Best renters insurance companies in New Mexico

State Farm and Farmers are our best renters insurance companies in New Mexico.

Comparing quotes from multiple insurance carriers is one way to ensure you will get your money's worth. There can be big differences in price between different renters insurance providers, so it pays to shop around. Ensure you buy from a company offering affordable renters insurance and consistent customer service.

To simplify your task, we have compared the carriers for New Mexico residents based on their average rates and third-party ratings. Among the carriers surveyed, State Farm is the best renters insurance company in New Mexico. It earned a score of 5 and has an average renters insurance rate of $137.

In addition to rates, we also got scores and rating from sources like the National Association of Insurance Commissioners (NAIC) and AM Best for major insurers in New Mexico. Below is our list of best renters insurance companies in New Mexico based on that analysis, with our score out of five.

CompanyAverage annual premiumAM BestNAICInsurance.com rating
State Farm$137A++0.955.00
Farmers$228A0.544.80
Data updated in 2024
Read our full methodology

Cheapest renters insurance in New Mexico

State Farm is the cheapest renters insurance company in New Mexico based on our rate analysis with an average annual premium of $137.

Renters insurance prices can vary drastically between companies. That's why it is important to compare rates and see which company offers the best deal to get coverage at an affordable price.

Below are the cheapest renters insurance companies in New Mexico and their average annual premiums.

Company nameAverage annual premium
State Farm$137
Farmers$228
USAA$171
Data updated in 2024
Read our full methodology

How much is renters insurance in New Mexico

The average cost of renters insurance in New Mexico is $191 a year, and the average monthly cost is $16. That's for a policy with personal property coverage of $40,000, liability coverage of $100,000, and a deductible of $1,000.

What you pay for renters insurance may differ from your neighbors because it depends on factors specific to each person: the property you want to insure, extra coverage options you add, and the deductible amount you choose.

"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 premiumAverage monthly premium
$191$16
Data updated in 2024
Read our full methodology

New Mexico renters insurance: The most expensive ZIP codes

Where you live in New Mexico affects how much you pay for renters insurance. The most expensive ZIP code in New Mexico for renters insurance is 87116, where the average annual rate is $220 which is $29 more than the state average insurance premium.

The following table lists the most expensive ZIP codes in New Mexico for renters insurance.

ZIP codeAverage annual rate
87116$220
87107$218
87117$217
87121$215
87113$214
87131$213
87123$211
87059$207
87068$205
87034$203
Data updated in 2024
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New Mexico renters insurance: The least expensive ZIP codes

Based on a rate analysis by Insurance.com, the least expensive ZIP code for renters insurance in New Mexico is 87013, and its average annual rate is $179.

Below, you'll find the least expensive ZIP codes for renters insurance, along with their average annual rates.

ZIP codeAverage annual rate
87013$179
87512$182
87037$182
87901$184
87005$185
87544$187
87001$188
88210$191
88113$191
87048$193
Data updated in 2024
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Compare renters insurance rates by city in New Mexico

Renters insurance rates vary significantly across cities, influenced by various factors, including weather patterns, crime rates, and property values. You must consider these factors and compare quotes from different insurers to get the best deal on renters insurance for your specific city in New Mexico.

CityAnnual insurance premium
Alamogordo
$191
Albuquerque
$220
Carlsbad
$194
Farmington
$186
Hobbs
$192
Las Cruces
$191
Rio Rancho
$206
Roswell
$200
Santa Fe
$201
Data updated in 2024
Read our full methodology

Insurance.com compared renters insurance rates provided by Quadrant Data Solutions 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) which provides the best practices for the U.S. insurance industry. These factors were used along with rates to find the best companies overall.

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