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 neighbours 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 premium	$191
Average monthly premium	$16

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Best renters insurance companies in New Mexico

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

Rates differ widely between renters insurance providers, so it pays to shop around. But rates aren’t the entire picture. It’s also important to choose an insurance company with a good reputation so you know it will be there for you when you need it.

To help you choose the best renters insurance in New Mexico, we reviewed rates and third-party ratings including complaint volume with the National Association of Insurance Commissioners (NAIC) and financial ratings from AM Best.

Among the carriers surveyed, State Farm is the best renters insurance company in New Mexico, with a top score and an average renters insurance rate of $137.

Below is our list of best renters insurance companies in New Mexico based on that analysis, with our score out of five.

Company	Average annual premium	AM Best	NAIC	Insurance.com rating
State Farm	$137	A++	0.95	5
Farmers	$228	A	0.54	4.8

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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 name	Average annual premium
State Farm	$137
Farmers	$228
USAA	$171

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New Mexico renters insurance: The least and 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.

On the other end of the spectrum, the least expensive ZIP code for renters insurance is 87013, with an average annual rate of $179.

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

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Most expensive ZIP code
Least expensive ZIP code

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

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.

City	Annual insurance premium
Alamogordo	$191
Albuquerque	$220
Carlsbad	$194
Farmington	$186
Hobbs	$192
Las Cruces	$191
Rio Rancho	$206
Roswell	$200
Santa Fe	$201

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How to get cheap renters insurance in New Mexico

There are a few things you can do to get cheaper renters insurance in New Mexico:

Shop around. Not every New Mexico renters insurance company offers the same rates or discounts. Shop around for the best price.
Ask about discounts. There are a lot of discounts available on renters insurance; one of the biggest is bundling your home and auto insurance, so ask for an auto quote at the same time.
Chose a higher deductible. Your deductible affects your premiums; higher deductibles mean lower rates. Just ensure you can afford the deductible if you have to pay it.

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.

New Mexico renters insurance: FAQ

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.