Renters Insurance New Mexico

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In 2013, the average estimated cost of renters insurance in New Mexico was $166 a year and the homeowners insurance is $700 a year. Therefore, renters insurance is cheaper than most people realize.

Comparing Renters and Owners Insurance in 2013 in New Mexico

The landlord's policy does not cover renter's damages like burglary. There were 21384 burglaries reported in New Mexico in 2012. So, to protect one from events like fire, burglary or other disasters renters insurance is required.

Renters Insurance Coverage Types:

Actual cash value policy:
This policy covers the depreciated value of the loss. For instance, that Camera you bought for $3610 might only be worth $1810 six months later – and that's all you're going to get for it.

Replacement Coverage Policy in New Mexico:

  • Using the same example, the insurance may not necessarily pay for the laptop, however you will get sufficient amount to buy another Camera same as the lost/damaged one. The replacement cost insurance in New Mexico costs around $41.5 more than the actual cash value policy.
  • Taking into account the median rent in New Mexico as $1000, the average renters insurance of $10 per month is 1.00% of median monthly rent.

Estimated Renters Insurance for Different House Types in New Mexico

House Type Median Rent Estimated Renters Insurance
Single Fam $1,100 $176
Condo $900 $144
Duplex $680 $108
Studio $550 $88
One Bed $600 $96
Two Bed $750 $120
Three Bed $1,050 $168
Four Bed $1,250 $200
Many Bed $1,200 $192

Deductibles in New Mexico:

An average of $18.26 can be saved on the insurance premium by choosing a $500 deductible over a $250 deductible.