State Farm and Farmers offer the best cheap renters insurance in New Mexico. State Farm ranks top for affordability at $12 per month. Farmers leads in customer satisfaction with competitive coverage options.
Cheap Renters Insurance in New Mexico
Updated: May 6, 2025
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Key Takeaways
State Farm is New Mexico's best overall and cheapest renters insurance company, with rates starting at $143 per year.
Renters insurance costs an average of $14 per month in New Mexico.
To find the best and most affordable renters insurance, decide on your coverage needs first. Then, research costs and compare many quotes.
New Mexico Renters Insurance Quote Estimates
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Rates updated:
Jun 06, 2025
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Best Cheap Renters Insurance Companies in New Mexico
| State Farm | 90 | $12 | $143 |
| Farmers | 53 | $27 | $321 |
*This list shows rates for a renter with good credit, no claims history, $50K in property damage coverage, $100K in liability coverage, a $1,000 deductible and guaranteed replacement.
Compare Personalized Best Cheap Renters Insurance in New Mexico
While our list above covers most renters, it may not show your ideal options. We've made a filterable table that matches your profile to help you find the best options in New Mexico.
Data filtered by:Results filtered by:
Select
Coverage Level:$50K Personal Property / $100K Liability
Select
Deductible:1000
Select
Claims History:Claim free for 5+ years
Select
Contents Replacement:Yes
Select
Credit Tier:Good
| State Farm | 90 | $9 | $111 |
| Farmers | 53 | $18 | $221 |
Average Cost of Renters Insurance in New Mexico
Renters insurance costs $14 monthly in New Mexico on average, $6 lower than the national average of $20. These rates reflect a policy with $50K in personal property coverage, $100K in liability limits and a $1,000 deductible. Your rate may vary based on your situation.
Below is a table where you can filter key factors affecting renters insurance rates to see average costs for your profile.
Data filtered by:Results filtered by:
Select
Coverage Level:$50K Personal Property / $100K Liability
Select
Deductible:1000
Select
Claims History:Claim free for 5+ years
Select
Credit Tier:Good
Select
Contents Replacement:Covered
| $50K Personal Property / $100K Liability | $14 | $166 |
New Mexico Renters Insurance: Buyer's Guide
Finding renters insurance in New Mexico can be difficult. This guide will help you choose coverage that fits your needs.
How to Find the Best Cheap Renters Insurance in New Mexico
Follow these steps to get the best coverage at the lowest price:
- 1
Determine the right coverage level
Before shopping for insurance, decide how much coverage you need. Make a list of your belongings and their value. Consider risks like weather damage, crime rates and liability issues if you have pets.
- 2
Research costs and discounts
Look up average costs for your coverage needs to set a baseline for comparing quotes. Identify discounts you might qualify for to save money.
- 3
Compare providers
Research companies' reputations, costs and coverage options before getting quotes. This helps narrow your search to the most promising options.
- 4
Consider bundling
Check if bundling renters and auto insurance with your current auto insurer makes sense. The auto insurance discount can often offset most or all of your renters insurance cost.
- 5
Get multiple quotes through different channels
Get at least five quotes with matching coverage levels. Check comparison sites, provider websites, insurance brokers and phone agents, as prices may vary across these channels.
- 6
Compare rates annually
Insurance rates change frequently. Review your coverage and compare rates yearly to ensure you still get the best deal.
How Much Renters Insurance Do I Need in New Mexico?
New Mexico law doesn't mandate renters insurance, but most landlords require at least $100K in liability coverage. Requirements may vary based on your rental history, credit score and pet ownership. When choosing a policy, consider the value of your belongings, local weather risks, neighborhood crime rates and pet ownership.
Use our calculator below to determine your ideal personal property limits so you know how much renters insurance you need.
Personal Property Coverage Calculator
When figuring out how much renters insurance you need, experts recommend the standard $100,000 in liability insurance and enough personal property protection to cover your possessions. Use MoneyGeek's calculator to estimate the value of your possessions so you know how much personal property coverage to buy.
clothing & accessories
Clothes, shoes, bags, belts, hats, gloves, etc.
New Mexico Renter Risk Considerations
Here are the usual risks for renters in New Mexico, along with coverage options:
- Weather risks: New Mexico faces a high risk of earthquakes, wildfires and winter storms in certain areas. Standard coverage may not protect you in high-risk zones, requiring additional coverage.
- Crime risks: New Mexico ranks first for property crime and 34th for identity theft and fraud nationwide. Consider adding extra coverage to your renters policy for better protection against property damage.
- Pet ownership: Pet owners should consider pet liability coverage. Check if your provider's standard policy includes pet protection or requires an add-on.
- Property types: Standard policies might not fully cover specialized items like tools, electronics or rental property structures like pools. Look for insurers offering specific add-ons to protect these belongings.
How Does Renters Insurance Coverage Work?
Renters insurance typically covers damage to your property, liability to others and loss of use linked to your rental home. Make your policy more comprehensive by adding extra coverages. Here are some common types of renters insurance coverage:
Coverage Type | Standard or Add-on | Coverage Details |
|---|---|---|
Standard | Pays for damaged or stolen personal items in your rental, up to your policy limit. You receive the actual cash value (depreciated value) unless you have replacement cost coverage, which provides funds for new items. | |
Standard | Pays for medical and legal expenses if someone is injured in your rental. Many landlords require tenants to have this coverage. | |
Additional living expenses | Standard | Covers temporary housing costs, including meals, lodging and transportation, when you can't stay in your rental home. Benefits are typically based on a percentage of personal property limits or a set amount, depending on the insurer. |
Natural disasters | Add-on | Separate policies that cover personal property damage caused by earthquakes and floods |
Parts/Equipment | Add-on | Separate policies for tools, appliances and utilities in your rental |
Scheduled property | Add-on | Insures specific valuable items up to a predetermined amount |
Identity theft | Add-on | Protects financially against identity theft, covering stolen funds, legal expenses and monitoring services. |
Pet liability | Add-on | Covers injuries caused by your pet on your rental property, though standard policies may include this |
Modifications | Add-on | Covers custom additions and modifications not part of the original rental property |
Food loss | Add-on | Reimburses any food lost due to covered incidents |
Best Renters Insurance in New Mexico: Bottom Line
State Farm and Farmers offer the best affordable renters insurance in New Mexico. State Farm leads with a MoneyGeek score of 90 out of 100 and the lowest rates at about $12 monthly. Farmers excels in customer satisfaction. Compare quotes from both companies to find the best deal for your needs.
Renters Insurance in New Mexico: FAQ
Here are answers from our experts to common questions:
What is the cheapest renters insurance company in New Mexico?
State Farm offers the cheapest renters insurance in New Mexico, with an average annual premium of $143 or $12 per month.
What is the best renters insurance company in New Mexico?
State Farm is the best renters insurance company in New Mexico, with a MoneyGeek score of 90 out of 100. It offers affordable rates, high customer satisfaction and comprehensive coverage.
How much does renters insurance cost in New Mexico?
The average cost of renters insurance in New Mexico is $166 per year or $14 per month, 31% lower than the national average.
Is renters insurance required in New Mexico?
New Mexico doesn't legally require renters insurance, but your landlord might ask for it. Consider your needs and situation to decide if a policy is right for you. Reasons to get renters insurance include financial protection from common risks and liability for third-party injuries.
How We Found the Best Cheap Renters Insurance Companies
To find the cheapest renters insurance in New Mexico, we used this base profile:
- $50K personal property coverage
- $100K liability coverage
- $1,000 deductible
- Property replacement coverage
- Good credit score
We used this to determine our affordability score for the state (60% of the score).
Other parts of our score included:
- Customer satisfaction from industry research (25%)
- Add-on coverages (10%)
- Financial strength ratings (5%)
About Mark Fitzpatrick
Mark Fitzpatrick, a Licensed Property and Casualty Insurance Producer, is MoneyGeek's resident Personal Finance Expert. With over five years of experience analyzing the insurance market, he conducts original research and creates tailored content for all types of buyers. His insights have been featured in publications like CNBC, NBC News and Mashable.
Fitzpatrick holds a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He's also a five-time Jeopardy champion!
Passionate about economics and insurance, he aims to promote transparency in financial topics and empower others to make confident money decisions.
sources
- American Red Cross. "Which Natural Disasters Should You Prepare For?." Accessed May 1, 2025.
- Insurance Information Institute. "Facts + Statistics: Identity Theft and Cybercrime." Accessed May 1, 2025.
- U.S. News. "Low Property Crime Rate." Accessed May 1, 2025.