You know the drill about both car insurance and health insurance. But when it comes to your apartment’s coverage, you may be wondering, what is renters insurance? Do I really need it? And we get it. If you’re budget-minded, it’s probably not at the top of your to-do list, because it may cost hundreds and hundreds. Or perhaps you think your landlord’s policy will cover your costs if disaster strikes. Well, you may be surprised to learn that these beliefs are not accurate. Here’s what you need to know about renters insurance in NYC to get up to speed.

Brooklyn Rentals on StreetEasy Under $3,000 Article continues below

Brownsville

235 East 94th Street

$2,400 base rent

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1

Crown Heights

1077 Dean Street

$2,300 base rent

Studio |

1

Brighton Beach

3017 Brighton 8th Street

$2,600 base rent

1 |

1

East New York

24 Hinsdale Street

$2,700 base rent

2 |

1

Greenpoint

160 Russell Street

$2,950 base rent

1 |

1

Weeksville

1696 Pacific Street

$2,999 base rent

1 |

1

Prospect Lefferts Gardens

354 Parkside Avenue

$1,800 base rent

Studio |

1

Prospect Park South

29 East 17th Street

$2,416 base rent

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1

Brownsville

997 Clarkson Avenue

$2,795 base rent

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2

Cypress Hills

3059 Fulton Street

$2,350 base rent

2 |

1

East Flatbush

3415 Farragut Road

$2,700 base rent

1 |

1

Prospect Park South

146 East 19th Street

$2,600 base rent

1 |

1

What Is Renters Insurance?

In a nutshell, renters insurance provides coverage for many incidents relating to your belongings and living space. More on that shortly! But here is your most significant need-to-know. “A lot of people mistakenly think their landlord’s insurance will cover all things related to their apartments, but that’s hardly the case,” said Jeff Schneider, president of Gotham Brokerage. “It’s why renters insurance exists.”

Jersey City Rentals Under $3,000 on StreetEasy Article continues below

Historic Downtown

200 Christopher Columbus Drive

$2,300 base rent

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1

Journal Square

86 Vroom Street

$2,300 base rent

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1

Jersey City

212 15th Street

$1,990 base rent

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1

McGinley Square

55 Orchard Street

$3,000 base rent

1 |

1

McGinley Square

55 Orchard Street

$2,950 base rent

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1

Paulus Hook

70 Greene Street

$2,842 base rent

Studio |

1

Jersey City

269 Martin Luther King Drive

$2,600 base rent

3 |

1

Jersey City

269 Martin Luther King Drive

$2,600 base rent

3 |

1

Historic Downtown

280 Luis M Marin Boulevard

$2,200 base rent

Studio |

1

Jersey City

100 Sherman Avenue

$2,300 base rent

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1

Jersey City

1870 Kennedy Boulevard

$1,800 base rent

2 |

1

Paulus Hook

270 Luis M Marin Boulevard

$2,900 base rent

1 |

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What Does Renters Insurance Cover?

Understanding renters insurance hinges on knowing the different types of coverage offered. Depending on the policy, you can expect coverage for loss or damage to personal property for various reasons, from fire to theft. But, here’s a pro tip: Coverage can mean different things. Some policies will cover the depreciated cost for stolen or damaged belongings, while other plans, which typically cost more, will cover an item’s replacement cost.

“Also, a standard renters insurance policy covers personal liability,” says Robert Stevenson, an insurance agent at State Farm. “For instance, if a guest falls down the stairs in your duplex, your policy will cover some of the medical bills. Let’s say your in-unit washer leaked into the downstairs apartment. A policy can cover some of the damage.” Another good thing to know: Personal liability coverage may cover your legal expenses if you’re sued over an incident that occurs in the place you’re renting.

But the insurance coverage goodness doesn’t end there. If your rental gets damaged to the point that it’s uninhabitable, your plan may cover a hotel stay. It can also cover your expensive laptop if it gets stolen at that coffee shop you use as an office.

Even better, “Renters insurance is one of the cheapest types of insurance you can get. On a monthly basis, renters insurance typically costs between $5 and $40.Premiums can be as low as $125 a year, which is approximately 35 cents a day!” adds Stevenson.

If you’re wondering what impacts insurance costs, prices for policies depend on the value of your assets, the type of coverage you choose, and the location of your apartment. To learn more about what a policy covers, take a look at its “named perils.” These are covered incidents, usually including theft, vandalism, fire, and water damage.

What is the most popular type of insurance claim? “What we see most often in New York is water damage from broken pipes and overflows that leak into other apartments and where the policyholder is held responsible for the damage,” says Stevenson.

And here’s a huge heads up: Many policies do not cover natural disasters. So if you’re in a high-flood area, you might want to consider getting flood insurance on top of renters insurance. If you want to find out if you live in a high-risk zone, check out FloodHelp NY’s website.

Manhattan Rentals Under $3,000 on StreetEasy Article continues below

Lenox Hill

329 East 63rd Street

$3,000 base rent

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1

Fulton/Seaport

150 Nassau Street

$1,500 base rent

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1

Noho

27 Bleecker Street

$1,500 base rent

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1

East Harlem

26 East 105th Street

$2,500 base rent

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1

Hell’s Kitchen

413 West 56th Street

$2,550 base rent

Studio |

1

Turtle Bay

225 East 46th Street

$1,500 base rent

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1

Upper East Side

156 East 85th Street

$2,540 base rent

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1

Yorkville

325 East 88th Street

$2,950 base rent

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1

Hell’s Kitchen

814 Tenth Avenue

$3,000 base rent

Studio |

1

Carnegie Hill

161 East 88th Street

$1,750 base rent

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1

Inwood

600 Academy Street

$1,600 base rent

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1

East Harlem

234 East 106th Street

$2,375 base rent

2 |

1

How Much Insurance Coverage Do You Need For a Rental?

An insurance agent will work with you to ensure you have the right amount of coverage you need. But it’s still important to figure out what your belongings are worth.

“The coverage will reimburse you for covered damage, loss, or theft of your possessions up to a certain dollar amount, so you’ll want to make sure you get that amount right,” Stevenson said.

To settle on the right dollar amount, you should perform a home inventory. First, you’ll need to list all of your belongings, when you acquired them, and either the purchase price or the current value. After you total these values, you’ll have an estimated number of what your property is worth. You can also add photos of specific items — such as a computer or an expensive piece of jewelry — to the inventory to help with future insurance claims. It’s a wise move to keep both a digital and a hard copy of your inventory list. 

Queens Rentals Under $3,000 on StreetEasy Article continues below

Oakland Gardens

67-17 Cloverdale Boulevard

$2,698 base rent

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1

Oakland Gardens

224-34 Horace Harding Expressway Sr S

$2,950 base rent

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1

Elmhurst

42-05 Layton Street

$2,300 base rent

1 |

1

Maspeth

58-14 74th Street

$2,300 base rent

1 |

1

Astoria

28-18 42nd Street

$2,399 base rent

1 |

1

Ditmars-Steinway

22-29 41st Street

$2,000 base rent

Studio |

1

Jackson Heights

76-10 34th Avenue

$2,900 base rent

2 |

1

Maspeth

62-17 60th Street

$2,499 base rent

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1

Forest Hills

105-37 65th Avenue

$1,800 base rent

Studio |

1

Woodside

58-07 32nd Avenue

$2,900 base rent

2 |

1

Ditmars-Steinway

18-08 21st Avenue

$2,425 base rent

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1

Ditmars-Steinway

20-22 Crescent Street

$2,750 base rent

2 |

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How Do I Find Renters Insurance?

Most major insurance companies offer renters insurance, so if you have a favorite, be sure to reach out to them. Stevenson suggests working directly with an agent. “The agent will walk you through the different processes, including what to do in the event of a claim.”

Schneider suggests renters should also call around to get quotes to compare their options. “You can look online, but it is not the same as talking to an insurance representative. Most agents are happy to chat on the phone, and there’s no charge for it,” he adds.

So what is the bottom line? At the very least, renters insurance can offer peace of mind, making it better to have than not.

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Whether you’re looking to rent or to buy, find your next NYC apartment on StreetEasy.