The Best and Cheapest Renters Insurance in New Mexico
For most people, renting is the best option for their situation. But like any significant life decision, there are things you should know before signing that lease agreement. One of those essential things is renters insurance.
Renter’s insurance is a policy that can help protect your belongings in the event of theft, fire, or other unexpected disasters. Here we will discuss some of the best and cheapest renters insurance policies in New Mexico so you can feel confident in your decision to rent.
Why is Renters Insurance Essential for College Students?
Your college dorm or apartment is probably your first home away from home, and it’s vital to protect your belongings – especially if they are valuable or sentimental. If there’s a fire, theft, or another disaster, renters insurance can help you replace your lost or damaged items.
Another key reason to have renters insurance as a college student is to protect yourself from liability. If someone is injured in your home, or if you damage someone else’s property, you could be held responsible. Renters insurance can help cover the cost of any damages or legal fees that you may be responsible for.
While your parents may have some coverage for you as a college student living at home, you need to understand that their homeowner’s insurance policy probably does not extend to cover your possessions or protect you from liability. Once you move out of your parents’ home and into a dorm or apartment, you’ll need to get your renters insurance policy to ensure you’re fully protected.
How Much Does Renters Insurance Cost in New Mexico by City?
The amount of renters insurance costs in New Mexico varies depending on the city. Below we will provide an overview of the average monthly cost of renters insurance in major cities in New Mexico.
|City||Premium Cost Per Month|
|Truth or Consequences||$11.60|
|Eldorado at Santa Fe||$11.12|
|Los Ranchos de Albuquerque||$11.04|
Best Renters Insurance in New Mexico
Every resident of New Mexico needs to have renters insurance. This is the simplest way to ensure that your personal belongings are protected due to unfortunate events. Not sure where to start? Here is a list of the best renters insurance companies in New Mexico. Each one offers different policies and costs, so you are sure to find the right cost for your needs.
Progressive renters insurance covers personal liability, medical payments, personal property, and loss of use coverage for an average monthly cost of $7.41 in New Mexico.
If you’re looking for comprehensive renters insurance coverage, Nationwide has you covered.
The policy includes content coverage, building additions and alterations, loss of use, and medical payments to others. And the average monthly renters insurance cost in New Mexico is just $7.62.
USAA offers a variety of different renters insurance plans, with the average cost around $7.75 per month. This type of coverage can help protect you from liability if someone is injured while on your property and help replace any personal belongings that may be damaged or stolen.
Lemonade offers several different types of coverage for renters, including personal liability, medical bills, personal property, and temporary living expenses. The average monthly cost of Lemonade renters insurance is $8.83.
Lemonade’s personal liability coverage protects you from financial damages if you are held responsible for someone else’s injury or property damage. This type of coverage can help pay for things like medical bills and legal fees.
Medical bill coverage helps pay for your medical expenses if you are injured in an accident on your rental property. This type of coverage can help cover things like hospital stays, surgeries, and rehabilitative care.
Personal property coverage helps protect your belongings from fire, theft, or damage. This type of coverage can help you replace items like furniture, clothing, and electronics.
Temporary living expenses coverage helps pay for your living expenses if your rental property is uninhabitable due to a covered event. This type of coverage can help you with things like hotel stays, meals, and transportation.
Allstate renters insurance is an excellent way to protect your belongings and your family. The coverage includes personal property, family liability coverage, guest medical protection, and additional living expenses. The average monthly cost of Allstate renters insurance in New Mexico is $9.83, which is very affordable.
Safeco’s average monthly renters insurance cost in New Mexico is just $9.89, making it an affordable way to protect yourself and your possessions. Safeco’s renters insurance has you covered if you’re looking for comprehensive coverage.
Personal property coverage protects your belongings in the event of a fire, theft, or other covered disasters while liability coverage protects you if someone is injured on your property.
Additional living expenses cover the cost of temporary housing if your home becomes uninhabitable due to a covered disaster.
Finally, Safeco’s valuable article coverage protects items such as jewelry, art, and collectibles. Personal property replacement cost coverage ensures that you can replace your belongings at today’s prices, regardless of when the loss occurred.
The average monthly cost of State Farm renters insurance in New Mexico is $12.46. It covers liability, loss of use, and personal property coverage.
Liability coverage protects against lawsuits for bodily injury or property damage that you or members of your household may be responsible for.
Loss of use coverage helps pay for additional living expenses if your home is uninhabitable due to a covered loss.
Personal property coverage helps replace your belongings if they are damaged, destroyed, or stolen.
Renters Insurance in New Mexico – What You Need to Know
Although renters insurance is not required by law in New Mexico, it is still a good idea to always be prepared. This type of insurance can help protect your belongings in the event of theft, damage, or other disasters. It can also provide you with financial assistance if you need to relocate due to an unforeseen event.
There are a few things to keep in mind when looking for renters insurance in New Mexico. First, make sure to get quotes from several different insurers. This will help you ensure that you’re getting the best possible rate. Second, read the policy documents carefully to understand what is and isn’t covered. Finally, remember that your renters insurance policy is only as good as the insurer you choose – so be sure to select a reputable company.
Now that you are well-informed about renters insurance in New Mexico, be thorough when you consult insurance agents and get quotes to have the right policy. It’s a first step in protecting your things – and your peace of mind.
What Does Renters Insurance in New Mexico State NOT Cover?
Renters insurance in New Mexico does not cover earthquakes. If you live in an area prone to earthquakes, purchase earthquake insurance separately. Quake insurance typically covers damage to your home and personal belongings caused by an earthquake and any resulting loss of use of your home. It may also cover temporary living expenses if your home is uninhabitable after an earthquake.
Most of the time, renters insurance will cover other types of water damage, such as burst pipes or leaks, but not damage caused by floods. If you live in an area prone to flooding, get a separate policy for flood insurance to protect yourself and your belongings.
High in value objects
If you’re looking for comprehensive coverage, renters insurance in New Mexico may not be the right choice for you. High-value items such as jewelry, art, or collectibles are typically not covered by standard renters insurance policies in case of loss or damage. Depending on the insurance provider, you may be able to purchase additional riders or floaters to insure these items. Still, they likely won’t be covered under your basic policy.
Roommates are not automatically covered under your policy, even if they are listed as a named insured on your lease agreement. So, if your roommate’s stuff is damaged or stolen, their belongings will not be covered by your renters insurance policy. Each roommate will need to purchase their own policy if they want to be protected.
Protect your Investments with Renters Insurance
Renters insurance is important, and not just in New Mexico. In fact, every state has different laws about what is and isn’t covered. So do your research on what type of policy you need for your specific location. But even if you don’t live in a state with strict renter protections, having renters insurance can be a wise investment for your future, especially when you are still a college student.
Sarah Gilbert is a licensed insurance broker, specializing in auto, home and renters insurance products. She reviews insurance content on College Educated for accuracy and has a particular passion for making sure that college students and recent graduates have proper insurance coverage. Her latest passion includes researching all forms of business insurance, to ensure that recent college grads who look to entrepreneurship can have the right protection.