Most times, in the case of fire, burglary, or injury, renters insurance can provide policyholders with financial assistance to replace belongings and/or pay for medical bills. To help New Mexico renters, we did the research and put together the following guide on all things related to renters insurance policies in New Mexico.
Average Renters Insurance Cost in New Mexico
Renters in New Mexico pay an average of $183 a year for rental property insurance. That’s 2% below the national average. New Mexicans would have to work only 24 hours at minimum wage salary to cover rental insurance for the entire year. Why gamble with your belongings when the annual price tag for renters insurance is so low?
New Mexico Rental Insurance Coverage
Myth No. 1:“My stuff isn’t worth the value of renters insurance.” Actually, the cost to replenish merely a closet full of clothes would likely cost more than New Mexico’s annual premium for rental property insurance. Don’t underestimate the cost of your possessions.
Myth No. 2:“If my upstairs neighbor leaves a faucet on and floods my unit or if a thief breaks in and robs me, my landlord’s insurance will definitely cover it.” Never assume your landlord’s insurance also insures your possessions. That responsibility is on you.
Every day in New Mexico, there’s a possibility that an unfortunate event could ruin a renter’s life. The state saw 21,384 burglaries in 2012 alone. Protect yourself with a renters insurance plan so you’ll be covered in case it happens to you. As an added bonus, unforeseen misfortunes like fires, leaks, and weather-related disasters may also be covered under your policy.
How to Save
Your renters insurance premium is established by looking at multiple factors, such as: where you live, your history of claims, any current policies you currently hold, and more. You can lower your premiums by qualifying for available discounts.
- Multi-Policy: Save when you combine policies like auto, home, and renters.
- No Prior Claims: If you haven’t ever filed a claim, you’ll save on your rental insurance premium.
- Safety Devices: Pay less if you install smoke detectors, anti-theft systems, or other safety devices.
- Higher Deductibles: Lower your renters insurance premium by raising your deductible. Just know that the higher the deductible, the more you’ll have to spend out-of-pocket if you file a claim.
New Mexico Renters Facts
That $183 yearly renters insurance rate is meager compared to the average $772 monthly rent for a two-bedroom apartment in New Mexico. Despite the fact that a whopping 31% of state residents rent, statistics show that only 31 percent of renters get rental insurance. It can end up being a costly blunder—one you shouldn’t make.
Get Help From Insurance Experts
If you’re looking for additional information, have questions, or just ready to start shopping, call 855-462-2213 . Insurance experts are waiting to hear from you.