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Renters insurance costs in New Mexico vary depending on various factors, including the coverage amount, insurance company and individual circumstances. The average cost of renters insurance in New Mexico is $201 per year or $17 per month for a coverage limit of $40,000 for personal property coverage, $300,000 in liability coverage and a $1000 deductible. These are average rates, and actual premiums may differ.

Key Takeaways

  • The average cost of renters insurance in New Mexico is $201 per year or $17 per month.
  • State Farm provides the least expensive renters insurance in New Mexico at an average rate of $147 annually.
  • Renters insurance rates can vary significantly among insurance companies. Compare quotes to find the best deal on renters insurance in New Mexico.

Average renters insurance cost in New Mexico per month

In New Mexico, the average monthly cost of renters insurance is $17. However, premiums can differ depending on factors such as your rental’s location, the value of your personal belongings and the level of coverage you select. Experts recommend comparing quotes from different insurance companies to find the best deal.

Average renters ins cost per monthDifference compared to national average
$17$5 less

Average renters insurance cost in New Mexico by company

State Farm offers the most affordable renters insurance in New Mexico at an average annual rate of $147, followed by Farmers and USAA, based on our data.

However, you should get multiple quotes from various renters insurance companies in New Mexico because the prices vary greatly among carriers.

Below, we have compared the average annual and monthly renters insurance rates of insurance companies across New Mexico.

CompanyAverage annual rateAverage monthly rate
State Farm$147$12
Farmers$234$19
USAA$185$15

Renters insurance calculator in New Mexico

$191/year
Estimated renters insurance rates in New Mexico
$16
Monthly renters insurance cost in New Mexico
-23%
Compared to national average

Average cost of renters insurance in New Mexico by coverage level

On average, New Mexico renters pay $201 each year for insurance for a coverage limit of $40,000 in personal property, $300,000 in liability protection and a $1,000 deductible.

Reducing your personal property coverage from $40,000 to $20,000 can lower your renters insurance cost in New Mexico to $156 per year. This policy still includes $300,000 in liability protection and a $1,000 deductible. However, you should ensure that $20,000 is adequate coverage for your personal belongings before making this change.

Below are the average annual renters insurance costs in New Mexico for personal property coverage of $20,000 and $40,000.

Coverage levelAverage annual renters insurance rateAverage monthly renters insurance rate
$20,000 with $500 Deductible and $100,000 Liability$155$13
$20,000 with $500 Deductible and $300,000 Liability$165$14
$20,000 with $1,000 Deductible and $100,000 Liability$146$12
$20,000 with $1,000 Deductible and $300,000 Liability$156$13
$40,000 with $500 Deductible and $100,000 Liability$202$17
$40,000 with $500 Deductible and $300,000 Liability$212$18
$40,000 with $1,000 Deductible and $100,000 Liability$191$16
$40,000 with $1,000 Deductible and $300,000 Liability$201$17
$60,000 with $500 Deductible and $100,000 Liability$248$21
$60,000 with $500 Deductible and $300,000 Liability$258$21
$60,000 with $1,000 Deductible and $100,000 Liability$234$20
$60,000 with $1,000 Deductible and $300,000 Liability$244$20

Average cost of renters insurance in New Mexico by city

Renters insurance rates can vary widely between cities. To make finding the right policy easier, we’ve broken down the costs by city. Discover how much renters insurance typically costs in different areas of New Mexico.

Renters insurance rates vary from one city to another. But with Insure.com, finding the right renters insurance policy is easy. Learn more about renters insurance costs for different cities below.

Renters insurance rates in New Mexico by city

Average cost of renters insurance in New Mexico by ZIP code

The cost of renters insurance in New Mexico varies by ZIP code. It’s important to note that the affordability of renters insurance can differ significantly depending on your location.

To provide a more comprehensive overview, let’s see some of the most and least affordable ZIP codes for renters insurance in New Mexico.

Most affordable ZIP codes for renters insurance in New Mexico

The amount New Mexico renters pay for insurance largely depends on their ZIP code. Among all the ZIP codes analyzed, 87013 is the state’s most affordable ZIP for renters insurance, with an average annual premium of $189.

Since rates differ by ZIP code, comparing quotes is one of the simplest ways to get the most affordable renters insurance policy in New Mexico.

ZIP codeCityAverage annual rateAverage monthly rate
87013Cuba$189$16
87045Prewitt$189$16
87301Gallup$189$16
87305Red Rock$189$16
87310Brimhall$189$16
87311Church Rock$189$16
87312Continental Divide$189$16
87313Crownpoint$189$16
87316Fort Wingate$189$16
87317Gamerco$189$16

Least affordable ZIP codes for renters insurance in New Mexico

Among the ZIP codes analyzed by Insure.com, the least affordable ZIP code for renters insurance in New Mexico is 87116, with an average cost of $230 a year or $19 monthly.

We analyzed quotes from multiple insurance providers across every ZIP code in New Mexico. Below, you’l find the average annual renters insurance premiums broken down by ZIP code.

ZIP codeCityAverage annual rateAverage monthly rate
87116Albuquerque$230$19
87117Kirtland Air Force Base$227$19
87115Albuquerque$227$19

Final thoughts: Average renters insurance in New Mexico

Renters insurance is a must-have for renters in New Mexico. It protects your belongings in the event of damage from fire, theft, vandalism or any other natural disasters.

To find the best renters insurance at an affordable rate, shop around and compare quotes from multiple insurance companies. In addition to price, consider factors like coverage options, deductibles and customer reviews.

How much is renters insurance in other states

Alaska$257/Year
Alabama$324/Year
Arkansas$363/Year
Arizona$260/Year
California$271/Year
Colorado$191/Year
Connecticut$292/Year
Delaware$181/Year
Florida$248/Year
Georgia$352/Year
Hawaii$247/Year
Iowa$203/Year
Idaho$184/Year
Illinois$246/Year
Indiana$269/Year
Kansas$251/Year
Kentucky$207/Year
Louisiana$504/Year
Massachusetts$262/Year
Maryland$256/Year
Maine$198/Year
Michigan$340/Year
Minnesota$211/Year
Missouri$231/Year
Mississippi$387/Year
Montana$275/Year
North Dakota$192/Year
Nebraska$295/Year
New Hampshire$173/Year
New Jersey$207/Year
Nevada$246/Year
New York$293/Year
Ohio$252/Year
Oklahoma$281/Year
Oregon$288/Year
Pennsylvania$274/Year
Rhode Island$476/Year
South Dakota$202/Year
Tennessee$290/Year
Texas$226/Year
Utah$204/Year
Virginia$235/Year
Vermont$182/Year
Washington$222/Year
Wisconsin$167/Year
West Virginia$248/Year
Wyoming$136/Year
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Shivani Gite
Contributing Writer

 
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Shivani Gite is a personal finance and insurance writer with a degree in journalism and mass communication. She is passionate about making insurance topics easy to understand for people and helping them make better financial decisions.

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