Fewer New York State residents are taking advantage of cost-effective renters’ insurance, even as premiums in the state decline, the New York Insurance Association reveals.
According to the National Association of Insurance Commissioners, the average renters’ insurance policy premium in New York State decreased from $220 per year in 2006 to $210 per year in 2011. This is still higher than average nationwide premiums, which have remained virtually unchanged over the last decade, averaging approximately $185.
More and more families are renting nationwide for various economic reasons, which has caused apartment vacancy rates to decline at an annualized rate of 2.1% over the past five years, according to an IBISWorld study, boosting the need for renters’ insurance. In the nation’s largest cities, renters outnumber homeowners.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
