Finding the Best Renters Insurance in New Mexico
Have you been thinking about getting renters insurance in New Mexico? Is renter’s insurance worth allocating your hard-earned money to every month? It can be a daunting task negotiating with the various insurance providers and figuring out exactly what your personal needs for the best renters’ insurance in New Mexico entail so that you are not paying for needless extras. We all want to ensure that we are getting cheaper renters’ insurance in New Mexico, but we also want to ensure that we are covered in the case of theft, accident, natural disaster or other unforeseen circumstance. The initial outlay for the best renters’ insurance in New Hampshire may seem outside of your budget, but we are here to help you find ways to keep the prices down by knowing the variables that insurance providers will weigh when deciding on the price that you need to pay and ensuring that you are covered only for the unfortunate eventualities that are most important to you. Cheaper renters’ insurance in New Mexico is within reach, and we are here to help you make the process easier and more obtainable.
| Renters Insurance Costs in New Mexico | Cost |
|---|---|
| Avg. Cost of Renters Insurance in New Mexico Annually | $235.38 |
| Avg. Cost of Renters Insurance in New Mexico Per Month | $19.62 |
A Summary of Renters Insurance in New Mexico
New Mexico is ranked 23rd nationally for the most expensive state for renters insurance. New Mexico residents pay an average of $X.XX a month or $X.XX per year for renters insurance. Folks from the Land of Enchantment are notably spending more on renters insurance than the national average, but the good news is that prices are dropping, and the market is becoming more competitive, which will work to your advantage for cheaper renters insurance in New Mexico. Overall, most cities in NM have comparable rental insurance rates; however, White Rock is certainly one of the cheaper cities at $X.XX per month or $X.XX annually whereas Portales is $X.XX per month or $X.XX annually. Insurance providers will differ in how they weigh the myriad of factors that affect your renter's insurance premiums within the state, so it is important to shop around in order to get the insurance suited to your specific needs and within your budget. We are here to help you steer to the best value renters insurance in New Mexico.
| City in New Mexico | Costs Per Month for Renters Insurance | Average Costs Per Year for Renters Insurance |
|---|---|---|
| Albuquerque, NM | $11.28 | $135.36 |
| Las Cruces, NM | $10.24 | $122.88 |
| Rio Rancho, NM | $10.92 | $131.04 |
| Santa Fe, NM | $10.99 | $131.84 |
| Roswell, NM | $23.23 | $278.72 |
| Farmington, NM | $11.24 | $134.88 |
| South Valley, NM | $12.40 | $148.80 |
| Clovis, NM | $30.55 | $366.56 |
| Hobbs, NM | $29.81 | $357.76 |
| Alamogordo, NM | $10.96 | $131.52 |
| Carlsbad, NM | $26.37 | $316.48 |
| Gallup, NM | $12.08 | $144.96 |
| Deming, NM | $14.27 | $171.20 |
| Los Lunas, NM | $14.01 | $168.16 |
| Chaparral, NM | $12.63 | $151.52 |
| Sunland Park, NM | $9.95 | $119.36 |
| Las Vegas, NM | $19.17 | $230.08 |
| Portales, NM | $30.93 | $371.20 |
| Los Alamos, NM | $10.08 | $120.96 |
| North Valley, NM | $10.96 | $131.52 |
| Artesia, NM | $26.93 | $323.20 |
| Lovington, NM | $30.11 | $361.28 |
| Silver City, NM | $11.15 | $133.76 |
| Anthony, NM | $10.15 | $121.76 |
| Grants, NM | $11.80 | $141.60 |
| Socorro, NM | $12.29 | $147.52 |
| Corrales, NM | $10.65 | $127.84 |
| Bernalillo, NM | $11.19 | $134.24 |
| Shiprock, NM | $13.03 | $156.32 |
| Bloomfield, NM | $12.77 | $153.28 |
| Ruidoso, NM | $11.79 | $141.44 |
| Kirtland, NM | $12.47 | $149.60 |
| Belen, NM | $14.36 | $172.32 |
| Raton, NM | $23.07 | $276.80 |
| Aztec, NM | $11.72 | $140.64 |
| Truth or Consequences, NM | $11.60 | $139.20 |
| Eldorado at Santa Fe, NM | $11.12 | $133.44 |
| Los Ranchos de Albuquerque, NM | $11.04 | $132.48 |
| Lee Acres, NM | $11.23 | $134.72 |
| White Rock, NM | $9.77 | $117.28 |
| Taos, NM | $12.91 | $154.88 |
| Los Chaves, NM | $14.15 | $169.76 |
| North Hobbs, NM | $29.20 | $350.40 |
| Tucumcari, NM | $27.95 | $335.36 |
Is Renters Insurance Required in New Mexico
You may find that many landlords require renters insurance in their lease agreements; yet, having renters insurance in New Mexico is not required by law. However, keep in mind that not every rental property is kept to a high standard, and whereas your landlord may mend a leaky roof, the result may be devastating damage to your own property which would be your own responsibility. Moreover, if you are the unfortunate victim of a home invasion, then your items' replacement value would be at your expense. In New Mexico, 43% of the population have been victims of some type of property crime in the last 12 months. The peace of mind that renters insurance provides in New Mexico easily warrants the relatively low annual premium. Rental insurance will cover more than just your valuables and belongings; in our litigious society, it is especially important to be covered in the case of an accident or injury in your home to avoid any potentially devastating financial fall out if you may be found responsible in a civil case.
How Much is Renters Insurance in New Mexico
The table below includes the average renter's insurance rates for cities in New Mexico. However, there are a number of factors that determine renters insurance rates in New Mexico, so it is important to consider these when trying to get the best price, as some can be adjusted to your advantage. Credit history is a variable that most insurance providers will look at when getting renters insurance in New Mexico. If your credit history isn't the best, try working with a financial adviser to see how you can turn this around. The number of tenants in your rental accommodation, whether or not you have pets, and the value of your possessions will also play a role in determining how much you will need to pay for renters insurance in New Mexico. While you may not be able to personally do anything about natural disasters like wildfires that are common in NM and affect your insurance rates, you can look for accommodation with preventative sprinklers or fire-resistant siding, which could help get low-cost renters insurance in New Mexico.
| Costs of Renters Insurance in New Mexico by County | Price Per Month | Price Per Year |
|---|---|---|
| Bernalillo County, NM | $11.16 | $133.92 |
| Chaves County, NM | $23.23 | $278.72 |
| Cibola County, NM | $11.80 | $141.60 |
| Colfax County, NM | $23.07 | $276.80 |
| Curry County, NM | $30.55 | $366.56 |
| Doña Ana County, NM | $10.11 | $121.33 |
| Eddy County, NM | $26.65 | $319.84 |
| Grant County, NM | $11.15 | $133.76 |
| Lea County, NM | $29.96 | $359.52 |
| Lincoln County, NM | $11.79 | $141.44 |
| Luna County, NM | $14.27 | $171.20 |
| McKinley County, NM | $12.08 | $144.96 |
| Otero County, NM | $10.96 | $131.52 |
| Quay County, NM | $27.95 | $335.36 |
| Roosevelt County, NM | $30.93 | $371.20 |
| San Juan County, NM | $12.05 | $144.60 |
| San Miguel County, NM | $19.17 | $230.08 |
| Sandoval County, NM | $10.92 | $131.04 |
| Santa Fe County, NM | $10.99 | $131.84 |
| Sierra County, NM | $11.60 | $139.20 |
| Socorro County, NM | $12.29 | $147.52 |
| Taos County, NM | $12.91 | $154.88 |
| Valencia County, NM | $14.19 | $170.24 |
What Does Renters Insurance Cover in New Mexico
The amount of coverage you seek will determine how much you pay for renters insurance in New Mexico. Renters insurance generally covers personal liability, belongings and loss of use. You will want to have personal liability if someone sues you in civil court for personal injury or property damage while at your rental property. Your personal belongings can be insured for either replacement value or actual value. The replacement value will be the full cost of buying a similar item, whereas the actual value is the cost minus any incurred depreciation. It is best to insure items that are essential to your employment with the replacement value so that you will not have further financial hardship from loss of income. Be careful if insuring for actual value as electronics may have a high initial price, but depreciate rapidly. Loss of use will cover the costs incurred if you need to temporarily move out of your rental accommodation if it becomes uninhabitable due to a natural disaster or incident such as a burst water pipe. This may also cover such things as hospital bills, hotel stays and a food and transportation allowance.
Best Renters Insurance Companies in New Mexico Based on Consumer Ratings
Now that you know why you need renters insurance and the various factors that can affect the price you need to pay, how can you decide who will be the best renters insurance company in New Mexico? Everyone has a different concept for what constitutes the best; some might look for the best price rental insurance company in New Mexico, whereas others might look for the company with the best coverage. For many people, finding an insurance provider that has the best customer service will warrant a slight additional cost so that they know they, should the unfortunate need arise, will have a caring person that will offer timely advice and payment. All-State has this business model since they are rarely the cheapest option but have an unsurpassed record for customer service nationwide. The best renters insurance companies in New Mexico are often the big players like AAA, Amico and Allstate, though it is also worth looking into newer digital brands such as Lemonade, especially if affordability is your primary concern. It is easy to see why shopping for renters insurance in New Mexico is worthwhile.
Compare Renters Insurance in New Mexico for the Best Rates
Finding the best renters insurance in New Mexico doesn't have to be an exhausting task. There is no doubt that many variables can affect the price you need to pay, but it is worth the time and energy to compare renters insurance in New Mexico. Now that you know that such factors as your credit rating, number of tenants and whether you have a dog or a cat can affect your insurance, you can be more equipped to find affordable renters insurance in New Mexico. If you are looking to keep prices down, then increasing your deductible can be a quick and easy way to do this; however, be warned that you will need to cover this initial cost should the need arise for you to claim. If you have a car or truck, then packaging your renter's insurance and auto insurance together can help your budget and make your life a bit easier. Speak to your insurance company about loyalty bonuses or skimming a policy to be relevant to your needs. There are a lot of options for affordable renters insurance in New Mexico, so find the one that is best for you.