Renting is a preferable option for many residents of New Mexico. Some find it more affordable, some prefer to avoid the hassles of homeownership and still others like the convenience of temporary living arrangements. Whatever your reason, a renters insurance policy will be necessary to protect your personal property from a host of perils you may face as a renter. The average renter moves into their rental home with more than $10,000 dollars’ worth of belongings. When you review renters insurance quotes in New Mexico, you may be surprised by how little it can cost to cover this property.
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New Mexico Renters Statistics
- Estimated number of rental homes (all types) in New Mexico: 249,000
- Estimated number of apartments in New Mexico: 134,000
- Percentage of New Mexico homes (all types) that are renter-occupied: 31.5%
- Percentage of New Mexico homes that are apartments: 7%
- Average annual cost of renters insurance in NM in 2008: $186
If you are like many renters, you may think that renters insurance is unnecessary because you do not own anything of great value. However, when you add up how much it would cost to completely replace your belongings, including clothing, electronics, and cookware, you may be surprised by how many valuable things you have acquired.
Is Renters Insurance Required in New Mexico?
There are no state laws requiring occupants of rental properties to purchase renters insurance. Some New Mexico landlords, however, may require this coverage as one of the terms of your lease. In most cases, this coverage is completely optional. This is not to say that it is unimportant. If a disaster were to cause damage and destruction in your rental home, your landlord would be responsible only for repairing or rebuilding the structure of the home.
You are responsible for covering your own property. Consider the financial consequences of having to start over with nothing, as could be the case if your property were to be completely destroyed in a fire and you had no insurance coverage. A renters insurance policy can also shield you from the liability expenses and cover the cost of temporary housing if your rental home were to become unlivable due to a covered event.
Renters Insurance Protects Against Property Crimes in NM
Statistically, renters are more likely to become victims of burglaries than are homeowners. This may have to do with closer living conditions or greater familiarity with your property by criminals. The most frequently stolen items during burglaries include cash, jewelry, and electronics. Burglary statistics for New Mexico are as follows:
- Approximately 21,400 burglaries occur in this state each year.
- The state’s burglary rate equates to 10.29 burglaries per every 1,000 homes.
- By comparison, the national rate is 7.02 burglaries per every 1,000 homes.
Renters in cities such as Albuquerque and Santa Fe can expect to pay more than renters in Hanover and Virden because of the disparity in property crime rates. However, because this type of insurance is rather inexpensive to begin with, the differences in costs will not be substantial. If your home is broken into, you should first ensure your own safety and then contact the police immediately. Make an itemized list of your stolen property and request a copy of the police report. You will need both when filing a claim with your insurance company.
Renters Insurance Protects against Liability in New Mexico
An added benefit of renters insurance that many people overlook is that it provides you with a measure of protection against liability claims. This will cover you if you cause personal injury or property damage to a third-party. Additionally, it will cover you against charges of slander and libel. If you include liability coverage for your pets, you will also be protected if your dog were to bite someone. If you are forced to seek legal representation for a covered event, your liability insurance coverage will also compensate you for any related court costs and legal fees. This coverage can prove invaluable if you find yourself caught up in a liability lawsuit in one of New Mexico's civil courts.
How Much Are Average NM Renters Insurance Quotes?
On average, renters insurance costs residents of New Mexico about $15 a month, yet more than half of all renters in this state fail to purchase this coverage. There are many factors that can affect how much your policy will cost, but because the cost of this type of insurance is relatively low, policy rates do not vary significantly. The factors that influence the cost of your quotes include:
- The property crime rate where your rental home is located
- The amount of coverage you are purchasing for your personal property
- Whether or not you have pets
- Whether or not you allow smoking in your home
- Your credit score and claims history
- The amount of your deductible
- The insurance company you choose
You may be able to get even lower insurance rate quotes if you qualify for policy discounts such as those given for having multiple policies, like car insurance, with the same provider. If you allow automatic payments to be deducted from your bank account each month some New Mexico insurance companies will offer you a discount. Be sure to ask about available discounts when requesting renters insurance quotes.
Find a Great Rate for Renters Insurance
Even an overpriced renters insurance policy will be relatively inexpensive, but nobody wants to pay more than they should for their coverage. Comparison shopping will enable you to be certain that you are getting your policy at a competitive rate. An independent agent in our network can help by gathering a variety of policies for you to review.
Contact an agent with an office near your New Mexico neighborhood now and you can start comparing renters insurance quotes today.