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Finding a renters insurance policy doesn’t need to be confusing. Compare rates from New Mexico by city and carrier below.Get a Quote
Renters insurance is a critical — and affordable — form of insurance. It keeps your things safe in the event your rental property suffers damage from a common incident. A renters policy covers items from fire or smoke damage, a wind storm, vandalism, theft, and an array of other misfortunes.Unlike car insurance, renters policies aren’t controlled by state legislation. Even so, there are surprisingly large variations in renters insurance prices by state. Renters prices in US states vary based on the number and value of renters policy claims filed in that particular state, and depend on the value of the belongings being insured.
Renters insurance in New Mexico is more expensive than the US average. The typical annual renters insurance rate in New Mexico is $184, $0 more expensive than the national average.
The easiest way to acquire affordable renters insurance in New Mexico is to compare rates from multiple insurance companies. Learn more about renters insurance costs in New Mexico by referencing the below tables. Individual rates may vary depending on coverage options and the value of the items insured.
Renters insurance rates in New Mexico can vary depending on the insurer you use. State Farm offers the best deal on renters insurance policies in New Mexico — only $126 per year. This compares favorably to the state average price of $184, providing a 32% price cut on the state's average rate.
Start searching for renters insurance by reviewing the cheapest New Mexico companies, listed below.
|Insurance Company||Average Annual Rate in New Mexico|
Renters insurance rates in New Mexico vary by city. Pricing depends on locally specific variables such as the number of claims filed in the immediate area, giving your ZIP code weight in deciding how much you pay.
The cheapest renters insurance in New Mexico is available in Las Cruces. An average renters insurance policy in Las Cruces costs $171 annually — $23 less than the statewide average. The below table shows the best places to live in New Mexico if you’re looking for cheap renters insurance.
|City||Average Annual Renters Insurance Rate|
If you want to save on insurance, consider carrying your renters and auto policies with the same insurance company. Bundling auto and renters insurance in New Mexico can lead to substantial savings on auto insurance. Purchasing bundled policies in New Mexico results in yearly savings of $64.
|Avg. Yearly Auto Insurance Rate (No Bundle)||Avg. 12-Month Auto Insurance Rate (Bundle)||Annual Bundle Savings||Bundle Savings %|
Bundling renters and auto policies is a great way to save. Compare rates today!
Searching for information about renters insurance for a particular city? Take a look at our breakdown of major cities 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.
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.