New Mexico Renters Insurance

Finding a renters insurance policy doesn’t need to be confusing. Compare rates from New Mexico by city and carrier below.

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How to find cheap renters insurance in New Mexico


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 car 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.


New Mexico renters insurance:

  1. By company
  2. By city
  3. Renters-and-auto bundling discounts
  4. Frequently asked questions

Renters insurance rates in New Mexico by company

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.


THE MOST AFFORDABLE RENTERS INSURANCE COMPANIES IN NEW MEXICO
Insurance CompanyAverage Annual Rate in New Mexico
State Farm$126
Allstate$136
Safeco$143
USAA$144
Travelers$204

New Mexico renters insurance costs: by city

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.


AFFORDABLE RENTERS INSURANCE CITIES IN NEW MEXICO
CityAverage Annual Renters Insurance Rate
Las Cruces$171
Los Alamos$171
Chaparral$172
Sunland Park$172
Anthony$172

New Mexico renters insurance pricing by coverage tier

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 LevelAverage Annual Renters Insurance Rate in New Mexico
$25K Property$157
$50K Property$212

How to bundle renters and auto insurance 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.


RENTERS AND AUTO INSURANCE BUNDLING DISCOUNTS IN NEW MEXICO
Avg. Yearly Auto Insurance Rate (No Bundle)Avg. Yearly Auto Insurance Rate (Bundle)Annual Bundle SavingsBundle Savings %
$1,352$1,288$645%


A great way to save is to bundle your renters and auto insurance policies. Find a policy today!


Looking for information about renters insurance for a particular city? Check out our breakdown of the biggest cities in New Mexico.

  1. Albuquerque

New Mexico renters insurance FAQs


Is renters insurance required in New Mexico?

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.

How do I find renters insurance in New Mexico?

Shopping for renters insurance is just like shopping for car insurance. Acquire quotes from multiple companies and choose the best option that fits your needs. Many of the big players in the insurance market offer renters insurance, so consider bundling it as an addition to your car insurance policy.



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Kristine Lee LinkedIn

Kristine is a licensed insurance agent and one of The Zebra’s in-house content strategists. With a background in copywriting, she covers the ins and outs of the home and car insurance industries. She has contributed to numerous publications focused on the nuances of insurance, including Automoblog, USInsuranceAgents.com, and BestCompany.com.