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When you rent a house or apartment, your property owner typically has insurance to cover the building’s exterior. But what happens if someone trips and falls into your apartment? The landlord's policy will not cover that. You need renter's insurance for those claims.

Renters insurance coverage can help protect your property from unexpected damage by providing you with low-cost coverage. There are many renters insurance companies in New Mexico, but not all of them are worth your time. We’ve compared the best renters insurance companies based on their average premium cost and customer service rating to make your job easier.

Best renters insurance companies in New Mexico

When it comes to choosing the best renters insurance company in New Mexico, you want to make sure that you are comparing apples to apples. Our experts at have compared quotes, coverage options and J.D Power score from all the major insurers in New Mexico. Below is the list of best renters insurance companies New Mexico:

  • USAA
  • State Farm
  • Allstate
  • Farmers
  • Liberty Mutual

Compare best renters insurance companies in New Mexico

USAA is our top pick for the best renters insurance company in New Mexico. Its average rate for New Mexico residents is $279 a year and earned the highest J.D. Power score (866) among the carriers surveyed. Although, USAA only offers services to military members and their families.

Apart from USAA, your best bet for New Mexico renters insurance can be  State Farm, Allstate, Farmers, Liberty Mutual, and Travelers. All these companies provide the most affordable renters insurance policies and they have earned good scores from J.D. Power.

There are a lot of different options for renters insurance in New Mexico. How do you know which one is the best for you? Compare the average rate and J.D. Power score of the insurance providers mentioned below to find the best renters insurance company for your rented home or apartment.

CompanyJ.D. Power scoreAverage annual rate
State Farm866$223
Liberty Mutual823$905

How much is renters insurance in New Mexico

The average annual premium cost for renters insurance in New Mexico is $338 or $28 a month. The recommended coverage level for renters insurance is $100,000 for liability protection, $40,000 of personal property coverage, with a $1,000 deductible, based on a rate analysis by

Although prices differ depending on your location within the state, coverage limits, and value of your belongings. Make sure you compare price quotes from all the major insurance companies to get a standard renters insurance policy. 

Average annual premiumAverage monthly premium

10 Most expensive zip codes in New Mexico for renters insurance

The renters insurance premium in New Mexico can vary depending on where you live. There are certain areas that are more prone to theft and higher crime rates that lead to higher renters insurance premiums. The most expensive zip code for renters insurance in New Mexico is 87101, its average annual rate is $396.

Below is a list of the 10 most expensive zip codes in New Mexico for renters insurance.

ZIP codeAverage annual rate

10 Least expensive zip codes in New Mexico for renters insurance

We have gathered quotes from major insurance carriers across all the zip codes and found that the least expensive zip code for renters insurance is 88002, its average rate is $299 annually. 

Here are the least expensive zip codes for renters insurance in New Mexico.

ZIP codeAverage annual rate

Cheap renters insurance in New Mexico by carrier

Allstate is the cheapest renters insurance company in New Mexico that provides renters insurance policy at an average of $181 a year, based on's rate analysis. 

There are many carriers in New Mexico that offer cheap renters insurance policies. Some of the best deals can be found by shopping around and comparing rates. The table below shows some of the cheapest renters insurance providers and their average annual premium.

Company nameAverage annual premium
State Farm$213

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