The Best Cheap Renters Insurance in New Mexico

Lemonade has the best prices for renters insurance in New Mexico, with an average rate of $107 per year, or $9 per month.

The average cost of renters insurance in New Mexico is $19 per month. Lemonade's cheap rates are less than half the state average price.

Compare Cheap Renters Insurance in New Mexico

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We collected renters insurance quotes from six top companies offering coverage in New Mexico to help you find the most affordable rates. When recommending an insurance company, we always consider coverage options and customer service, in addition to affordability.

Quotes include $30,000 of personal property coverage with a $500 deductible and $100,000 in liability protection.

Cheapest renters insurance companies in New Mexico

The average price of coverage in New Mexico is $19 per month.

The cheapest renters insurance in New Mexico is from Lemonade, where renters will find an average rate of just $9 per month. The second cheapest company is Amica, where the typical rate is $17 per month.

The Cheapest Renters Insurance in New Mexico

Compare Cheap Renters Insurance in New Mexico

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The cost of renters insurance in New Mexico is more expensive than average compared to the rest of the country. The average price of renters insurance across the U.S. is $18 per month.

Cheapest renters insurance companies in New Mexico

Monthly cost
Lemonade logo
Amica logo
Farmers logo
Nationwide logo
Travelers logo
Allstate logo

Best renters insurance for most people: Lemonade

  • Editor rating

  • Average monthly rate

    $9 ?

Pros and cons

  • Most affordable renters insurance in New Mexico
  • Easy-to-use mobile app
  • Hard to speak to a person for claims

Lemonade is our top recommendation for cheap New Mexico renters insurance. Its average price of just $9 per month is about 50% cheaper than the average rate overall.

We found the experience of signing up and using Lemonade renters insurance to be convenient and straightforward. It has a best-in-class mobile app and online sign-up experience, so getting coverage is seamless.

But Lemonade's focus on its online experience has a drawback. It can be harder to get in touch with a person if you have a question about your policy, and Lemonade doesn't have any physical agencies.

We found Lemonade’s coverage options to be satisfactory but not industry-leading. It offers replacement cost coverage and valuable items protection, for example. But you'll miss out on other options, like identity theft protection.

Best customer service: Amica

  • Editor rating

  • Average monthly rate

    $17 ?

Pros and cons

  • Highly rated service
  • Cheaper-than-average prices
  • No physical agencies

For renters willing to spend more than the minimum for great service, we recommend Amica. It's only a few dollars more per month than our top pick and is consistently well-rated by its customers.

The average price at Amica is about $17 per month, or $210 per year. That's $8 more per month than our top pick, Lemonade, but still slightly cheaper than the state average.

Amica received a top score in our ratings for renters insurance, reflecting the positive experiences customers tend to have while buying a policy or making a claim. Amica received 4 1/2 stars out of five from ValuePenguin editors because of its dependable service and quick claim resolution. However, Amica doesn't have any physical agencies in New Mexico, so you'll only be managing your policy online or over the phone.

Amica also offers a few discounts that can reduce your costs. Common options include savings for being claim-free and bundling your renters insurance with an auto policy.

Best renters coverage options: Travelers

  • Editor rating

  • Average monthly rate

    $20 ?

Pros and cons

  • Lots of coverage options
  • Average rates
  • Poorly-rated service

For renters who want to customize their coverage, we recommend Travelers. It has the best selection of coverage options of any insurer we considered, and its rates are slightly better than average in New Mexico.

The average price for coverage from Travelers is $20 per month. That's slightly more expensive than the statewide average of $19, though much more costly than our top pick, Lemonade.

Travelers offers nearly every commonly available renters insurance coverage option, including water backup, identity theft and extended liability protection.

Customer service from Travelers is good but not as impressive as Amica, our recommendation for that category. Its NAIC Complaint Index is 0.52, meaning it receives half as many complaints as a typical insurer. But it fared poorly in J.D. Power's customer satisfaction survey, meaning current customers often had negative things to say about their insurer.

New Mexico renters insurance costs by city

The most expensive city for renters insurance in New Mexico is Albuquerque, where the average price is $249 per year.

The cheapest of the state's larger cities is Las Cruces, where the average rate is just $207 annually. That's 7% cheaper than the state average.

Renters insurance costs can change based on where you live. Your bill might be more expensive if you live in an area with a higher crime rate, or lower if your home is located on high ground, away from a flood zone.

Average annual cost
Change from state average
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Best renters insurance companies in New Mexico

USAA and Amica have the best customer service among renters insurance companies in New Mexico.

Both companies received positive ratings from customers and few complaints, according to the NAIC. They also received strong ratings from the ValuePenguin editors, and USAA is J.D. Power's top pick for customer satisfaction.

However, one limitation of USAA is that it's only available to people affiliated with the military. Only people who've served in the armed forces or whose parents or spouse have had USAA insurance, are eligible for coverage.


Frequently asked questions

How much is renters insurance in New Mexico?

The average cost of renters insurance in New Mexico is $19 per month, which is 5% more expensive than the national average. New Mexico renters can find the cheapest quotes from Lemonade, which costs $9 per month.

Is renters insurance required in New Mexico?

The state of New Mexico doesn't require renters insurance, but your landlord might. It's important to check your rental agreement to make sure you have the right amount of coverage to protect you and your belongings.

How much is renters insurance in Las Cruces, NM?

Renters living in Las Cruces pay around $17 per month for insurance. In comparison, people in Albuquerque pay $21 per month for the same coverage.


We evaluated renters insurance prices from six major insurance companies in 23 of the largest cities and census-designated places across New Mexico. All sample quotes are for a single 25-year-old renter who lives alone and has no recent renters insurance claims.

Personal property$30,000
Personal liability$100,000
Medical payments$1,000
Loss of use$9,000

Listed coverage applied where available.

Top picks are determined by our experts, who analyze rates, customer service and coverage options.

Renters insurance star ratings are based on the National Association of Insurance Commissioners (NAIC) complaint index, the J.D. Power customer service satisfaction index and ValuePenguin's editor’s rankings.

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.