Learn more about renters insurance in New Mexico.Get Renters Insurance
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Renters insurance isn't required, but it is important. A renters policy keeps your personal items protected. A renters insurance policy protects items against fire or smoke damage, a wind storm, vandalism or theft and an array of other mishaps.
Unlike auto insurance, renters policies aren’t priced based on state-level laws. Regardless, there are relatively large variations in insurance pricing by state. Renters insurance prices in a given state diverge based on the number and total value of renters insurance claims filed in that particular state, and depend on the value of the belongings being insured.
Getting renters insurance in New Mexico is more expensive than the national average. The average annual cost of renters insurance in New Mexico is $184, $0 more expensive than the average rate across all US states.
The best way to acquire an affordable renters insurance policy in New Mexico is to shop around and compare rates from as many insurers as possible. Find out renters insurance rates in New Mexico by referencing the below tables. Your rates may vary, depending on your coverage details and the value of your belongings.
Rates for renters insurance in New Mexico vary depending on which insurance company you select. State Farm offers the most affordable renters insurance in New Mexico, at just $126 yearly. This beats New Mexico's average cost of $184, providing a 32% price break on average statewide renters insurance costs.
Begin your search for cheap renters insurance by viewing average rates from top New Mexico companies, listed below.
|Insurance Company||Average Annual Rate in New Mexico|
Not all New Mexico cities have the same renters insurance rates. Rates are determined based on on city-specific variables like the number of claims filed in the immediate area, giving your ZIP code weight in deciding how much you pay.
The most affordable renters insurance in New Mexico is found in Las Cruces. A typical renters insurance term in Las Cruces totals just $171 per year — $23 less than the average policy in other New Mexico cities. Reference the below table to see the cheapest cities in New Mexico for renters insurance.
|City||Average Annual Renters Insurance Rate|
Looking for information about renters insurance for a particular city? Check out our breakdown of the biggest cities in New Mexico.
Your renters insurance rates will vary depending on your coverage levels. The most common levels of renters insurance coverage are $25,000 and $50,000 property coverage. In New Mexico, the annual cost difference between these tiers is about $54. If you can afford the up-front expense, it's worth considering.
|Coverage Level||Average Annual Renters Insurance Rate in New Mexico|
If you’re seeking ways to save on your insurance expenditures, consider buying your renters and auto policies from the same insurance company. A renters and car insurance bundle in New Mexico can save you a substantial sum each month on car insurance. In fact, bundling policies in New Mexico may generate a yearly discount of $64.
|Avg. Annual Rate (No Bundle)||Avg. Annual Rate (w/ Bundle)||Annual Savings ($)||Annual Savings (%)|
In New Mexico, renters insurance is not mandated by state law. Instead, landlords and property management companies make it a requirement before you sign a lease.
In New Mexico, renters insurance will replace personal belongings should they be destroyed, lost, or stolen. Most policies will also provide liability coverage, medical payments to others, and will cover temporary housing costs should your home be unihabitable.
The Zebra is not an insurance company. We publish data-backed, expert-reviewed resources to help consumers make more informed insurance decisions.