New Mexico might be most associated with the desert, but there is diverse terrain and geography throughout the state. Yet there are also people throughout the state, many of them living in apartments traditional and modern, with unique needs, problems, and natural risks. So whether you live in the relative wilderness or Albuquerque, we recommend New Mexico residents consider getting renters insurance to make those risks distant worries. To help, we scoped out the cheapest options available to you.
Here are the five cheapest renters insurance providers operating in New Mexico:
The Five Cheapest Quotes:
When writing the following information, we went by averages and general experiences, so please note that your impressions may vary slightly from what is listed. We hope that you use this article as a starting point for your own quote-finding and also as a general guide.
The number listed next to each provider is the average annual rate for a standard policy.
1) State Farm: $170
The cheapest renters insurance provider on average by quite a large margin, State Farm can make sure you have a policy that covers the basic threats while you still have enough left in the bank to cover the rent. With State Farm you even might be eligible for discounts and bundling options, making it by far the most affordable option.
The negatives to working with State Farm even partially work in your favor, as their flooding and water damage coverage is poor, but unlikely to ever be needed. What you will need to worry about, though, is somewhat poor customer service.
You can expect the following working with State Farm:
- A policy that is very inexpensive for the coverage you will be getting.
- An extremely competitive loss-of-use plan.
- A high level of expensive items coverage.
2) Nationwide: $241
We’re used to having Nationwide being a bit more expensive than this, but we’re happy to say that New Mexico residents can take advantage of the expensive customization options available to Nationwide renters insurance policyholders. And while they offer great service and strong coverage for most things, it’s these options that make Nationwide stand out. With them, you’ll be able to modify coverage levels for different groups of items, and even change your deductible, giving you either more security or a lower rate.
What you’ll want to watch out for, though, are price hikes in some areas. Also, some of their default coverages, like that for expensive items, aren’t so strong on their default level. A little time goes a long way with Nationwide.
You can expect the following working with Nationwide:
- A free annual assessment of your plan to make sure you are getting the best services and coverage. It is also optional.
- Coverage that extends to your possessions outside of your apartment.
- Optional coverages such as added valuables coverage, theft extension, water and sewage damage, and earthquake protection.
3) Liberty Mutual: $250
A renters insurance provider whose flaws we couldn’t even count on one hand, Liberty Mutual provides people with great coverage for a great price in New Mexico, and can be considered the next step up from the more basic providers listed here. With few holes in coverage levels, you will be able to sleep easy knowing there’s no threat they aren’t willing to handle.
And while we said there were few flaws with the company, they still deserve mentioning. The main one is that you will want to keep an eye on your rate depending on your area, as some people might experience a spike in their quoted rate if they live in a high-crime area. Additionally, bundlers should beware, as not all of their services are so well regarded as their renters policies.
You can expect the following working with Liberty Mutual:
- Optional coverages such as identity theft, electronics, jewelry, high-value items, and water damage.
- Partnerships with organizations all over the country, through which you can get notable discounts.
- Above-average coverage across the board.
4) Allstate: $317
Another company that can provide you with a generally great all-around policy (albeit a bit more specialized than what Liberty Mutual offers), Allstate has a massive infrastructure behind it and should be able to reliably help you no matter where you live. They also offer optional coverages such as water damage, identity theft, additional business property coverage, and others on top of those. They might be a bit expensive for what you get, but remember that you might be in a much better position than the average with them.
What you might not like about them is their customer service, which received quite a few complaints when it comes to their renters insurance staff. They also are somewhat lacking in customization compared to the more flexible companies listed here.
You can expect the following working with Allstate:
- You will be working with a very accessible staff and company.
- Wonderful bundling options, especially if you need car insurance.
- A few great online tools.
5) Farmers: $331
While you may first notice that fact that Farmers is the most expensive provider on this list, we would also like to bring your attention to the fact that they’ll provide you with the best service as well, which may make working with them well worth it to you. We understand that avoiding frustration is often worth every dollar. Also, with Farmers, you will have customization options almost on par with what Nationwide offers.
However, there are a few organizational hiccups reported by customers, meaning you might be waiting, albeit not so frustrated. A few types of coverage by default are also lacking.
You can expect the following working with Farmers:
- The ability to customize your policy based on what you feel the risks to your apartment are.
- Theft option, pet damage coverage, better liability coverage, and personal article floaters as options.
- An easy-to-work-with customer service team.
No matter the insurance needs of your New Mexico apartment, you should be able to find a renters insurance policy that’s perfect for you from one of the companies listed above. Yet to find what you need, you’ll likely need to do some further research and get specific quotes from the companies you’re most interested in. It can be a bit of work, but in an evening, you can let yourself stop worrying about what you do should the worst happen for years to come.