The Best Cheap Renters Insurance in New Mexico (2024)
State Farm and Lemonade have the best prices for renters insurance in New Mexico, at $11 per month.
Compare Cheap Renters Insurance in New Mexico
Best Cheap New Mexico Renters Insurance
ValuePenguin collected renters insurance quotes from seven top companies in New Mexico to help you find the most affordable rates. When recommending an insurance company, our editors consider coverage options and customer service along with cost.
Quotes include $30,000 of personal property coverage with a $500 deductible and $100,000 in liability protection.
Cheapest renters insurance in New Mexico
State Farm and Lemonade have the cheapest renters insurance in New Mexico.
Both companies charge around $11 per month for $30,000 of personal property coverage. That's around half the New Mexico average.
Compare Cheap Renters Insurance in New Mexico
The average price of coverage in New Mexico is $21 per month. That's $2 per month cheaper than the average price of renters insurance across the U.S., which is $23 per month.
Cheapest New Mexico renters insurance quotes
Company | Monthly cost | ||
|---|---|---|---|
| State Farm | $11 | |
| Lemonade | $11 | |
| Amica | $23 | |
| Progressive | $25 | |
| Allstate | $27 | |
Best New Mexico renters insurance for most people: State Farm
-
Editor's rating
- Cost: $11/mo
State Farm offers affordable rates and lots of ways to personalize your policy.
-
Very cheap rates
-
Lots of coverage options
-
Great for bundling
-
Average customer service
-
Some people need to speak with an agent to buy a policy
State Farm has the cheapest renters insurance rates in New Mexico, at $11 per month or $130 per year, on average.
It's also the cheapest option for renters insurance in New Mexico's largest city, Albuquerque, at $13 per month.
State Farm is a great option if you're looking to bundle your renters and auto insurance with one company. You can get a discount of around 5% for bundling renters and auto insurance with State Farm. In addition, it has some of the most affordable car insurance quotes in New Mexico.
Renters who want more coverage than just a basic policy will find lots of upgrades at State Farm. You can add the following coverages at an additional cost:
- Water backup coverage
- Extra coverage for valuables, like jewelry
If you're looking for excellent customer service, you may find State Farm leaves something to be desired. It has a good rating from J.D. Power's customer satisfaction survey, but gets an average number of complaints for a company its size. While you can count on State Farm to replace your stuff after a disaster, you may find an easier claims process at Amica.
Best renters insurance in NM for college students: Lemonade
-
Editor's rating
- Cost: $11/mo
Lemonade has cheap prices and it's easy to manage your policy online.
-
Affordable quotes
-
Excellent mobile app
-
Great for pets
-
Mixed customer service reviews
-
Hard to speak to a person for claims
Lemonade's great mobile app makes it the best choice for college students in New Mexico.
It only takes a few minutes to buy a policy or file a claim. And you can easily manage your policy without having to talk to an agent.
Lemonade offers some of the cheapest rates in New Mexico, at $11 per month. That's half the state average.
If you need extra coverage, Lemonade offers lots of ways to upgrade your protection. For example, pet parents can add pet protection coverage to their policy. This coverage pays to fix damage to your apartment caused by your dog or cat. For example, if your cat destroys the carpet in your apartment, Lemonade will help pay to replace it.
However, Lemonade has mixed customer service reviews. It earned a great score on J.D. Power's customer satisfaction survey. But it has three and a half times as many complaints as an average company its size. This may be partially because it can be hard to get in touch with a person if you have a question about your policy or want to discuss your claim.
Best customer service for New Mexico renters: Amica
-
Editor's rating
- Cost: $23/mo
Amica has a top-rated claims process, but it comes at a price.
-
Fast and easy claims process
-
Lots of discounts
-
Expensive rates
-
No local agencies
New Mexico renters can count on Amica to take great care of them after an emergency.
Amica earned the top score on J.D. Power's claims satisfaction survey. In addition, it only gets one third as many complaints as an average insurance company its size.
But, you'll have to pay more for Amica's excellent service. Renters insurance from Amica costs an average of $23 per month in New Mexico. That's $1 per month more than the state average, and $12 per month more than the cheapest company, State Farm
Amica offers a few discounts that can lower your bill. You can save by bundling your renters and car insurance, signing up for automatic payments, or getting your bills via email. You'll also save if you haven't filed a claim in over three years, or have been with your current company for more than two years.
However, it's unlikely that these discounts will lower Amica's rates enough to be competitive with State Farm or Lemonade.
Best cheap renters insurance in Albuquerque, NM
State Farm has the cheapest renters insurance in Albuquerque, at $13 per month.
That's $10 per month less than the average cost of renters insurance in Albuquerque, which is $23 per month.
Company | Monthly cost | ||
|---|---|---|---|
|
| State Farm | $13 | |
|
| Lemonade | $16 | |
|
| Amica | $21 | |
|
| Progressive | $26 | |
| Assurant | $27 | |
New Mexico renters insurance costs by city
Roswell has the most expensive renters insurance in New Mexico.
The average cost of a policy in Roswell, a city famous for its alleged UFO crash, is $28 per month. That's $7 per month more than the state average.
Silver City, located in southwestern New Mexico, is the cheapest of the state's larger cities. The average rate is just $20 per month.
Average cost of New Mexico renters insurance by city
City | Monthly rate | % from average |
|---|---|---|
| Alamogordo | $21 | -3% |
| Albuquerque | $23 | 6% |
| Artesia | $21 | 1% |
| Carlsbad | $23 | 7% |
| Chaparral | $20 | -4% |
Renters insurance costs can change based on where you live. You may pay more if you live in an area with a higher crime rate, or less if your home is on high ground, away from a flood zone.
How to find the cheapest renters insurance in New Mexico
To find the cheapest renters insurance, start by figuring out how much coverage you need. Next, you can shop around for multiple quotes and ask about discounts.
Figure out how much coverage you need. It's important to have enough coverage to replace your stuff after a major emergency, like a house fire. But you don't want to pay for more coverage that you actually need.
Compare rates from multiple companies. There's a difference of $18 per month between the most and least expensive renters insurance companies in New Mexico. That means you could save up to $215 per year, just by comparing quotes.
In addition, each company calculates rates differently. Some companies prioritize your insurance history, while others place more weight on your location. For that reason, the best rates for you may not be the same as the cheapest company for your family, friends or neighbors.
Ask about discounts. The best way to lower your insurance bill is typically by bundling your renters and home insurance policies with one company. Many companies also offer a discount for installing a fire or burglary alarm.
You should also ask about discounts if you:
- Pay your annual bill upfront
- Sign up for automatic payments
- Get policy documents and bills via email
- Are over 55, retired or a non-smoker
- Live in a gated community
What renters insurance coverage do I need in New Mexico?
New Mexico renters living in certain areas may need separate coverage for wildfires or flooding.
Renters insurance typically pays for fire damage, which includes wildfires.
However, if you live in a very high-risk area, some insurance companies may not offer coverage for fires. In this case, you may need to buy a separate policy to protect your stuff from wildfire damage. The easiest way to do this is by contacting a local independent insurance agent familiar with your area.
Renters insurance doesn't cover damage caused by weather-related flooding. This includes heavy rainfall, flash floods or overflowing rivers. If you live near a river, like the Rio Grande, or in a low-lying area, you may want to buy flood insurance to protect your belongings.
Some insurance companies, including Amica, offer flood insurance for renters. Otherwise, you may need to contact a local insurance agent to buy a separate flood policy.
Frequently asked questions
How much is renters insurance in New Mexico?
The average cost of renters insurance in New Mexico is $21 per month, which is $2 per month less than the national average. New Mexico renters can find the cheapest quotes from State Farm, which costs $11 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 $21 per month for insurance. In comparison, people in Albuquerque pay $23 per month for the same coverage.
Is Lemonade Insurance available in New Mexico?
Lemonade sells both renters and pet insurance in New Mexico. However, it doesn't sell car insurance in New Mexico. That means you can bundle your auto and renters insurance with Lemonade.
Methodology
To find the best cheap renters insurance in New Mexico, ValuePenguin evaluated renters insurance prices from seven major insurance companies in 23 of the largest cities and census-designated places across New Mexico.
Quotes are for a single 30-year-old woman who lives alone and has no recent renters insurance claims. Rates include the following coverage limits:
- Personal property: $30,000
- Personal liability: $100,000
- Medical payments: $1,000
- Loss of use: $9,000
- Deductible: $500
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.