New Mexico renters are like many other renters across the country. When they think about disasters, they either think those won’t happen to them or they assume the homeowners policy will cover their losses. Some just assume a renters insurance policy would be too expensive. All these things are untrue.
Renters insurance is much cheaper than homeowners policies. More importantly, without it, none of your belongings will be covered in a loss. This means if your home was lost in a fire or hurricane, all your belongings would be gone, and you would have no way of recovering your losses. With renters insurance, you could get this and additional living expenses if you’re temporarily displaced.
What Is The Average Cost of Renters Insurance 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.
Of course, this is an average. Some people pay more to increase their coverages or add on special coverages. Prices can also vary based on where you live, your credit score, which renters insurance companies you’re talking to, and other factors. Even if you pay a little more, though, you’re still talking about thousands in coverage for a couple hundred dollars per year in premiums.
Why gamble with your belongings when the annual price tag for renters insurance is so low?
Can You Avoid Common Myths about 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 the water damage and other costs.” Never assume your landlord’s insurance also insures your possessions. That responsibility is on you. Homeowners policies only cover the policyholder’s personal property.
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 Can You Save on Renters Insurance Coverage?
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. When you combine policies under the same insurer, you get peace of mind and discounts on all the policies.
- 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. Even though you don’t own the property, you can often install small security cameras and 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 [mapi-phone /]. Insurance experts are waiting to hear from you. Whether you’re looking for your own policy or working for property management companies, we can help you find affordable coverage that makes sense with an affordable average rate.