Renters Insurance

The Best Cheap Renters Insurance in New Mexico

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 low 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.

All our sample 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 cheapest renters insurance in New Mexico is available at Lemonade, where renters will find an average price of just $9 per month.

The average price of coverage in New Mexico is $19 per month, and Lemonade is the only insurer that offers significant savings from that rate — the second cheapest option is Amica, where the typical price is $17 per month. There is a substantial difference between the most and least affordable options. Allstate and Farmers are the most expensive companies by a significant margin.

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 about average compared to the rest of the country. Nationwide, we found the average price of renters insurance is also $19 per month $19 per month.

Company
Monthly cost
Lemonade logo
Lemonade$9
Amica logo
Amica$17
Farmers logo
Farmers$19
Nationwide logo
Nationwide$19
Travelers logo
Travelers$20
Allstate logo
Allstate$28

Best renters insurance for most people: Lemonade

Lemonade offers the best renters insurance prices by far to New Mexico residents.
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Read the full review.

The good:

  • Most affordable renters insurance in New Mexico
  • Easy-to-use mobile app

The bad:

  • 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

Amica has top-tier customer service, and it's the second-cheapest option available in the New Mexico.
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The good:

  • Highly rated service
  • Cheaper-than-average prices

The bad:

  • 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 we found 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 for complete coverage: Travelers

Travelers offers an unmatched variety of coverage options for your renters policy.
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Read our full review of Travelers.

The good:

  • Lots of coverage options

The bad:

  • 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 we found an average price of $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.

City
Average annual cost
Difference from state average (%)
Alamogordo$211-6%
Albuquerque$24911%
Artesia$2292%
Carlsbad$2281%
Chaparral$220-2%
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Top-rated 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.

Company
Rating.
USAA
Amica
Lemonade
Farmers
Nationwide
Allstate
Travelers

Methodology

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.

Coverage
Limits
Personal property$30,000
Personal liability$100,000
Medical payments$1,000
Loss of use$9,000
Deductible$500

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.