- What is the average cost of renters insurance in New Mexico?
- Best renters insurance company in New Mexico: State Farm
- Cheapest renters insurance in New Mexico
- New Mexico renters insurance: The least and most expensive ZIP codes
- Renters insurance cost in New Mexico by city
- How to save on renters insurance in New Mexico
- Methodology
- FAQ: New Mexico renters insurance
- Compare New Mexico renters insurance rates with other states
What is the average cost of renters insurance in New Mexico?
The average cost of renters insurance in New Mexico is $191 per year. Rates vary depending on factors like your location, the amount of coverage you choose, your deductible, and your claims history.
"The number one thing that's most important is to get good liability. A renter's policy will default to $100,000 liability," Josiah Hatch, an insurance pro with Bender Hatch Insurance in Boston, said. "It costs next to nothing to go from $100,000 to $500,000. I want to say it's probably 10 bucks a year. It's really cheap to get a lot of extra coverage. I always recommend getting the most liability you can because that's, at its core, what insurance is all about: the worst-case scenario."
| Average annual premium | $191 |
| Average monthly premium | $16 |
Best renters insurance company in New Mexico: State Farm
State Farm ranks as the best renters insurance company in New Mexico, earning a top score among the carriers we surveyed. Its average rate is $137 per year.
Farmers is the second best renters insurance company in New Mexico.
Renters insurance rates vary significantly among providers, so you should compare options before choosing. You should also select a company with a good reputation to ensure it will be there if you have a claim.
To help you find the best renters insurance in New Mexico, we evaluated average rates, NAIC complaints ratio, and AM Best financial ratings. We calculated the total Insurance.com score out of five using these factors.
Here are the best renters insurance companies in New Mexico.
| Company | Average annual premium | AM Best | NAIC | Insurance.com rating |
|---|---|---|---|---|
| State Farm | $137 | A++ | 0.95 | 5 |
| Farmers | $228 | A | 0.54 | 4.8 |
Cheapest renters insurance in New Mexico
Our analysis shows that State Farm is the cheapest renters insurance company in New Mexico, with an average annual premium of $137.
Renters insurance rates can differ greatly between providers, so it's best to compare quotes to find affordable coverage that meets your needs.
Here is the list of the cheapest renters insurance companies in New Mexico along with their average annual premiums.
| Company name | Average annual premium |
|---|---|
| State Farm | $137 |
| Farmers | $228 |
| USAA | $171 |
New Mexico renters insurance: The least and most expensive ZIP codes
Where you live in New Mexico directly affects the cost of your renters insurance. The most expensive ZIP code in New Mexico is 87116, where the average annual premium is $220. This is $29 more than higher than the average rate.
On the other hand, 87013 is the least expensive ZIP code for renters insurance with an average annual premium of $179 a year.
| ZIP code | Average annual rate |
|---|---|
| 87116 | $220 |
| 87107 | $218 |
| 87117 | $217 |
| 87121 | $215 |
| 87113 | $214 |
| 87131 | $213 |
| 87123 | $211 |
| 87059 | $207 |
| 87068 | $205 |
| 87034 | $203 |
| ZIP code | Average annual rate |
|---|---|
| 87013 | $179 |
| 87512 | $182 |
| 87037 | $182 |
| 87901 | $184 |
| 87005 | $185 |
| 87544 | $187 |
| 87001 | $188 |
| 88210 | $191 |
| 88113 | $191 |
| 87048 | $193 |
Renters insurance cost in New Mexico by city
Renters insurance rates vary widely across cities in New Mexico, driven by factors such as weather risks, crime rates, and other factors. To find the best deal in your city, you should consider these factors and compare quotes from multiple insurers before choosing a policy.
City Annual insurance premium
How to save on renters insurance in New Mexico
You can lower the cost of renters insurance in New Mexico in several simple ways without reducing the coverage you need:
- Bundle your policies. Many insurers give a discount when you purchase renters and auto insurance together.
- Increase your deductible. Selecting a higher deductible lowers your monthly or yearly premium, but you should make sure you can afford it.
- Ask about discounts. Many insurance companies offer discounts for having smoke alarms, security systems, or a claims-free history.
- Compare quotes. Since prices vary widely between companies, getting quotes from multiple insurers helps you find the best deal.
- Pay annually. Some insurers provide a small discount if you make yearly payment instead of paying monthly.
Methodology
Insurance.com compared renters insurance rates provided by Quadrant Information Services for $40,000 personal property coverage with a $1,000 deductible and $100,000 liability coverage for all available ZIP codes based on a renter with good credit. To rank the best insurance companies, we gathered AM Best financial stability ratings, where an A++ is the best possible score, and National Association of Insurance Commissioners (NAIC) complaint ratios, which compare the number of complaints a company receives to the anticipated complaint volume based on market share. These factors were used along with rates to find the best companies overall.
FAQ: New Mexico renters insurance
Do I need renters insurance in New Mexico?
Renters insurance isn't required by law, but your landlord may require you to purchase a policy as part of your lease agreement.
How much renters insurance do I need in New Mexico?
You don't need any renters insurance by law, but when buying a policy you should ensure you have enough personal property coverage to cover all of your personal property at replacement cost.
Compare New Mexico renters insurance rates with other states
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