7 Best Renters Insurance Companies in New Mexico of 2022
If you rent in New Mexico, you should consider buying renters insurance.
If your personal property is damaged or destroyed due to, say, a fire, renters insurance will pay to replace them.
And if you are found at fault for bodily injuries or property damage to others, a renters policy will cover the costs.
If a person sues you for the injuries, renters insurance will cover you by giving you legal support.
If you didn’t have renters insurance, you’d have to pay out-of-pocket for all of these things. Lawsuits are prohibitively expensive, and so is medical attention.
But renters insurance is cheap. If you can afford to buy a pizza pie every month, then you can also afford to purchase renters insurance every month.
Plus, New Mexico is risky to insure, as the state has a high crime rate and is beleaguered by heavy floods and wildfires that can cause damage to your personal belongings.
This is another reason you need a renters policy. It will pay for theft, burglary, or if wildfire spreads to your rental.
But there are many policies out there, and many are similar to each other. How do you choose?
We put together a list of the best renters insurance companies in New Mexico ranked by category that may help you decide on a policy and provide you with information on the ins and outs of renters policies.
Best Renters Insurance in New Mexico
- Lemonade: Best Renters Insurance for Affordable Rates
- Liberty Mutual: Best Renters Policy for Many Discounts
- State Farm: Best Renters Insurance for Extra Coverage
- Amica: Best Renters Insurance for Website and App
- Progressive: Best Renters Policy for Single Deductible
- Travelers: Best Renters Insurance for Housing Improvements
- Farmers: Best Renters Policy for Easiest Ways to Contact Customer Service
Lemonade: Best Renters Insurance for Affordable Rates
- Insurance claims are proccesed at record speed.
- Available in 29 states.
Lemonade is an AI renters policy, which means that it only does business and offers coverage online or through the mobile app.
The company offers the cheapest rates in New Mexico.
According to Lemonade, policy rates start as low as $5, but if you buy extra coverage and add-ons, your average monthly cost will be higher.
Lemonade’s actual monthly cost is around $180 per month, but this varies by state and the amount of coverage you need.
That said, the actual cost is your cheapest policy in New Mexico.
Read a full Lemonade home insurance review.
Lemonade Renters Insurance Discounts
- Burglar Alarm - Installing a burglar alarm will get you a discount.
- Fire Alarm - Installing a fire alarm will also get you a discount.
- Claims-Free - If you haven’t made a claim in the past five years, you can get a discount.
Lemonade Renters Insurance Pros & Cons
- Online and mobile app can take care of all your insurance needs without ever having to talk to an agent.
- Ability to sign up for coverage within minutes.
- Getting a quote only takes 90 seconds.
- Handles 30% of claims instantly.
- Company donates a portion of revenue to charity.
- Cheap renters insurance coverage.
- Few discounts.
- Company built for online use only.
- Not a good fit for those who prefer working with an agent.
- Not available in all states.
- More consumer complaints than expected for a company of its size.
|J.D. Power (out of 1,000)||853|
|NAIC Complaint Index||1.94|
Liberty Mutual: Best Renters Policy for Many Discounts
Liberty Mutual is known for its add-on coverage to make your basic policy more comprehensive.
A few of them include earthquake insurance, replacement cost for your personal policy, and blanket jewelry coverage, which adds more coverage designed exclusively for your jewelry.
Liberty also offers many discounts compared to similar insurers.
Read a full Liberty Mutual home insurance review.
Liberty Mutual Renters Insurance Discounts
- Claims-Free - If you haven’t filed a renters claim with any insurance provider for the last five years, you’ll get a discount.
- Early Shopper - If you get a quote from Liberty before your current policy expires, you can save it when you sign up.
- Multi-Policy - Bundling your renters insurance with the auto will lower your rate.
- Safety Device - If you install safety devices in your rental such as a burglar alarm, deadbolts, fire extinguishers, a fire alarm, or a smoke alarm, you’ll get a discount.
- Quote Discount - If you get a quote from Liberty before your current policy expires, you’ll also save.
- Automatic Payments - If you enroll in automatic payments that link to your bank account, you’re eligible for a discount.
- Paperless Discount - If you choose to receive your policy documents electronically, you may be entitled to a rate decrease.
- Policy Discount - You can also save if you purchase renters insurance online.
Liberty Mutual Renters Insurance Pros & Cons
- Contact an agent in four convenient ways: telephone, online, mobile app, and in-person.
- Several coverage options.
- User-friendly website and mobile app.
- Blanket jewelry extra coverage replaces lost or stolen jewelry without a deductible or an appraisal.
- Higher than average premium.
- Basic policy doesn’t cover water damage.
- Doesn’t reward loyal customers with lower prices per year.
- Customer service is average.
- Replacement cost does not come standard.
- Theft coverage will increase your premium.
|J.D. Power (out of 1,000)||834|
|A.M. Best - Financial Strength Rating||A|
|NAIC Complaint Index||2.37|
State Farm: Best Renters Insurance for Extra Coverage
State Farm has a ton of insurance policies and insures more cars and homes than any other company in the U.S., handling more than 83 million policies and accounts.
State Farm offers competitive rates, but few discounts.
What makes State Farm special is its extra coverages that you can add to your renters insurance. However, every coverage has a price.
A standard policy only covers the actual cash value of your lost or destroyed personal effects. With replacement coverage, your items will be paid in full by State Farm and without depreciation.
If you have valuable personal property that requires coverage beyond the limits of your renters policy, you should look into a personal articles policy, which will cover jewelry, fine art, musical instruments, and more due to accidental damage or theft.
Pet Medical Insurance
Pet insurance can help pay for medical treatments, which will save you a lot of money for those who have visited a vet for an annual check-up and received a bill for over a thousand dollars.
Even if you don’t live on a fault line, you may want to get insured. That’s because no renters insurance policy covers earthquakes, but State Farm does.
Read a full State Farm renters insurance review.
State Farm Renters Insurance Discounts
State Farm, unlike other insurers, has few discounts for policyholders.
- Multiple Line Discount - Purchasing various insurance policies from State Farm makes you eligible for auto and home insurance premium discounts and savings.
- Home Security Insurance Discount - If you install deadbolt locks, smoke detectors or burglar alarms, or any other safety measure, you can get a discount.
State Farm Renters Insurance Pros & Cons
- Agents offer personalized service.
- AM Best rating is the highest possible grade.
- Low customer complaint ratio.
- Website and app make it easy to file claim or get quote online.
- Website has “find an agent” tool that allows you to quickly connect to a live customer service rep.
- Automatically increases the amount of your coverage on your personal items as inflation changes the cost of living.
- No banned dog list.
- Lack of discounts compared to similar insurers.
- No discount if you never file claim, unlike almost all insurers.
- Mixed renters insurance reviews.
- The online quoting system may not be available for mobile or manufactured homes.
- Insures every state except for Massachusetts and Rhode Island.
|J.D. Power (out of 1,000)||836|
|A.M. Best - Financial Strength Rating||A++|
|NAIC Complaint Index||1.77|
Amica: Best Renters Insurance for Website and App
Amica is known for having few consumer complaints in the renter’s sector and multiple ways to contact customer service.
It’s also known for its website and mobile app, which are easy to use even for older people who don’t do their business on the internet.
The website offers many things. You can get an online quote, file and track claims, and have a portal chat with an experienced customer service agent.
Meanwhile, Amica’s mobile app, which is available on Android and iOS, allows you to view your policies, report and track claims, pay your monthly bill, and access your insurance ID cards.
Amica Mutual Renters Insurance Discounts
- Loyalty - You qualify for this discount when you’ve been with Amica for at least 2 years. The more time spent with Amica, the more you save.
- Multi-Policy - If you bundle renters with auto insurance, Amica will lower your rate by 15%.
- Claims-Free - If you haven’t made a claim in the past three years, you’re eligible for a discount.
- Auto-Pay - Receive a discount when you opt to pay your premium using automatic deductions.
- E-discount - When you sign up to receive policy information and bills electronically, you can also save.
Amica Renters Insurance Pros & Cons
- Offers deductibles as low as $100.
- No limit on personal property coverage.
- Offers live 24/7 claims processing.
- Useful and intuitive website and app.
- Few customer complaints.
- Covers every state except for Alaska and Hawaii.
- Not as many discounts as some competitors.
- Doesn’t go into detail about which events you’re protected from.
- 24/7 for claims, but limited hours for sales and service.
|J.D. Power (out of 1,000)||854|
|A.M. Best - Financial Strength Rating||A+|
|NAIC Complaint Index||0.32|
Progressive: Best Renters Policy for Single Deductible
Progressive has many ways to contact renters insurance agents, offering 24/7 customer service by phone and, using the company’s “contact us” page to send an email to the insurer.
Progressive is one of our top choices because it offers a single deductible for both renters and auto insurance.
The single deductible enables you to pay only one deductible if you need to file a claim for the same incident on both your renters and auto insurance.
So if there’s a break-in on your car, your renters policy will pay for stolen personal belongings, and usually, your policy or your auto policy will pay damages to your car.
Progressive Renters Insurance Discounts
- Multi-Policy - You can save an average of 3% when you bundle renters and auto insurance with Progressive/
- Quote in Advance - If you get a quote at least three days before your policy starts, you’ll get a discount.
- Receive Documents Electronically - If you choose to receive all your documents via email, that’s another discount.
- Pay in Full - Paying your policy upfront in full is an easy way to get a discount.
- Secured/Gated Community - Discount if you live in a gated community
Progressive Renters Insurance Pros & Cons
- Online quote.
- Increased coverage at a cost for collections, watercraft, theft of firearms, and business property.
- Additional coverage for computer and electronic equipment.
- Highest premium in comparison to similar insurers.
- Without discounts, the rate remains high.
- Offers renters insurance in every state except for Alaska and Hawaii.
- Can’t file renters claim online and must be done with insurer directly.
- Sells renters insurance through subsidiary, which could cause confusion over who’s servicing the policy.
|A.M. Best - Financial Strength Rating||A+|
|NAIC Complaint Index||1.66|
Travelers: Best Renters Insurance for Housing Improvements
It’s often hard to put a personal stamp on your rental. It can seem like you can only do that if you own your home.
But did you know that some landlords will allow you to give your rental a personal touch?
We’re not talking about something big like updating your kitchen.
We’re talking about how you can spruce up your rental just enough to make it seem like your own.
You can add on many things, including painting your walls, hanging wallpaper, changing fixtures, and more.
Travelers' standard policy covers any improvements you've made if your improvements are damaged or destroyed due to a covered peril.
This means you don’t have to pay extra for this coverage.
You get up to 10% of a renters insurance policy's personal property coverage that you can use to repair or replace the improvements you made.
Travelers Renters Insurance Discounts
- Multi-Policy Discount - If you bundle your renters insurance with Travelers’ auto insurance, you get a 5% discount on your rate. If you have an umbrella, boat, or personal articles floater policy with Travelers, you can also get a discount.
- Loss Free Discount - If you don’t file a claim for a specific time period, you may be eligible for a discount.
- Protective Device Discounts - You can save if your rental has protective devices such as interior sprinkler systems, home security systems such as theft alarms, and smart or connected home technology that can alert you to a fire or break-in.
Travelers Renters Insurance Pros & Cons
- Optional RCV.
- 24/7 for claims and customer service.
- Useful features on website and app.
- Some unique add-ons, like decreasing deductible and equipment breakdown.
- Offers replacement cost coverage.
- Financially stable.
- The website reviews how renters insurance works.
- Higher premiums compared to similar insurers.
- JD Power score is low.
- Relatively few add-ons.
- Need to call to get quote in some states.
- Can’t go below $30,000 of personal property.
- Partial refund if you cancel policy midyear.
|J.D. Power (out of 1,000)||801|
|A.M. Best - Financial Strength Rating||A++|
|NAIC Complaint Index||3.88|
Farmers: Best Renters Policy for Easiest Ways to Contact Customer Service
Farmers offers a deductible as low as $100, while similar companies offer a deductible as low as $250.
What’s also unique about Farmers is that you qualify for a discount if you don’t smoke in your home, which is a feature that many renters and insurers don’t have.
But the best thing that Farmers offers renters is its many ways to contact an agent.
You can talk to a Farmers agent by calling for general customer service questions or by calling for a claims questions number.
What’s great about that is that the claims processing center is open 24/7, although the customer service line is only available during certain times but does offer weekend hours.
You can even manage your policy and file a claim using the Farmers customer portal on the website or on the mobile app.
Farmers Renters Insurance Discounts
- Multiple Policy Discount - You’ll get a discount when you purchase your renters policy and add on an auto, life, or umbrella policy from Farmers.
- Smoke Free - As stated above, if your rental is smoke-free for at least two consecutive years, you’ll get a special incentive.
- Safety Discount - If you have a fire alarm, a smoke alarm, a security system, and many more, you’ll qualify for a discount.
Farmers Renters Insurance Pros & Cons
- Claim forgiveness and deductible decreases.
- Energy efficiency upgrades.
- Get quotes and manage claims on website.
- Educational renters insurance content online.
- Less common coverage options available.
- Discounts available for certain professionals.
- Customer service has limited hours.
- One of the most expensive policies in comparison to similar insurers.
- Some coverages only available as part of a plan.
- Limited state coverage.
|J.D. Power (out of 1,000)||831|
|A.M. Best - Financial Strength Rating||A|
|NAIC Complaint Index||0.56|
How We Ranked and Picked the Best Home Renters Insurance Companies in New Mexico
We gathered information from multiple trusted sites in renters insurance in New Mexico and the websites of insurance companies and narrowed down our search by looking at the following:
Renters insurance should give you peace of mind, not make you feel frightened every month you receive your bill.
So, we looked at renters insurers with low rates or discounts that can cause those rates to drop.
It was important that the company had a wide range of policy coverages to help accommodate renters’ needs.
We looked at how many coverages an insurer had to customize a renter’s basic policy.
We also looked at unique coverage features that other insurers don’t have, as well as add-ons or riders, to ensure you were sufficiently covered after a peril.
If a company had a lot of different discounts that could significantly lower your premium, we put that insurer on our list.
We looked at insurers that had the most useful websites and mobile apps. We considered that insurer if you could purchase renters insurance online, manage your policy, and file and track a claim online.
We reviewed published consumer ratings and reviews of renters insurance providers.
In addition, we looked at third-party rating sites like AM Best, NAIC, BBB, and JD Power to see how an insurer ranked.
If you could reach customer service easily, and in many ways, and if you could talk to an agent about filing a claim 24/7, then this meant a company was highly accessible.
We've researched renters insurance quotes in major New Mexico counties and key cities - Bernalillo County, Doña Ana County, Santa Fe County, Sandoval County. Compared the renters insurance quotes and averages in cities such as Albuquerque, Las Cruces, Rio Rancho, Santa Fe & Roswell to give you a better picture of how much coverage would cost for your needs.
Is Renters Insurance Required?
Renters insurance protects us from many emergencies that we couldn’t have predicted such as fire or theft.
Renters insurance is not required, but it’s a good idea to have it because it is the best and more affordable way to replace your belongings if they get damaged or stolen.
Besides, some landlords will require you to have a policy as a condition of their lease.
It’s like homeowners insurance, but the difference is that it may be mandatory for homeowners because it is usually required by your mortgage lender.
Renters insurance does not cover the structure of your building or your rental home because you don’t own either.
If the rental home or apartment is damaged or destroyed due to fire, for example, it will be the homeowner or landlord’s responsibility to make the repairs.
Landlords have their own insurance to protect their properties, but this in no way covers damage to your personal property.
So, landlords will not cover any of the tenant’s property, such as electronics, clothes, furniture, and more.
Thus, it’s you who is responsible for getting replacements of your personal items, which you’ll have to pay out-of-pocket.
Can you afford to replace all your furniture?
This is a good reason to have renters insurance.
What Does Renters Insurance Cover?
In New Mexico, the standard renters insurance policy covers liability, theft, medical treatment, and loss of use.
Liability protects you against lawsuits from someone who has bodily injuries or property damages that you or your family caused to them.
Liability also covers your legal defense.
For example, if someone visits your rental and gets bitten by your dog, your liability coverage will pay for the injuries.
If that person sues you, liability will cover you. Since lawsuits can cost a lot of money, liability coverage is worth every single cent.
Loss of Use
This policy covers basic living expenses and temporary housing costs if you can’t live in your rental unit due to damage and destruction from fire, smoke, or heavy winds.
This policy pays for medical care if there is bodily injury to a person that occurs in your rental unit, regardless of fault.
Personal Property Coverage
This pays to repair or replace property that has been stolen, damaged, or destroyed by theft, fire, windstorms, and other covered perils.
What is a Covered Peril?
A covered peril is an event in which the insurer agrees to reimburse you after you file a claim.
So, if you want your belongings to be replaced or repaired after a fire or other natural disaster, the covered perils that come standard in your basic renters policy are:
- Falling objects
- Electrical surges
- Civil disruption; vandalism, riots, theft
- Windstorm or hail
- Weight of snow, ice, or sleet
- Water (plumbing failure, appliance failure, fire sprinklers. or other accidental discharges of water)
What is Optional Renters Insurance Coverage?
Renters insurance is relativity cheap, but that’s because you are buying the standard or basic insurance.
A standard insurance may need to be more comprehensive or fleshed out, which is why insurers will offer add-ons. However, you have to pay for those, which means your rate will go up.
To customize your policy, here are some essential add-ons that will give you peace of mind.
Actual Cash Value (ACV) vs Replacement Cost Value (RCV)
There are two types of renters insurance policies, RCV and ACV.
The main difference is that ACV will repair or replace your belongings at a depreciated value in the event of a covered peril.
On the other hand, if you decide to go with RCV, you’ll get the cost of replacing your lost items with new ones.
Scheduled Personal Property
Your high-cost belongings like jewelry are not covered in full by a standard renter’s policy because there is often a cap in the policy.
The standard renters policy value cap for high-cost items is around $10,000.
So if your engagement ring was appraised at $15,000, you have to pay the extra $5,000.
To get a full reimbursement, you can schedule your items.
Scheduling means you list your valuables separately on your policy and insure them for their actual value.
The benefit to scheduling expensive items is that you are covered for anything that could happen to them.
Identity Theft Coverage
If your identity was stolen, this coverage will reimburse you for false charges on your credit card, monitor your credit, pay for any legal fees, and help replace confidential documents.
Water Backup Coverage
If your sink, toilet, or other drain backs up and sends water gushing into your dwelling, this coverage will pay for damages.
How Much Renters Insurance Do I Need?
To determine how much coverage you should purchase, take stock of your belongings.
This is called a home inventory.
To do this, you need to catalog all your possessions and price them out by referring to receipts. If you have none, use the internet to find the same or similar item.
The total is the minimum amount of personal property insurance you should have.
But it’s best to get enough coverage close to or greater than the value of your items.
What Does Renters Insurance Not Cover?
A renters insurer will not cover big-ticket items such as built-in appliances, water heaters, or furnaces.
For natural disasters, a renter’s policy will not cover property damage due to flooding and earthquakes.
In fact, most renters insurance companies exclude flooding and earthquakes.
But you can buy earthquake insurance and flood insurance as separate policies to protect your home.
What Natural Disasters Occur in New Mexico?
New Mexico is besotted by many floods, so much so that you can’t live here without purchasing a separate policy for flood insurance.
The biggest disaster is wildfire, especially during prolonged drought periods.
Flood coverage is something you have to pay extra for.
But as for wildfires, your standard policy will cover you.
Thus, if you live in a flood zone or near a dry forest, your rate will go up because your area of living is considered a risk.
What Factors Determine My Policy Rate?
Besides flooding and wildfires, the following factors will increase or decrease your rate in New Mexico.
Fire Detection and Prevention
If you add fire alarms, smoke alarms, burglar alarms, deadbolt locks, and fire extinguishers to your rental, your rate will be lower.
If your apartment or condo has doormen or front-desk security or is in a gated community, your rental will also cost less to insure.
If you make one claim, the insurer will consider you as high-risk and will believe you’re more likely to make further claims, which is why the insurer will raise your rate.
If you have a high credit score, your insurer will perceive that you are more likely to pay your monthly premium on time.
However, the most important thing that insurers look at to determine your rate is your rental location.
Because of the high crime rate, most insurers will raise your policy to take into effect theft and burglary.
If you live in a dry area that is near forests, wildfire can spread and damage your rental and the contents within. This will also increase your rate.
But if you live in an area that is close to a firehouse or a fire hydrant, your rental will be safer, and your policy rate will be lower.
How Do You Find Affordable Renters Insurance?
Keep in mind that your rates will vary depending on your coverage limits and the valuation of your belongings.
The easiest way to find affordable renters insurance is to get quotes from as many insurers as possible.
Then compare the rates from different companies.
Many insurers will allow you to get a quote online. This can be easy since you don’t have to talk to an agent,
Above all, you should also consider customer service how easy it is to reach an insurer’s agent. And if there are multiple ways to connect with an agent—website, mobile app, phone, online chat, and email--that makes choosing a policy even easier for you.
Keep in mind that you should look at a company that is open 24/7; if you need to make a claim, you can potentially do so at any hour of the day.