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CheapRenters InsuranceNew MexicoThe Best and Cheapest Renters Insurance Companies in New Mexico for 2023: Rankings, Reviews and Rates
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For those who want a balance of cost and quality, MoneyGeek rated the top renters insurance companies in New Mexico to help find the best customer service at an affordable rate. Our scoring system analyzed costs, customer support quality and financial strength of providers in the state to help you make the right choice.
CheapRenters InsuranceNew MexicoThe Cheapest Renters Insurance in New Mexico
Cheap Renters Insurance Companies in New Mexico
Cost is one of the main factors considered by most buyers while making their renters insurance purchase. In New Mexico, State Farm is the most affordable renters insurance company, with a price of $94 per year on average.
These prices are for a policy with personal property coverage of $20,000, liability coverage of $100,000 and a deductible of $500. The rates are based on quotes from multiple ZIP codes across New Mexico.
Personal Property Coverage:
$20,000
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Best Renters Insurance Companies in New Mexico
The best renters insurance companies in New Mexico are State Farm, with a MoneyGeek score of 99 out of 100, and USAA, scoring 76 out of 100 (but USAA is only available to active and former military). MoneyGeek rated providers based on affordability, customer service scores from J.D. Power and financial stability ratings from AM Best.
These renters insurance companies are not necessarily the cheapest in New Mexico, but they offer the best balance of service quality and cost. Insurance providers should be able to give customers peace of mind that they will pay claims accurately and efficiently.
1
State Farm
Score:99
In New Mexico, State Farm is the best renters insurance company, earning perfect scores for affordability and financial stability. Policyholders can benefit from its personal injury coverage, a unique add-on that provides protection against defamation of character, libel or slander.
More About State Farm
State Farm offers renters insurance in every state and Washington, D.C. It provides two extra coverages and two discounts, which are both less than the industry average. If you bundle another insurance policy alongside renters, State Farm provides a discount, further lowering your cost. You can get a personalized quote online and download its mobile app to manage your insurance policy.
Read MoneyGeek's State Farm renters Insurance Review2
USAA
Score:76
USAA is the runner-up for the best renters insurance company in New Mexico. But, only people with a military background are eligible for a USAA policy. It received perfect scores for customer satisfaction and financial stability but had a low, average affordability score.
More About USAA
USAA renters policies are available in all states and Washington, D.C., for current and former military members and their families. You get coverages like flood, earthquake and identity theft in a renters insurance policy without an extra cost. You can get a personalized estimate on its website, though you need to create an online account and undergo an eligibility screening first. USAA does have a mobile app you can download to manage your policy.
Read MoneyGeek's USAA renters Insurance ReviewMONEYGEEK EXPERT TIP
Going with cheap renters insurance in New Mexico might not always give you quality service. Sometimes, paying a bit more for the best renters insurance can provide peace of mind and even save you money with time.
Largest Renters Insurance Companies in New Mexico
When choosing a renters insurance policy, don’t overlook companies with a large market share. They tend to have more financial stability, which ensures efficient handling of claims. Plus, they have more money to invest in customer service and user experience, making the claims process and others easier for you.
Company | Market Share | |
|---|---|---|
1. | State Farm | 19.8% |
2. | Farmers | 17.0% |
3. | USAA | 11.2% |
4. | Liberty Mutual | 10.0% |
5. | Allstate | 8.6% |
Average Cost of Renters Insurance in New Mexico
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renters insurance is equal to the average.
Renters insurance in New Mexico is relatively cheap compared to the national average — the average annual cost is $94, which is around $65 less than the U.S. average.
The rate’s premium is for a standard policy with a $500 deductible, personal property coverage of $20,000 and liability coverage of $100,000.
The cost of renters insurance in New Mexico depends on how much personal property coverage you need. If you have a high value of belongings, you pay more for renters insurance. Use the calculator below to estimate how much coverage you need based on the value of your personal property.
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Total:
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Comparing quotes for renters insurance can help you save money by selecting the cheapest company for your needs.
What Factors Impact Renters Insurance Cost in New Mexico
Your renters insurance premium in New Mexico depends on several factors, including the following key considerations:
Deductible
Renters insurance providers include a deductible in their policies as a fee to process customer claims. Your monthly premium will be lower if the deductible is high, as you will have higher out-of-pocket payments.
Coverage amount
If you buy add-on coverage, you will pay a higher rate for your policy.
Location
Your ZIP code is important because if your residential area has frequent crime or inclement weather events, you will pay more for your renters insurance premium.
Credit Score
A good credit score can get you a discount on your premium. Those with poor credit scores typically pay higher rates, as providers consider them more likely to make claims.
Actual Cash Value (ACV) vs. Replacement Cost Value (RCV)
Your provider will reimburse you after an accident by considering either the actual cash value or replacement cost value of your items. ACV plans consider the depreciation of property over time and will pay less to replace used items. RCV packages will compensate you by providing sufficient funds to replace your damaged or lost items with new items of comparable quality. If you wish to save money, you can opt for an ACV policy, but your reimbursement will be less than that offered by an RCV plan.
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Renters Insurance in New Mexico: What You Need to Know
You can get sufficient renters insurance in New Mexico to protect your valuable assets from unexpected catastrophes for a relatively low cost.
Around 30.6% of New Mexico's residents are renters, and the state’s average monthly rental price is $847. For a standard package with $20,000 in personal property coverage, $100,000 in liability coverage and a $500 deductible, the average monthly premium is $8, or less than 1% of the typical price of rent in the state.
What Renters Insurance Typically Covers in New Mexico
You should understand what your renters insurance policy in New Mexico covers and excludes. Basic coverage includes medical payments, liability insurance, additional living expenses and personal property.
In New Mexico, personal property insurance will cover many of the damages caused by natural disasters such as tornadoes, thunderstorms, wildfires and others.
What Renters Insurance Typically Does Not Cover in New Mexico
It’s ideal to read your policy carefully, as not all packages are the same. This can help you understand your coverage and make a successful claim.
Renters insurance in New Mexico is useful because it covers many emergencies. However, standard coverage typically excludes the following issues:
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Structural damage
Damage to the building's structure is excluded from renters insurance. Your landlord will need to purchase insurance coverage for structural damage.
Flooding
Only certain water damage is covered, not including flooding. If you live in an area prone to flooding, you can purchase coverage through the National Flood Insurance Program (NFIP).
Other exclusions
Renters insurance does not cover roommates’ belongings, earthquake damage or damage to your jewelry, car or similar expensive items that exceed policy limits.
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If you want to learn more about renters insurance in New Mexico and what it covers (or does not), the Office of the Superintendent of Insurance can help. It provides consumer assistance, processes complaints, resolves appeals and grievances, and holds hearings.
You can reach the New Mexico Office of Superintendent of Insurance through the following channels:
- Phone: 1-855-4ASK-OSI (1-855-427-5674)
- Addresses: 1120 Paseo de Peralta, Suite 428, Santa Fe, NM 87501 or 6200 Uptown Blvd. NE #400, Albuquerque, NM 87110
Additionally, you can visit its website to file home, auto or life insurance-related complaints.
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FAQs About Renters Insurance in New Mexico
Renters insurance can be confusing for new renters. To help you understand it better, MoneyGeek answered some frequently asked questions about renters insurance in New Mexico.
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Renters Insurance in New Mexico Analysis: Methodology
MoneyGeek analyzed renters insurance premiums from two of the top insurance companies in New Mexico provided in partnership with Quadrant. Our analysis includes quotes from ZIP codes across New Mexico. Quotes were gathered for policies with personal property coverage of $20,000, $50,000 and $100,000, liability coverage of $100,000 and a deductible of $500.
About Mark Fitzpatrick
sources
- OSI. "NM Office of Superintendent of Insurance." Accessed March 31, 2022.