Cheap renters insurance in New Mexico for 2022

Why you can trust Insure.com

Quality Verified

At Insure.com, we are committed to providing honest and reliable information so that you can make the best financial decisions for you and your family. All of our content is written and reviewed by industry professionals and insurance experts. We maintain strict editorial independence from insurance companies to maintain our editorial integrity, so our recommendations are unbiased and are based on a comprehensive list of criteria.

Looking for cheap renters insurance in New Mexico? Consider getting quotes from Allstate, State Farm and USAA. In our analysis these companies offer the cheapest rates of all the carriers surveyed. But it’s smart to get multiple quotes for New Mexico renters insurance because the prices vary a lot among carriers. Below is the list of cheapest renters insurance companies in New Mexico:

Allstate
State Farm
Farmers
USAA
Safeco

Cheapest renters insurance companies in New Mexico

According to Insure.com’s analysis, Allstate offers the cheapest renters insurance in New Mexico at about $181 a year or $15 per month. State Farm is in second place with an average annual rate of $213. However, the cost of your premium may vary depending on factors specific to you.

Company	Average annual rate	Average monthly rate
Allstate	$181	$15
State Farm	$213	$18
Farmers	$233	$19
USAA	$262	$22
Safeco	$347	$29
Travelers	$377	$31
Liberty	$859	$72

Average cost of renters insurance in New Mexico by coverage level

The average cost of renters insurance in New Mexico is $261 per year or $22 per month. These rates are for coverage level of $20,000 for personal property, $300,000 for liability protection and $1000 as deductible.

Whereas, renters insurance costs $359 annually for coverage limit of $40,000 as personal property, $300,000 for liability and $1000 deductible.

Coverage level	Avg. annual renters insurance rate	Avg. monthly renters insurance rate
$20,000	$261	$22
$40,000	$359	$30
$60,000	$458	$38

Most affordable ZIP codes for renters insurance in New Mexico

88002 is the most affordable zip code for renters insurance in New Mexico. Our insurance experts have analyzed price quotes from all the major carriers in New Mexico and put together a list of the most affordable zip codes with cheapest renters insurance.

ZIP code	Average annual rate	Average monthly rate
88002	$299	$25
87544	$300	$25
87547	$302	$25
88001	$303	$25
88012	$304	$25
88330	$306	$26
87936	$307	$26
88310	$310	$26
88314	$311	$26
88343	$312	$26

Least affordable ZIP codes for renters insurance in New Mexico

Of all the zip codes analyzed by Insure.com, 87101 is the least affordable zip code for renters insurance in New Mexico. Its average annual rate for New Mexico renters is $396 a year or $33 per month. The insurance rates in a city can vary depending on many factors, such as crime rate and weather. A population with a low crime rate will have much lower premiums in comparison to other areas.

ZIP code	Average annual rate	Average monthly rate
87101	$396	$33
87104	$395	$33
87121	$393	$33
87115	$389	$32
87107	$380	$32
87131	$378	$32
87113	$377	$31
87538	$373	$31
87745	$371	$31
87120	$370	$31

Renters and auto bundle discounts in New Mexico

Bundling with your auto insurance is a great way to save money on renters coverage. If you purchase your auto and renters insurance policies from the same company you can save an average of $80 per year in New Mexico.

Below is a list of companies that offer cheap rates upon bundling and you can also find how much you will have to pay if you don’t bundle your policies.

Company	Average annual rate	Average base annual rate (without bundling)	$ bundle average savings	% bundle average savings
State Farm	$1,189	$1,240	$51	4%
Nationwide	$1,415	$1,467	$51	4%
Progressive	$1,461	$1,565	$104	7%
Farm Bureau	$1,864	$1,929	$66	3%
Farmers	$1,874	$2,036	$162	8%
Geico	$1,892	$1,950	$58	3%
Allstate	$2,516	$2,582	$66	3%