Who Has The Cheapest Renters Insurance Quotes in New Mexico?

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To see who has the cheapest and most expensive renters insurance rates in New Mexico, we evaluated quotes for a sample property (a rental property with roughly 1,000 square feet of living space and $100,000 in liability coverage). The results showed that the most expensive renters insurance rates were 39% higher than the cheapest. Since we used one sample property, the rates have comparative value, but are not indicative of what all tenants can expect to pay for their renters insurance. Enter your zip code above to begin searching for renters insurance quotes.

Cheapest Renters Insurance in New Mexico

We examined quotes from major insurance providers in New Mexico for a sample rental property of 1,000 square-feet to determine which company offered the cheapest renters insurance. According to our study, for our sample renters policy, State Farm had the most affordable average annual rate at $170, which is about 35% cheaper than the average annual rate for New Mexico. Below are the average annual rates for major insurance companies, ranked from cheapest to most expensive:

RankCheapest Renters Insurance CompanyAverage Annual Rates
1 State Farm $170
2 Nationwide 241
3 Liberty Mutual 250
4 Allstate 317
5 Farmers 331
Average 262

The above rates were for a sample property. To find the best rates for yourself, we recommend looking for quotes from multiple companies and comparing them.

Best Renters Insurance Rates in New Mexico: by City

None of the five best places for renters insurance in New Mexico are in the northern half of the state. In fact, four of the five are in the southern third of New Mexico. The place with the cheapest renters insurance was Grants, which had premiums that were 9% lower than the state average.

RankCityAverage Annual Rate% Difference vs State Average
1 Grants $238 -9.0%
2 Alamogordo 239 -8.7%
3 Cloudcroft 239 -8.7%
4 Las Cruces 239 -8.7%
5 Deming 240 -8.2%

*The Average Annual Rate is rounded to the nearest whole dollar amount.

Grants, NM

Grants has the best renters insurance rates in New Mexico. Don Jesus Blea was the first permanent European resident in the area. He established his home there in 1872 and named it "Alamitos." However, the city was renamed in the 19th century after three brothers from Canada who established a railroad camp there. Renters insurance premiums in Grants are 9% lower than the state average. 

Alamogordo, NM

Alamogordo was founded in 1898, the same year the El Paso and Northwestern Railroad first entered the city. It is the closest city to the nearest to the Holloman Air Force Base and an atomic bomb was detonated at the Alamogordo Test Range July 16, 1945. Today, the city also has some of the best renters insurance rates in New Mexico, with premiums 8.7% lower than the state average.

Cloudcroft, NM

Cloudcroft is known as a small vacation village just 40 miles away from casinos and the Mountain of Gods. The White Sands National Monument, the Carlsbad Caverns also are nearby and the village is just 90 miles from El Paso and the Mexican border. It town prides itself on offering all the conveniences of modern-day life in a small pioneer village. Renters insurance premiums in Cloudcroft are 8.7% lower than the state average.

Las Cruces

Las Cruces, also known as "The City of the Crosses" has nearly 100,000 residents and is at the foot of the Organ Mountains and the Chihuahuan Desert. Proud of its history, the town has its own cultural center and many city museums. Renters insurance rates are 8.7% lower than the state average. 

Deming, NM

The city was nicknamed the "New Chicago" when it was founded in 1881 but currently only has about 15,000 residents. Deming was named in honor of Mary Ann Deming Crocker, the wife of Charles Crocker, an important figure in the local railroad industry. A number of movies have been filmed in Deming, including “Indiana Jones and the Kingdom of the Crystal Skull” and the upcoming “Batman v Superman: Dawn of Justice.” Renters insurance quotes in Deming also are 8.2% lower than the state average. 

Most Expensive Renters Insurance in New Mexico

The five places with the most expensive renters insurance in New Mexico are all located in the middle third of the state and tend to be in the western half. The place with the most expensive premiums was Moriarty, where rates were 26.3% higher than the state average.

RankCityAverage Annual Rate% Difference vs State Average
1 Moriarty $331 26.3%
2 Albuquerque 301 14.9%
3 Las Vegas 288 10.0%
4 Clovis 288 9.8%
5 Portales 288 9.8%

*The Average Annual Rate is rounded to the nearest whole dollar amount.

Moriarty, NM

Moriarty has the most expensive renters insurance premiums in New Mexico. The small city of fewer than 2,000 residents has a lot going on though, including rodeos, parades, its own historical museum. One of the most notable cultural events is the annual Pinto Bean Fiesta, during which a "Pinto Bean Queen" is crowned. Premiums for renters insurance are 26.3% higher in Moriarty than the state average.

Albuquerque, NM

The Albuquerque area's agreeable climate, charming Spanish influence, strong economy and cultural attractions make it a haven for students, young professionals and other transplanted Americans from the East Coast. This diversity contributes to a nightlife that offers something for every taste. Renters insurance rates in Albuquerque are 14.9% higher than the state average. 

Las Vegas, NM

Las Vegas was originally settled by a group of people who received a grant from the government of Mexico in 1835. It was built in traditional Spanish colonial style and was heavily fortified against attacks. General Stephen W. Kearny claimed it as a part of America during the Mexican-American War. It has a population of fewer than 15,000 residents and home to New Mexico Highlands University and Luna Community College. Renters insurance premiums in Las Vegas are 10% higher than the average in the state. 

Portales, NM

Comanche Indians inhabited the Portales area for most of the 19th century and cattle herders gradually moved in the region. Today, there are more than 12,000 residents and the long-standing Eastern New Mexico University in Portales. The dairy industry has a major presence in the city as well. Quotes for the study sample property were 9.8% higher than the state average. 

Clovis, NM

The Clovis group was an early group of Native Americans who resided in the eastern region of New Mexico. The city now has close to 40,000 residents and is noted for its role in early rock music history. It also is nearby Cannon Air Force Base. Renters insurance rates in Clovis are some of the most expensive in the state. Premiums are 9.8% higher than the state average.

Average Cost of Renters Insurance in New Mexico: by City

Our comparative study of renters insurance premiums in New Mexico was done by gathering and analyzing quotes from five major carriers across 33 cities in the state. Our analysis showed premiums from the most expensive place were 39% higher than the cheapest place in the state. That difference between the cheapest and the most expensive premiums is far from dramatic in comparison to other states. For example, the most expensive city in Delaware is only 7% more expensive that the cheapest, while the difference in the state of Texas is 74%. Rates in California are more than 2x the cost of the cheapest.

Study Methodology

Our study examined renters insurance quotes for a 1,000-square-foot residence with at least $25,000 in personal property coverage and $100,000 in liability coverage. We then collected quotes for that sample residence from five of the major carriers that offer a renters insurance product in the state of New Mexico. We averaged rates for the sample home in each city as a benchmark to show which cities are relatively cheaper or more expensive. Those comparative values are not indicative of what tenants can expect to pay for an annual renters insurance premium.

RankCityAverage Annual Rate% Difference vs State Average
2 Alamogordo $239 -8.7%
32 Albuquerque 301 14.9%
8 Anthony 242 -7.5%
26 Artesia 286 9.2%
21 Belen 268 2.4%
13 Bernalillo 245 -6.4%
15 Bloomfield 248 -5.4%
27 Carlsbad 286 9.2%
3 Cloudcroft 239 -8.7%
29 Clovis 288 9.8%
5 Deming 240 -8.2%
23 Espanola 276 5.2%
16 Farmington 248 -5.4%
12 Gallup 244 -6.8%
1 Grants 238 -9.0%
24 Hobbs 284 8.5%
4 Las Cruces 239 -8.7%
31 Las Vegas 288 10.0%
9 Los Alamos 243 -7.3%
18 Los Lunas 260 -0.8%
25 Lovington 284 8.5%
33 Moriarty 331 26.3%
30 Portales 288 9.8%
20 Rio Rancho 263 0.6%
22 Roswell 273 4.0%
14 Ruidoso 246 -6.2%
17 Santa Fe 249 -4.9%
10 Silver City 244 -7.0%
11 Socorro 244 -7.0%
19 Sunland Park 261 -0.5%
7 Taos 242 -7.5%
6 Truth Or Consequences 240 -8.2%
28 Tucumcari 287 9.5%

*The Average Annual Rate is rounded to the nearest whole dollar amount.

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