Renters Insurance

The Best Cheap Renters Insurance in New Mexico

The Best Cheap Renters Insurance in New Mexico

Renters insurance only costs a few dollars per month, but it can save you thousands if your property is damaged by a fire, theft or other covered loss.

Compare Renters Insurance Quotes from Providers in New Mexico

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The average cost of renters insurance in New Mexico is $22 per month, or $264 per year.

The cheapest price for renters insurance in New Mexico is $13 per month. Read on for our top affordable pick, plus alternative options.

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Affordability: Finding cheap renters insurance in New Mexico

The average cost of renters insurance in New Mexico is $22 per month, but we found a significant difference in price across insurers. The cheapest option, State Farm, had an average rate of just $13 per month. That's less than half the cost of the most expensive option we found, Liberty Mutual.

See our full breakdown of the cheapest renters insurance companies below.

Bar chart comparing the most affordable options for renters insurance in New Mexico

Bar chart comparing the most affordable options for renters insurance in New Mexico

Compare Renters Insurance Quotes from Providers in New Mexico

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Average cost
% difference from average
State Farm$13-42%
Liberty Mutual$2720%

Our selected levels of coverage were:

  • Personal property coverage: $30,000
  • Liability coverage: $100,000
  • Medical payments coverage: $1,000
  • Deductible: $500
  • Loss of use: $0


Best renters insurance for most people: State Farm

State Farm has the best overall blend of great rates and well-liked customer service.
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Read our full review of State Farm insurance.

The good:

  • Lowest rates in the state
  • Well-rated customer service

The bad:

  • Mediocre coverage options

State Farm is our recommendation for most renters in New Mexico. It offers the best rates by far of any company we looked at, and it has very dependable customer service.

The average price of renters insurance from State Farm was $13 per month. That's a little more than half of the typical price across all insurers, and it's $8 less per month than the second-cheapest option, Travelers.

State Farm also has great customer service. Its Complaint Index from the National Association of Insurance Commissioners (NAIC) was just 0.38, meaning it received 38% as many complaints as a typical insurer when adjusted for size. It also received a perfect 5/5 in J.D. Power's renters insurance satisfaction survey.

The biggest downside to State Farm is its mediocre coverage options. It only offers a few options beyond the basics, and doesn't provide replacement-cost coverage.

It's also worth noting that State Farm didn't offer quotes in every city we tried. It rejected us in Española, though both of our other picks did provide coverage there.

Best coverage options: Travelers

Travelers offers an unmatched variety of coverage options.
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Read our full review of Travelers.

The good:

  • Lots of coverage options
  • Below-average rates

The bad:

  • Average customer 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 $21 per month. That's slightly better than the statewide average of $22, though much more costly than State Farm.

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 good as our main pick. Its NAIC Complaint Index is 0.50, meaning it has received half as many complaints as a typical insurer.

Best for basic coverage: Farmers

Students and young people without many belongings can get a basic policy from Farmers.
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Read our full review of Farmers Insurance.

The good:

  • Lowest minimum coverage limits we found

The bad:

  • Few coverage options
  • Mediocre customer service

For students, young people and renters without much property, we recommend Farmers. The standard policy rates are about average, at $22 per month, but you may be able to save by reducing your coverage limits.

Our sample quotes were all based on $30,000 of property coverage, meaning you'd be covered to repair or replace that amount of stuff if it were destroyed. However, if you have less property than that, you can reduce your rates and pay less per month.

Farmers has the lowest coverage limits available — you can go as low as $4,000 per month. However, you should always buy enough coverage to protect all your belongings.

If you need more than the basics, we recommend looking elsewhere. Farmers does not have many optional coverages, and its rates were slightly higher than our two main picks.

How we chose the best renters insurance companies in New Mexico

To evaluate the best renters insurance companies in New Mexico, we considered three key points: affordability, coverage options and customer service.

  • Affordability: Does the insurer offer a good price for coverage, compared to other insurers?
  • Coverage options: Does the insurer offer a wide range of useful coverage options?
  • Customer service: Are customers usually satisfied with the service they receive?

New Mexico renters insurance: Costs by city

One of the biggest factors that impact how much renters insurance costs is where you live. For example, you might have cheaper renters insurance if you live in an area with a low crime rate. But you may pay more if there's a lot of crime in your area or there's a high risk of a natural disaster. See our full breakdown of renters insurance rates in New Mexico below.

Average cost
% difference from state average
Las Cruces$19-10%
Santa Fe$223%
Rio Rancho$20-8%
South Valley$2517%
Show All Rows

Renters insurance rates also vary by state. See our full national study of renters insurance costs.

Coverage options: Comparing renters insurance policies and benefits

Everyone's coverage needs are different, so we recommend insurers with a wide range of optional coverages. Here are some key coverage options to look for in New Mexico.

  • Valuable-items coverage: Pays for the full cost to repair or replace valuable items such as jewelry, musical instruments or high-end electronics. These items may have limited or no coverage under a standard renters insurance policy.
  • Replacement-cost coverage: Pays for the full cost to replace a destroyed or stolen item, without factoring in depreciation.
  • Identity theft coverage: Pays for expenses associated with having your identity stolen, such as legal fees or lost wages due to time spent on the issue.

In addition, all the companies we looked at offered the following standard coverage options. If an insurer you're looking at doesn't offer all of these, take that as a red flag and try to find another option.

  • Personal property coverage: Pays to repair or replace property that's damaged, stolen or destroyed from a covered peril.
  • Additional living expenses: Pays for temporary living arrangements if your home is uninhabitable due to a covered peril, such as a fire.
  • Liability coverage: Pays for monetary damages to others when you're held responsible. For example, you'll be covered if your dog injures someone.
  • Medical payments coverage: Pays for medical treatment for others after they're injured at your home. Pays out before liability coverage.

Customer service: Evaluating insurer quality in service and claims

Strong customer service is an essential factor to check in a renters insurance company. Good customer service means you'll have all your questions answered when buying a policy, and you're more likely to be paid promptly after you file a claim.

To evaluate renters insurance customer service, we use three main metrics: the NAIC Complaint Index, J.D. Power's renters insurance consumer satisfaction rating, and A.M. Best's Financial Strength Rating.

NAIC Complaint Index
J.D. Power rating
A.M. Best FSR
Liberty Mutual0.702/5A
State Farm0.385/5A++
  • NAIC Complaint Index: This score compares the number of complaints an insurer has received with its size. A lower score indicates fewer complaints and suggests customers are more likely to be satisfied with the company. The national average score is 1.00.
  • J.D. Power rankings: This score is based on a national survey of renters insurance customers, and it asks how satisfied they are with their insurance company. Scores are out of 5, and a higher score is better.
  • A.M. Best FSR: This letter grade describes the overall financial health of an insurer. Grades range from A++ (highest) to D (lowest). A higher grade indicates the company is financially strong and can pay out claims even in times of high demand.


To find the best prices for renters insurance in New Mexico, we collected quotes from five top companies in 25 of the largest cities in the state. For all quotes, our sample renter is a 30-year-old man who lives by himself and does not have any recent renters insurance claims.

He's protected himself with $50,000 of personal property coverage with a $500 deductible, plus $100,000 of liability protection.

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.