Renters Insurance in New Mexico: Best Online Quotes!
New Mexico is a gorgeous desert country. From Albuquerque to Santa Fe, sweeping high desert landscapes and buttes dot the horizon. And let’s not forget America’s gem: Route 66, canvassing through the hills and back roads on a traveler’s journey you won’t soon forget.
If you’ve just moved to New Mexico, congratulations and welcome! Get ready for long starlit nights, hatch chile everything and the beautiful scenery. You might also want to prepare to save on renters insurance with some of our cheap, affordable options! We strive to bring you the best quotes for your personal needs.
Do I really need renters insurance in New Mexico?
Even if your landlord and the state of New Mexico don’t require renters insurance, it such a good idea to make sure you have it. Renters insurance premiums are relatively inexpensive compared with what most people might believe, and you don’t want to be stuck in a situation where you can’t replace your property – where you’re on the hook for somebody’s medical bills if they are injured in your rental.
You’ll find some of the best rental markets in New Mexico in the Albuquerque area, home to the University of New Mexico. The median gross rents in Albuquerque are around $900, which includes units from 1-2 bedroom near campus as well as units and homes in outlying areas. Even in larger metro area homes, the most you’ll typically pay for renters insurance is about $15 a month.
What’s the price tag?
Your premium pricing is based on a variety of factors, including:
- Materials your home is made out of;
- Whether you live in the inner city or suburbs;
- If there is a business on the premises;
- Whether or not you have dogs;
- Your credit score;
- If a previous policy has a cancelation or claim attached to it;
- Your fire protection district;
- Burglar alarms, keyed entry, etc.
Additionally, your deductible will likely fall in the $500 range.
When you get your quote, your premiums will be broken down into a monthly payment. So, if you’re being asked to pay on a $300 annual term, the cost of your insurance will be $25 a month.
What kind of coverage do I need?
We typically recommend $20,000 for personal property coverage. We assist you in itemizing your belongings and determining a value for them so that you can replace all your personal property if there is devastation or loss in your rental.
We also recommend $100,000 in medical liability insurance, which covers you in the event of someone else becoming injured or having an accident in your home. If a visitor is injured and you are found medically liable in a court, you could be subject to steep fines you can not afford. This type of liability insurance will help put you at ease.
We also recommended $1000 for loss of use coverage. If you can’t use your home for everyday living, you may end up having to pay more to access the necessities of living outside the rental. Loss of use coverage can help you pay for those expenses in this case.
Here are some of the top metros we service in New Mexico:
- Las Cruces
- Rio Rancho
- Santa Fe
What will my insurance cover?
New Mexico generally does have some pretty good weather, but there are still dust storms, the occasional thunderstorm or tornado, and in northern areas, New Mexico residents may experience some winter weather. Issues such as theft are always a problem and could be a common occurrence in some areas depending on the crime rate and whether or not you’re in a metro area.
What you will pay for your insurance varies based on your specific situation, so it’s always best to talk with us about things like your credit score, whether or not you had any claims in the last few years or any other factors that may influence the route we need to take for you to run you the best quote.
How much coverage will I need?
Coverage limits tend to vary from state to state, and there are coverage limits provided by most carriers. Because of this, it’s best to talk with us about your itemized list so we can determine if you need more insurance coverage for a specific, valuable item.
So many things will go into the amount you will pay for your monthly premium. Materials your home is made from, crime rates, how close you are to a metro area, if you have a specific breed of dog in your home that could be responsible for injury or damage to a guest – all these things influence what you will pay. You should also ask your agent about replacement cost value vs actual cash value on your property.
Are there discounts available for me?
Carriers may give you advanced quote discounts, which means you’re paying at least a day or so in advance before the start date of your policy. Burglar alarms, security alarms, and other antitheft devices can also help you save.
New Mexico is such a beautiful state, and we love connecting our New Mexico customers with the insurance policies they need, at the most affordable rates. Don’t hesitate to reach out, fill out our quote form and talk to us about the right option for you and your family! We love our clients, and we’ll take good care of you. Just fill out one form, and we’ll match you with quotes that work for your specific situation!