Last verified: November 8, 2026. By Joe Bjorklund · How we check · Report an error
Key Takeaways
- The average New York renters (HO-4) policy cost $174 a year, about $14.50 a month, in the National Association of Insurance Commissioners’ report on 2023 data, published in July 2026; the U.S. average was $173.
- Price rises with the amount of belongings insured: New York policies with $20,000–$24,999 of coverage averaged $164, and $50,000–$59,999 averaged $220 (NAIC).
- A landlord’s insurance does not cover a tenant’s belongings, according to the NYS Department of Financial Services, which estimates a basic policy at about $300 a year for around $50,000 of property.
- Standard renters policies do not cover floods or earthquakes (NYS DFS); a federal flood policy can cover up to $100,000 of a renter’s belongings, but only minimal items in a basement apartment (FEMA).
- At $174 a year, the average New York policy equals less than 1% of a year’s median NYC contract rent of $1,695 a month (NAIC; NYC Rent Guidelines Board).
How much does renters insurance cost in New York?
New York renters paid an average of $174 a year for a standard tenant’s policy (form HO-4) in 2023, according to the National Association of Insurance Commissioners’ homeowners insurance report published in July 2026. That works out to about $14.50 a month, and it is nearly the same as the national average of $173 (NAIC; national figure is total HO-4 premium divided by insured house-years).
The NAIC is the association of state insurance regulators, and its report counts the policies insurers actually wrote, so it reflects a mix of coverage amounts and deductibles; it is statewide, not NYC-only, and it is about three years old by the time it is published. Quotes in 2026 may be higher.
| Policy form | Average premium per year | Per month | Insured house-years |
|---|---|---|---|
| Renters (HO-4), New York | $174 | about $14.50 | 625,767 |
| Renters (HO-4), United States | $173 | about $14.40 | 22,301,933 |
| Condo/co-op unit owner (HO-6), New York | $637 | about $53 | 84,182 |
How does the price change with coverage amount?
The more belongings you insure, the more you pay. In New York, HO-4 policies with $20,000 to $24,999 of personal property coverage averaged $164 a year in 2023, policies with $50,000 to $59,999 averaged $220, and policies with $100,000 to $124,999 averaged $429 (NAIC). The bands don’t rise in a perfectly straight line because each band holds a different mix of insurers, deductibles and locations.
The NYS Department of Financial Services’ consumer guide puts a basic policy at about $300 a year for around $50,000 of property protection, higher than the NAIC’s 2023 average for that band, so treat $220 to $300 as a reasonable range for $50,000 of coverage.
| Personal property coverage | Average premium per year |
|---|---|
| Under $10,000 | $70 |
| $10,000–$14,999 | $101 |
| $15,000–$19,999 | $125 |
| $20,000–$24,999 | $164 |
| $25,000–$29,999 | $165 |
| $30,000–$34,999 | $229 |
| $35,000–$39,999 | $209 |
| $40,000–$49,999 | $263 |
| $50,000–$59,999 | $220 |
| $60,000–$69,999 | $301 |
| $70,000–$79,999 | $365 |
| $80,000–$99,999 | $397 |
| $100,000–$124,999 | $429 |
| $125,000–$199,999 | $565 |
| $200,000 and over | $545 |
What does renters insurance cover in NYC?
A New York renters policy has three main parts, according to the NYS Department of Financial Services: coverage for your belongings, liability coverage if someone is hurt in your home or you damage someone else’s property, and additional living expenses if you must move out while the apartment is repaired. DFS notes that the landlord’s policy covers the building, not the tenant’s possessions.
DFS suggests choosing replacement cost coverage, which pays the full cost of replacing an item, over actual cash value, which pays a depreciated amount, if you own many electronics. It also suggests making a photo or video inventory before buying, asking about discounts for smoke detectors and deadbolts, and considering riders for valuables, sewer and drain backup, or a home business.
| Coverage | What it pays for | Watch for |
|---|---|---|
| Belongings (contents) | Fire, smoke, theft, vandalism, windstorm or hail, lightning, explosion, falling objects, weight of snow or ice, water damage and electrical surges | Jewelry and collectibles have limited coverage |
| Liability | Injuries others suffer in your home, including medical bills and lawsuits; damage you cause to others’ property | Check the limit on the declarations page |
| Additional living expenses | Temporary housing if the apartment is unlivable during repairs | Only when the cause is a covered loss |
| Flood and earthquake | Not covered by a standard renters policy | Federal flood policy covers up to $100,000 of belongings |
Does renters insurance cover floods in NYC?
No. A standard renters policy does not cover flood or earthquake damage, according to NYS DFS. Renters can buy a separate contents-only policy from the National Flood Insurance Program, which covers up to $100,000 of tenant-owned property in units above the lowest elevated floor, according to FEMA.
FEMA’s coverage in a basement or basement apartment is limited to a washer, a dryer, a freezer and the food in it, and items such as jewelry and artwork have a $2,500 special limit. Tenants in ground-floor or basement units in flood-prone parts of the city should weigh that gap before relying on any policy.
Is renters insurance worth it in NYC?
At the NAIC’s New York average of $174 a year, renters insurance costs about $14.50 a month, or less than 1% of a year’s rent at the city’s median contract rent of $1,695 a month (2024 American Community Survey data in the NYC Rent Guidelines Board’s 2026 study). Against new-lease asking rents, the share is smaller still. See NYC move-in costs for the other upfront costs of a new apartment and hidden costs of living in NYC for other easy-to-miss bills.
Frequently Asked Questions
How much is renters insurance in NYC per month?
The average New York renters policy cost $174 a year in 2023, about $14.50 a month, according to the National Association of Insurance Commissioners’ report published in July 2026. The figure is a statewide average across all coverage amounts. The NYS Department of Financial Services estimates a basic policy at about $300 a year for $50,000 of property.
Is renters insurance required in New York City?
New York’s insurance regulator describes renters insurance as something tenants should consider, not a legal requirement. A landlord’s policy does not cover a tenant’s belongings, according to the NYS Department of Financial Services. Leases can include their own insurance terms, so check yours. The average New York policy cost $174 a year in the latest NAIC data.
Does renters insurance cover flooding in NYC?
No. The NYS Department of Financial Services says a standard renters policy does not cover flood or earthquake damage. A separate National Flood Insurance Program contents policy covers up to $100,000 of a renter’s belongings above the lowest floor, but in a basement apartment it covers little beyond a washer, dryer and freezer, according to FEMA.
How much renters insurance coverage do I need?
Enough to replace what you own. The NYS Department of Financial Services suggests a photo or video inventory and adding up replacement costs before you buy. In New York, policies with $20,000 to $24,999 of coverage averaged $164 a year in 2023 and policies with $50,000 to $59,999 averaged $220, according to the NAIC.
How much is condo or co-op insurance in New York?
New York condo and co-op unit owner policies (form HO-6) averaged $637 a year in 2023, according to the National Association of Insurance Commissioners’ report published in July 2026. That is more than three times the $174 average for a New York renters policy in the same report. About 84,000 insured house-years of HO-6 coverage were reported in New York.
Related: NYC move-in costs · Hidden costs of living in NYC · Co-op vs. condo costs · NYC utility bills · How much it costs to live in NYC · NYC cost index
Sources
- National Association of Insurance Commissioners (NAIC), Dwelling Fire, Homeowners Owner-Occupied, and Homeowners Tenant and Condominium/Cooperative Unit Owner’s Insurance Report: Data for 2023 (Table 5, New York and countrywide) (published July 2026)
- NYS Department of Financial Services, Renter’s insurance (consumer guide) (accessed Nov 8, 2026)
- FEMA National Flood Insurance Program, Flood insurance for renters (brochure P-2108) (March 2024)
- NYC Rent Guidelines Board, 2026 Income and Affordability Study (2024 American Community Survey data) (Apr 16, 2026)