Before we get into which borough has the cheapest renters insurance rates in NYC, we thought we would quickly run through why you need this kind of coverage as a renter.
First, your things are likely worth more than you think. When asked to estimate how much the belongings in their apartment are worth, most people will say a few thousand dollars. According to NY-based Insurance Information Institute, the average renter’s possessions are actually worth more than $20,000.
Second, renters insurance doesn’t just protect your things from theft or fire; it also provides liability coverage — protection up to the coverage limit if you are responsible for damaging someone’s property or injuring them. The average claim for a dog bite is $10,000. If your toilet, tub or sink overflow — or if your window-mounted air conditioning unit leaks — into your neighbor’s apartment, the claim could range anywhere from a couple thousand to tens of thousands of dollars.
Lastly, renters insurance costs much less than you might assume. A basic policy providing around $50,000 worth of protection costs around $300. Ultimately, what you pay will depend on what valuables you need to cover and where you live.
According to a survey conducted by ValuePenguin, the average rate in NYC for a policy with $30,000 in coverage is $282 a year. The average annual rates on borough by borough basis in descending order are:
TSC Direct has been serving New Yorkers since 1986 with renters insurance, as well as homeowners, condo and co-op policies. Wondering how much you’ll pay for renters insurance? We can help!
We’ll help you determine whether or not you need extra coverage for any of your belongings and what the best deductible is for your unique situation.