How much does renter's insurance cost if you're renting a NYC townhouse?

If you're renting a townhouse in New York City, the cost of insurance will be affected by the valuation of your contents and the coverage limits, our experts say. The good news for townhouse renters is that larger square footage doesn't necessarily mean you pay more for coverage. 

"The cost of renters insurance stays pretty much the same whether you're talking about an apartment or a townhouse—even a large house," says Jeff Schneider, president of Gotham Brokerage (a Brick Underground sponsor). A standard renter's insurance policy in NYC is typically up to $300 a year. Schneider says annual premiums vary but are often around $150 to $300 a year for basic insurance with $300,000 or $500,000 of liability coverage. 

One issue you might run into with a townhouse is the landlord may demand more liability coverage than someone renting an apartment. For coverage above $1,000,000, you may need a second "umbrella" policy, which could double the cost. 

Another more obvious factor that will affect your premiums is the valuation of your personal property. A townhouse full of luxury items will be more expensive to insure because there's a higher risk for the carrier if items are expensive, like cameras, jewelry, fine arts, and high-priced furniture. You might be looking at $500 to $800 annually for a home filled with luxury items, says Beatriz Moitinho, an agent with Keller Williams NY. 

Basic coverage includes contents and third-party liability. That means if there's fire or water damage to the interior of the house, your personal property is covered up to a certain limit. Additionally, you'd be covered for what's called loss of use exposure if, for example, you were forced out of the building by a fire or water damage and have to stay in a hotel or eat meals out. 

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