Albuquerque has plenty to offer homeowners, from its beautiful mountain views to a food scene that’s uniquely ABQ. The cost of living is a little lower than the national average, so residents can enjoy a high quality of life with affordable living. You can complement the relatively low cost of homeownership with an equally affordable homeowners insurance policy.
Insurify makes it easy to find the best homeowners insurance policy for you. Explore New Mexico homeowners insurance that meets your needs, whether you live in Albuquerque or nearby Santa Fe or Rio Rancho. With Insurify, it’s so easy to compare the best and cheapest homeowners insurance in New Mexico.
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How to Find Cheap Home Insurance in Albuquerque
Albuquerque is one of the best places to live in the Southwest, thanks to its varied weather, vibrant community, and picturesque landscapes. But even with living expenses on par with the national average, there are still financial risks inherent to homeownership.
Buying a home is a huge financial investment. For most people, it’s one of the biggest investments they’ll ever make. Albuquerque’s location keeps it safe from many natural disasters, like tornadoes, but wildfires still pose a substantial risk to homeowners.
That’s why home insurance is crucial to have. It’s not required by law, but it’s a good idea because it protects your property and your personal belongings from weather damage, property crime, and other risks.
From dwelling coverage to picking the right insurance provider, we’ve compiled the best home insurance discounts and home insurance companies where you can find a good home policy. Find the best home insurance rates with our full guide to Albuquerque home insurance.
Cheapest Home Insurance in Albuquerque by Company
Homeowners insurance rates aren’t always designed with savings in mind. That’s where Insurify comes in.
As of 2020, the average home insurance premium in Albuquerque costs $3,202 annually, and the median home value is $216,090.
These costs speak for themselves. Paying for home insurance products is an important part of homeownership, but how are you supposed to save and provide for your family at the same time?
|Average home cost in Albuquerque||Average Annual Insurance Premium in Albuquerque|
Cheapest ZIP Codes in Albuquerque for Home Insurance
Home insurance varies from city to city, just like property costs vary. The average rates in your area will be determined on variables specific to your ZIP code, including the volume of claims filed nearby, the crime rate, property costs, and risk variables such as natural disaster frequency. Even your neighborhood can affect whether you pay more or less than the average annual premium.
Rates in Albuquerque can be relatively high or low compared to the national average; it all depends on which town you live in. Here are the most and least expensive ZIP codes in Albuquerque for home insurance.
|Most Expensive Neighborhoods in Albuquerque||Cheapest Neighborhoods in Albuquerque|
|Vineyard Estates||$444,456||South Los Altos||$158,923|
|Tijeras Arroyo||$297,663||Ladera West||$183,255|
Home Insurance Coverage Types in Albuquerque
There are several types of home insurance. Specific terms of insurance policies may vary by city, but in general, the standard policy types are as follows:
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Natural Disasters in Albuquerque
The desert climate of New Mexico can put some cities at risk for fires, which have become more prevalent in the last few years. Homes located near wooded areas are especially at risk, so check your homeowners policy and make sure it has wildfire coverage.
Albuquerque also has more than 5,000 acres and over 700 buildings located in Special Flood Hazard Areas. These parts of the city are especially vulnerable to property damage during monsoon season, which runs from June to September. Find out whether your home is in a Special Flood Hazard Area. If it is, you may need flood insurance.
Mobile Home Insurance in New Mexico
There are dozens of mobile home communities in the Albuquerque area. These manufactured structures offer a more affordable way to become a homeowner, but did you know that they require different coverage than a normal homeowners policy?
Mobile and manufactured homes have some key differences from traditional homes—mainly, the lack of a foundation and the lighter-weight materials used to make them. These qualities put them at a higher risk of damage from fires and severe weather.
Mobile home insurance may be required if you’re still paying off your mobile home, but even if you own it outright, insurance is still a good idea. You want to be able to recover from a covered loss in case of a fire or property crime. Wouldn’t you rather be covered if the unthinkable happens?
New Mexico’s average percentage increase after primary insurance claims is nearly 20 percent, one of the highest in the country, according to financial blog Benzinga. Secondary claims come with a similar increase. Many insurance carriers offer bundling options. Talk to each insurance agency you find on Insurify and ask about their coverage options. Many insurers offer a free quote to help you compare. The New Mexico insurance market has many options for homeowners, including national agencies like Farmers Insurance, State Farm, Liberty Mutual, and Allstate. But none are necessarily better than the others because every homeowner’s situation is different. Use Insurify to find the best insurer for you.
Albuquerque Homeowners Insurance FAQs
How much will my rates go up after a claim?
Can I bundle home and auto insurance?
What is the best home insurance company in Albuquerque, New Mexico?
New Mexico’s average percentage increase after primary insurance claims is nearly 20 percent, one of the highest in the country, according to financial blog Benzinga. Secondary claims come with a similar increase.
Many insurance carriers offer bundling options. Talk to each insurance agency you find on Insurify and ask about their coverage options. Many insurers offer a free quote to help you compare.
The New Mexico insurance market has many options for homeowners, including national agencies like Farmers Insurance, State Farm, Liberty Mutual, and Allstate. But none are necessarily better than the others because every homeowner’s situation is different. Use Insurify to find the best insurer for you.
Conclusion: How to Find the Cheapest Home Insurance in Albuquerque
There are lots of costs associated with owning a home, from maintenance to upgrades. One place you don’t want to cut corners is on homeowners insurance. With just a few minutes of research and the right tools to help you, you can find the savings you need.
Use Insurify to compare home insurance premiums for your property in Albuquerque. Our comparison tools make homeowners insurance shopping (and saving) simple so you can be on your way to enjoying your newly insured home in no time.
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