burglary of renters possessions. There were 64553 burglaries are reported in New York in 2012. So, to make sure you're protected from these events like fire, burglary or other disaster, you may need renters insurance.

Renters Insurance Coverage Types:

Actual cash value policy:
The Actual cash value policy covers the depreciated value of loss. For example, a Laptop bought for $720 might be worth only $360 in six months, and that is all one is going to get for it.

Replacement Coverage Policy in New York:

  • In that same example, you won't necessarily get what you paid for your Laptop, but you'll get enough to buy another one just like it. Replacement Cost Insurance in New York costs about $29.75 more than the Actual Cash Value policy.
  • Taking into account the median rent in New York as $2750, the average renters insurance of $10 per month is 0.36% of median monthly rent.

Estimated Renters Insurance for Different House Types in New York

House Type Median Rent Estimated Renters Insurance
Single Fam $2,950 $118
Duplex $2,700 $108
Studio $2,200 $88
One Bed $2,550 $102
Two Bed $3,000 $120
Three Bed $3,800 $152
Four Bed $5,200 $208

Deductibles in New York:

An average of $13.09 can be saved on the insurance premium by choosing a $500 deductible over a $250 deductible.