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Kristine Lee

Insurance Analyst

  • Licensed Insurance Agent — Property and Casualty
  • 4+ years of Experience in the Insurance Industry

Kristine is a licensed insurance agent who joined The Zebra in 2019 as an in-house content researcher and writer. Before joining The Zebra, she was a…

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Renata Balasco

Senior Content Strategist

  • Licensed Insurance Agent — Property and Casualty

Renata joined The Zebra in 2020 as a Customer Experience Agent. Since 2021, she has worked as licensed insurance professional and content strategist.…

How to get affordable 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 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.

Jump to:
  1. Rates by company
  2. Rates by city
  3. Rates by coverage level
  4. Bundling discounts
  5. Frequently asked questions

Renters insurance prices 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.

Insurance Company Average 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.

City Average Annual Renters Insurance Rate
Las Cruces $171
Los Alamos $171
Chaparral $172
Sunland Park $172
Anthony $172

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

  1. Albuquerque


Renters insurance in NM 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 Level Average Annual Renters Insurance Rate in New Mexico
$25K Property $157
$50K Property $212

Tip: bundle auto and renters 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.


Avg. Annual Rate (No Bundle) Avg. Annual Rate (w/ Bundle) Annual Savings ($) Annual Savings (%)
$1,352 $1,288 $64 5%

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.

What does New Mexico renters insurance cover?

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.

Need a Renters Insurance Quote?

About The Zebra

The Zebra is not an insurance company. We publish data-backed, expert-reviewed resources to help consumers make more informed insurance decisions.

  • The Zebra’s insurance content is written and reviewed for accuracy by licensed insurance agents.
  • The Zebra’s insurance editorial content is not subject to review or alteration by insurance companies or partners.
  • The Zebra’s editorial team operates independently of the company’s partnerships and commercialization interests, publishing unbiased information for consumer benefit.
  • The auto insurance rates published on The Zebra’s pages are based on a comprehensive analysis of car insurance pricing data, evaluating more than 83 million insurance rates from across the United States.