Landlord Insurance

Home > States > New Mexico Landlord Insurance

New Mexico Landlord Insurance

New Mexico landlord insurance provides the best protection against catastrophe you can get. By providing coverage against wind, fire, water and liability to name a few most insurance companies in NM can offer a great policy at a low price. We work with these insurance carriers to allow landlords to compare rates from the best. By having landlord insurance you know that your rental property business will stay healthy even in the worst weather storms.

Landlord Insurance Quotes in NM

The fastest and easiest way to get the best landlord protection at the cheapest cost is to shop around for rates. We work with leading insurance companies in your city to provide a simple yet secure way to compare multiple insurance quotes online. Spend the next 5 minutes completing our secure application and get New Mexico landlord insurance quotes from the most trusted carriers.

Perils Covered by Landlord Insurance

New Mexico has weather that can cause massive damage to your home but there are other perils which lead to costly repairs. A peril is simply a cause of damage which could include:

  • Vandalism
  • Water pipe bursting
  • Theft
  • Smoke
  • Hail
  • Wind
  • Landlord liability
  • Loss of rents

Cost of Landlord Insurance in New Mexico

The cost to insure your rental property in NM is dependent upon numerous rating factors that home insurance companies use to determine the proper premium. When you own a condo or townhouse the cost of landlord insurance is very minimal because usually you split that cost with the homeowners association which insurers the exterior of your unit. If you insure a single family home or rental complex then your insurance costs are going to be much higher due to the replacement cost of the building is solely your responsibility.

Here are a few of the most common rating factors that insurance companies use to determine your landlord insurance premium:

  • Credit rating - This is your personal credit rating which is similar to a FICO score but can be based on other specific criteria such as payment history and bankruptcy.
  • Deductible - The higher the deductible the lower the cost of insurance. Don't get a deductible you can't afford if you need to file a claim. The most common deductible is $1000 for all perils.
  • Building type - This can be numerous things including condo, single family, and townhouse including the materials used to construct the property.
  • Claim history - If you have one or more claims in the past 3 years as a homeowner most insurance companies will surcharge your premium. Some companies may not even accept your business if you have more than two.
  • Discounts - If you have more business with an insurance carrier they are more likely to offer discounts to keep all of your business with them.

New Mexico's 5 largest cities by population

City
Population
Albuquerque 545,852
Las Cruces 97,618
Rio Rancho 87,521
Santa Fe 67,947
Roswell 48,366

*Data from 2010 Census Population by the Department of Economic and Community Development.

Common Landlord Insurance Claims in NM (New Mexico)

Wind
(Most claims cost over $2,500 to repair wind damage)

Fire
(Most claims cost over $30,000 to repair damages from fire)

Dog Bite Liability
(Most claims cost over $26,000 to recoup liability damages)

Water
(Most claims cost over $3,400 to repair physical damages to property)

Slip and Fall Liability
(Most claims cost over $63,000 to recoup liability damages)

NOTICE: The amounts listed above are for illustrative purposes only and should not be used to decide what coverage limits you need for your landlord policy. Speak with your insurance agent to determine the proper coverage limits.

Save 40%-60% Now!

Auto Insurance Quotes

State:

Life Insurance Quotes

State: