Best Renters Insurance New Mexico Has to Offer as Rated by Customers in 2024

Sometimes renters are required by their landlord to have renters insurance in New Mexico. But even if you aren’t required to have it, it’s still a helpful and important coverage to purchase.

A common misconception is that your landlord’s insurance will cover your belongings if you experience a theft or fire in your apartment, but that’s not the case. Unfortunately, this common misconception could cost you thousands of dollars in lost belongings or liability. It happens to renters all the time.

It’s important to know that your landlord’s insurance covers the building you’re renting while renters insurance covers your personal belongings and provides liability protection.

Some renters policies will cover other things like your security deposit or things specific to your zip code. Renters insurance can also vary based on how they value your personal belongings. Replacement cost isn't always as simple and straightforward as you might think.

So if you want to ensure you’re properly covered while renting, it’s important to find one of the best New Mexico renters insurance companies. But where do you start?

In the table above, you can sort through all the renters insurance companies ranked on Clearsurance. The rating next to each company — the insurer’s Clearsurance score — is based exclusively on the thousands of ratings provided by customers.

Note: Only those companies with at least 25 renters insurance reviews are eligible to appear in the best New Mexico renters insurance rankings.

Interested in learning more about one of the companies on the list of the best renters insurance companies in New Mexico? You can visit the company’s profile page to find more information about the company and read reviews to learn from the experiences of other policyholders.

On this page:

• New Mexico renters insurance rates
• Average cost of renting in Albuquerque
• Renters insurance for New Mexico college students
• New Mexico property crime statistics

Who offers the best New Mexico renters insurance rates?

From Santa Fe to Rio Rancho and beyond, renters insurance rates can vary widely. The good news is you can get an insurance quote online, through an independent agent, etc. You might go to your auto insurance company to add a renters policy. Some even offer single policies that combine auto, home, and umbrella. Each insurance company evaluates the same risks, but they weigh and measure them differently.

Out of the most popular renters insurance companies in New Mexico, Allstate offers the cheapest New Mexico renters insurance rates, on average.

If you rent an apartment in New Mexico and are looking for renters insurance, you may want shop around for the best price. Some companies may offer renters insurance in New Mexico for a cheaper rate than others. In the table below, you can see average New Mexico renters insurance rates from some of the largest companies in the state.

*USAA is only available to former and active military members and their families.

These average renters insurance rates are based on a policy with $30,000 in personal property coverage (with a $500 deductible), $100,000 in personal liability and $1,000 in medical payments to others. The rates displayed should only be used for comparative purposes as individual rates in New Mexico will differ. Rate data is provided by Quadrant Information Services.

How much does rent cost in Albuquerque?

In Albuquerque, New Mexico, it costs an average of $834 per month for rent. The cost of rent in Albuquerque can vary based on your location and the size of your apartment. The good news is this leaves many renters with plenty of room in their budgets for different coverage options.

New Mexico has a vast landscape of mountains, gorges, valleys and desert land, but it also has a few metropolitan areas including the city of Albuquerque — New Mexico’s most populous city. While the average monthly cost of rent in Albuquerque is $834, depending on the area in the city, rent cost can fluctuate. For example, rent costs an average of $1,418 per month in Summit Park, but it costs an average of $647 per month in Siesta Hills.

The size of the apartment also affects the monthly cost of rent. On average, a studio apartment in Albuquerque costs $552 per month, a one-bedroom apartment costs $736 per month and a three-bedroom apartment costs $1,121 per month.

How much is renters insurance for New Mexico college students?

If you’re a student attending a college or university in New Mexico, you may live in an on-campus dorm or rent an off-campus apartment during your time at school. There are a few things for college students renting housing in New Mexico to consider with personal property coverage.

Typically, college students who live in dorms located on the college campus are covered by their parents homeowners insurance policy. That’s usually only the case for students who live on campus, though. New Mexico college students who rent apartments off campus should consider a renters insurance policy because their items won’t be covered under their parents’ policy, and without a renters insurance policy, they won’t have any protection.

College students will most likely have roommates in the apartment they rent. It’s not advised that students share renters insurance policies with roommates. Rather, each student should have their own renters insurance policy to protect their own belongings.

New Mexico property crime statistics

Theft and vandalism or malicious mischief are among the 16 perils a standard renters insurance policy protects you from. So, how does crime in New Mexico compare to other states around the country? The FBI published the following statistics on crime in New Mexico for 2016:

• Property crime - 81,931
• Burglary - 17,281
• Larceny theft - 52,907

When compared to the national average rate per 100,000 inhabitants, all three crime statistics for New Mexico rank above the national average.

How to save money on your renters insurance in New Mexico

While renters insurance may be more affordable than other types of insurance, no one wants to pay more than they have to. So what are the different ways that you can lower your New Mexico renters insurance premium and have some extra spending money?

Here are the top 5 ways to save on your renters insurance:

• Raise your deductible
• Ask about potential discounts
• Bundle your policies
• Determine the value of your personal property
• Pay in full by check

How does Clearsurance rate and rank the best renters insurance companies in New Mexico?

Consistent with its mission towards greater transparency, Clearsurance does not keep its rating and ranking formulas in a black box. Our algorithm analyzes a range of inputs from our independent community of insurance customers, including:

• Price
• Customer Service
• Claim service
• Likelihood to renew

The algorithm also takes into account the percentage of what customers say the company does well vs. the percentage of what customers say the company could do better.

The Clearsurance customer ratings and rankings are derived entirely from customer reviews and ratings.

Renters insurance guide

As we mentioned above, there’s common misconceptions regarding what is and isn’t covered by a renters insurance policy. Before you purchase a policy from one of these best renters insurance companies in New Mexico, it’s important to understand what your policy covers. For example, did you know that many renters insurance policies include liability protection in the event a non-resident is injured on the property. Plus, if your apartment becomes uninhabitable from an incident, some policies may cover your expenses as you find temporary housing in New Mexico.

We want to make sure you’re equipped with a proper knowledge of renters insurance, so check out our renters insurance guide. Looking for more educational information about renters insurance? Check out our renters insurance blog for more information and topics related to renters insurance.