Best and Cheapest Renters Insurance in New Mexico (September 2024)

State Farm is the best and cheapest for $20K in personal property coverage, with an average annual premium of $101 and a MoneyGeek score of 90 out of 100.

The best for you will depend on your needs. For instance, USAA is best for veterans with a premium of $123, and State Farm stands out for those with poor credit with a $158 premium.

State Farm is the best renters insurance provider in New Mexico with a MoneyGeek score of 90 out of 100 and an annual premium of $101 for $20K in personal property coverage. The top provider can typically balance both cost and customer service effectively. The following providers are the two best renters insurance providers in New Mexico for the same policy:

• State Farm: MoneyGeek score of 90 out of 100 ($101 per year)
• Farmers: MoneyGeek score of 53 out of 100 ($152 per year)

State Farm has perfectly balanced customer satisfaction and affordability. However, the best option for you will still depend on your individual needs.

State Farm offers the cheapest renters insurance in New Mexico, with an annual premium of $101 for $20K in personal property coverage and a $1,000 deductible. The two cheapest providers are:

• State Farm: $101 per year
• Farmers: $152 per year

Cheap renters insurance policies often have low personal property coverage limits. Personal property coverage helps protect your personal belongings, like furniture and electronics, in case they are damaged or stolen. Higher coverage limits can increase your monthly costs but provide better protection for your belongings.

A high deductible can help you lower costs. For a $20,000 personal property coverage in New Mexico with a $2,000 deductible, State Farm offers the cheapest option with an annual premium of $101. A deductible is the amount you pay out of pocket before insurance kicks in. For the same coverage with a $2,000 deductible, the following providers are the top two cheapest:

• State Farm: $101 per year
• Farmers: $150 per year

A deductible is the amount paid out of pocket before your insurance benefits start. Higher deductibles can lower your premiums. See how rates change using the table provided below.

State Farm is the best renters insurance company for service quality in New Mexico for $20K in personal property coverage, with an annual premium of $101. The two best insurers are:

• State Farm: MoneyGeek score of 78 out of 100 ($101 per year)
• Farmers: MoneyGeek score of 77 out of 100 ($152 per year)

Good customer service means promptly addressing your concerns, providing clear information, and efficiently handling claims. This is important when you face unexpected events. For instance, if you make a claim, having a provider that handles it quickly and efficiently ensures you get the support you need promptly.

State Farm is the best renters insurance company for renters who need $100K of personal property coverage in New Mexico, with an annual premium of $154. The two best providers are:

• State Farm: MoneyGeek score of 90 out of 100 ($154 per year)
• Farmers: MoneyGeek score of 53 out of 100 ($368 per year)

Renters with more personal belongings need higher personal property coverage. Personal property coverage helps replace or repair your belongings if they’re stolen or damaged. Higher coverage often costs more. Find a provider that offers a balance of cost and great service because you want both affordability and quality when insuring valuable items.

USAA is ranked first with an annual premium of $123 for $20K in personal property coverage. USAA is exclusive to those with military backgrounds. The two best providers are:

• USAA: MoneyGeek score of 100 out of 100 ($123 per year)
• State Farm: MoneyGeek score of 90 out of 100 ($101 per year)

USAA offers a wide range of products tailored for those with military backgrounds, including discounts and coverages that match the military lifestyle. Although State Farm is the most affordable option in New Mexico for military members, USAA’s specialized offerings might make it worth considering despite the higher premium.

State Farm is the best renters insurance company for people with poor credit in New Mexico, with an annual premium of $158. The two best providers are:

• State Farm: MoneyGeek score of 90 out of 100 ($158 per year)
• Farmers: MoneyGeek score of 53 out of 100 ($173 per year)

Rates for people with poor credit are often higher. Providers view them as higher-risk because poor credit is often associated with a higher likelihood of filing claims. You can improve your credit to lower your rates and take advantage of discounts where possible.

The average cost of renters insurance in New Mexico is $127 annually, or about $11 monthly, which is $19 cheaper than the national average of $146 annually. These rates are based on a renters insurance policy with $20K personal property limits, $100K liability limits, and a $1,000 deductible.

The average cost of renters insurance in New Mexico may vary greatly depending on the amount of personal property coverage you purchase. Personal property coverage protects your belongings in case of damage or theft. Use the tool below to get an estimate for your renters insurance based on your needs.

The average cost for renters insurance not only varies by state, but also varies by city. For instance, the average annual premium in Albuquerque is $131, while in Las Cruces it's $117. These rates are based on a renters insurance policy with $20K personal property limits, $100K liability limits, a $1,000 deductible and a good credit score. See the average cost in your city using the table below.

The cost of renters insurance in New Mexico is influenced by multiple factors, including the location of the rental property and the amount of coverage desired. Understanding these variables is key to finding a policy that fits your budget and needs.

• Location: The area where you live can affect your premium due to crime rates and weather-related risks.
• Coverage Amount: Opting for higher coverage limits will typically increase your insurance costs.
• Deductible: Choosing a higher deductible can lower your monthly premium, but you'll pay more out-of-pocket in case of a claim.
• Claims History: Renters with a history of claims may face higher premiums due to perceived risk.
• Credit Score: Insurance companies may use your credit score to determine your premium, with higher scores often leading to lower costs.

Determining your personal property coverage involves creating a personal inventory of all your belongings at home. A personal inventory is a detailed list of all your possessions, including descriptions, values, and photos. Follow these steps to create your personal inventory:

1. Start With Big-Ticket Items: List all high-value items first, such as electronics, jewelry and furniture, noting their make, model and serial numbers when available.
2. Document With Photos or Videos: Take clear photographs or video recordings of your belongings, capturing any identifying marks or conditions.
3. Include Receipts and Appraisals: Attach purchase receipts, warranty cards and appraisal documents for items of significant value.
4. Store Information Securely: Keep your inventory list and supporting documents in a safe, accessible location, such as a cloud storage service.
5. Update Regularly: Review and update your personal inventory annually or whenever you acquire or dispose of items.

Renters insurance primarily protects your personal belongings from damage, but it also extends to other areas such as liability and additional living expenses. Here's what a typical policy may cover:

• Personal Property Coverage: Safeguards your possessions against covered perils like theft to help you replace them.
• Personal Liability Coverage: Protects you from legal responsibility for injuries or damage to others, such as if a guest is injured in your rental unit.
• Loss of Use Coverage: For additional living expenses if your rental is uninhabitable due to a fire, for example, loss of use coverage can cover temporary housing costs.

Renters insurance typically applies to specific events, like theft, vandalism or specific natural disasters. Here's what most policies cover:

• Fire or lightning
• Windstorm or hail
• Explosions
• Riots
• Damage caused by aircraft
• Damage caused by vehicles
• Smoke damage
• Vandalism
• Theft
• Volcanic eruption
• Falling objects
• Weight of ice, snow or sleet
• Water-related damage from home utilities
• Electrical surge damage

Although renters insurance provides a safety net for your personal property and liability, it does not universally cover all losses. For instance, damage from floods typically falls outside standard policies. Here's what else is usually not included:

• Natural Disasters: Standard policies often exclude events like floods and earthquakes.
• High-Value Items: Expensive jewelry or electronics may exceed policy limits.
• Business Equipment: Items used for business purposes may require additional coverage.
• Roommate Property: Your policy does not cover your roommate's belongings.
• Pest Damage: Infestations and damage from pests are generally not covered.
• Car Theft: Personal vehicles are covered under auto insurance, not renters insurance.

Understanding these exclusions can help you seek additional coverage if necessary, ensuring you're protected against a wider range of potential risks.

Finding the best renters insurance in New Mexico can be easy. We've answered some common questions to help you make an informed decision.