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Edited by John Leach
Last Updated February 28, 2022
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Albuquerque, NM Homeowners Insurance
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.
Cheapest Home Insurance Companies in Albuquerque
For homeowners in Albuquerque, it's important that you evaluate all of your potential insurance options to ensure you are finding the best rate. Comparing the right insurance companies will allow you to get the best possible insurance rate for your home.
To simplify comparing companies, Insurify has analyzed rates from top insurance providers in Albuquerque. The following are the best insurance rates from carriers that offer homeowners insurance in Albuquerque.
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.
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Cheapest Home Insurance in Albuquerque by Company
Homeowners insurance rates aren’t always designed with savings in mind. That’s where Insurify comes in. Our free home insurance comparison tool allows you to find the best policy for the best rate fast. And your information stays private and protected.
As of 2021, 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|
Average Annual Home Insurance Premium in Albuquerque by Company
Average prices for standard homeowners insurance for a 7-15 year old home, $200,000 in coverage
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.
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:
The simplest and least comprehensive type of homeowners insurance
Provides coverage for a handful of potential problems, including
- Dwelling coverage for damages from some natural disasters (storms, fires, wind, lightning, volcanic eruption),
- damage from vehicles,
- or civil commotion.
Broad form homeowners insurance policies include all basic form coverage, plus protection from:
- falling objects,
- damage from the weight of ice, snow, or sleet,
- freezing of household systems including HVAC and pipes,
- sudden and accidental damage to pipes and other household systems from artificially generated electrical current,
- accidental discharge or overflow of water or steam,
- sudden and accidental damage.
HO-2 policies typically cover both dwelling protection and personal property.
In some cases, broad form coverage may also include liability coverage. However, it still only covers the specific damages listed in the policy.
The most common form of homeowners insurance is known as a “special form” policy.
While HO-1 and HO-2 policies are “named peril” policies (meaning they only cover dangers that are specifically listed in the policy), HO-3 policies are “open peril” policies meaning they’ll cover all dangers except those specifically excluded in the policy documents.
HO-4 policies, also known as renters insurance, are for people who lease rather than own their homes.
Tenant’s form policies typically cover all the same dangers as HO-2 policies.
These policies include personal property coverage and liability coverage but don’t cover the physical structure of the house.
Some HO-4 policies may also include loss of use coverage for the tenants.
Comprehensive form policies are usually the broadest and provide the highest level of coverage; not surprisingly, they also tend to be the most expensive type of homeowners insurance policy.
The biggest difference between HO-3 and HO-5 policies is that most HO-3 policies are “actual cash value” policies, whereas typically HO-5 policies are “replacement cost value” policies.
An actual cash value policy will only reimburse you for the actual value of a damaged or destroyed item, while a replacement cost value policy will reimburse you for however much it would cost to completely replace or repair the damaged or destroyed item (up to the coverage limits on the policy).
HO-5 policies also provide personal property coverage against a wider range of dangers than the typical HO-3 policy. Many HO-5 policies also have extra coverage for high-value personal property, such as jewelry and artwork.
Not surprisingly, condo form insurance is for condominium owners. HO-6 policies generally protect against the same types of dangers as HO-3 policies.
They provide dwelling protection coverage with a twist: HO-6 policies cover the walls, floors, and ceiling of the condo unit but not the rest of the building.
These policies also include personal property and liability coverage and may include loss of use coverage.
If you own a mobile home or manufactured home, you likely have an HO-7 policy.
Mobile home form policies are typically identical to HO-3 policies, except they’re designed specifically for mobile and manufactured homes.
Like HO-3 policies, they provide dwelling protection coverage, other structures coverage, personal property coverage, liability coverage, and possibly loss of use coverage as well.
HO-7 policies generally only protect the home when it’s stationary; if you plan to move your mobile or manufactured home, you’ll need to get a special policy to cover it while it’s in transit.
Older homes have generally been built to less stringent code standards than recently built homes, and so insurers have designed a specialized type of homeowners insurance policy for them.
HO-8 policies often only cover the basic perils listed in HO-1 policies and generally apply to homes that are registered landmarks or otherwise deemed historic homes.
Owners of registered landmarks are typically forbidden from making the updates to HVAC, electrical, and other parts of the home that would enable them to qualify for a standard HO-3 policy, so an HO-8 policy is often the only option for them.
For more detailed New Mexico city level guides, check out these below.
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?
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.
Frequently Asked Questions
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.
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