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New Mexico Homeowners Insurance Quotes - Best and Cheapest (2022)
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Last Updated February 25, 2022
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New Mexico Average Cost of Homeowners Insurance Rates (2022)
According to 2021 rates, the average cost of homeowners insurance in New Mexico is $1319 per year and $110 per month. New Mexico homeowners insurance rates are $79 per year less then the national average and about 6% less annually. When compared to the other US states that makes the cost of homeowners insurance in New Mexico the 22nd most expensive in the country, based on 2021 data.
For shoppers, the best way to find a homeowners insurance policy in New Mexico is to evaluate all of the quotes from individual insurance providers and then decide on the policy that fits your requirements and budget level. Fortunately finding the right homeowners insurance coverage is easy with a tool like Insurify.
Insurify provides easy and fast home insurance quote comparisons for all kinds of homeowners nationwide. Insurify has helped thousands of customers receive accurate homeowners quotes for your property in New Mexico in minutes.
| New Mexico Average Homeowners Insurance Rates | |
|---|---|
| Average Cost Per Month | $110 |
| Average Annual Premium | $1319 |
| State Rank (Most Expensive) | 22nd |
Cheapest Insurance Companies for Homeowners in New Mexico (2022)
For homeowners in New Mexico, 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 New Mexico. The following are the best insurance rates from carriers that offer homeowners insurance in New Mexico.
| Cheapest Companies | Quotes |
|---|---|
| Travelers | $2,623 |
| Allstate | $2,818 |
| State Farm | $4,164 |
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How to Get Affordable Home Insurance in New Mexico
Finding the best homeowners insurance is not an easy task with so many insurance providers out there. Every insurance company wants you to think they are the best, but what really makes one insurance carrier better than the next? It can be confusing, but Insurify is here to help you find the best homeowners insurance at the lowest possible price. If you are ready to get started, all you need to do is provide a little information about yourself and your insurance coverage preferences—Insurify does the rest!
New Mexico homeowners can save even more on insurance rates by taking advantage of insurance discounts, such as the bundling discount that most home insurance companies provide for combining home and auto insurance .
Homeowners Insurance Quotes in New Mexico by Company
Homeowners insurance rates aren’t always designed with savings in mind. That’s where Insurify comes in.
The price of homeowners insurance varies greatly from city to city. The following quotes are general estimates of annual home insurance premiums throughout New Mexico. The following home insurance companies offer different coverage levels. Some insurance carriers even offer bundling options for your home and auto insurance.
As of 2021, the average home insurance premium in New Mexico costs $1,410 annually, and the median home value is $252,309.
That's a pretty penny. How can you be expected to pay all of these costs (vital as they are) and still provide for you and your family?
Insurify allows homeowners to compare quotes from numerous homeowners insurance companies simultaneously.
Average Annual Homeowners Insurance Premium in New Mexico by Company
Average prices for standard homeowners insurance for a 7-15 year old home, $200,000 in coverage
Travelers$2,623
Allstate$2,818
State Farm$4,164
Home Insurance Rates in New Mexico by City
Homeowners in New Mexico cities such as Sante Fe and Albuquerque will find the average home rates for home insurance coverage will vary depending on several determining factors.
Like property costs, home insurance varies in price from city to city. Pricing is determined by ZIP code–specific variables, such as the volume of claims filed nearby, crime rates, and property costs, and risk variables, such as natural disaster frequency. Even your specific neighborhood may determine if you pay more or less on your annual premiums.
Rates in New Mexico 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 New Mexico for home insurance.
| City | Median Home Price |
|---|---|
| Sante Fe | $411,954 |
| Taos | $314,811 |
| Angel Fire | $302,739 |
| Roswell | $112,542 |
| Lovington | $153,916 |
| Hobbs | $181,193 |
What Does Home Insurance Cover in New Mexico?
There are several types of home insurance. Specific terms of insurance policies may vary by state, 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:
- Natural disasters (storms, fires, wind lightning, volcanic eruption)
- Explosions
- Theft
- Damage from vehicles
- 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
- 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.
- 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 policies.
- 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 to 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.
Wildfires and Home Insurance in New Mexico
Once you’ve lost a home or property to a wildfire, you never want to go through that amount of devastation again. New Mexico homeowners are very aware of the devastation possible to land and property as the result of a wildfire. A wildfire can take off before you know it—all it takes is a recklessly discarded cigarette, a downed power line, or even an unattended campfire. Thousands of acres can be lost in a matter of hours.
New Mexico homeowners can protect themselves against property damage to homes and belongings resulting from a wildfire. Homeowners policies provide dwelling coverage to help pay for damage, such as landscape damage. The amount of wildfire coverage can vary by policy, so be sure to check with your insurance agent if in doubt.
New Mexico homeowners can find the best home insurance rates to protect against wildfire damage by using Insurify to compare home insurance quotes .
Mobile Home Insurance in New Mexico
Purchasing mobile home insurance in New Mexico is essential to homeowners who want to protect their mobile homes against damage from natural disasters and other types of property damage. The structure of a mobile home makes it particularly vulnerable to losses such as wind, fire, or hailstorm damage.
Some homeowners insurance companies offer a separate mobile or manufactured home insurance policy to offer the same protection as a home insurance policy. The policy will help pay for property damage after a covered loss and, in some cases, pay for additional living expenses if you have to temporarily move while home repairs are being made. This added protection can provide peace of mind; you’ll know your home is protected against the unique property damage risks of mobile homes.
Special Home Insurance Situations in New Mexico
Unique elements of your home may affect homeowners insurance prices. Check out these quotes for some special situations that may impact your home insurance in New Mexico.
Cheapest Home Insurance for Houses Near Fire Department in New Mexico
If your home is within a certain distance from a fire department or fire hydrant your rates may decrease. The same applies for the opposite. If your home is far from fire safety, you may pay more for homeowners insurance.
| Insurance Company | Average Annual Premium |
|---|---|
| Allstate | $1,860 |
| State Farm | $4,146 |
| Travelers | $2,439 |
The Land of Enchantment has some extrordinary homeowners insurance options.
How to Find the Cheapest Home Insurance in New Mexico
With all the economic uncertainties out there, you need to find the best deal possible on home insurance. It takes a little research to find the best fit for home insurance, but the savings in insurance costs are worth the extra effort.
Use Insurify, the best way to compare home insurance premiums for your property in New Mexico. 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.
New Mexico Homeowners Insurance FAQ
No one wants to wait around for what seems like forever to get a home insurance claim settled. The sooner you can get your claim paid, the sooner you can get back to normal life. Believe it or not—no one wants to get your claim settled faster than the insurance company.
There are costs associated with settling a claim for them as well. It is to your and the insurance company’s advantage to settle your claim as quickly as possible. However, sometimes there can be unexpected delays in settling a claim. If your area has just suffered a natural disaster, your property may not be easily accessible to a claims adjuster, who may have to wait until authorities deemed it safe to inspect your property. Also, many other homeowners may have suffered the same type of damage, which means a delay in processing your claim.
In New Mexico, insurance companies must decide claims within 60 days to avoid facing fines and penalties.
Nothing is more disheartening than coming home to discover your property has been vandalized. Vandalism can take on many forms, including graffiti on walls or doors, smashed windows, and damage to trees in your yard.
The destruction is senseless, but the good news is that most standard home insurance policies cover vandalism to your home, any covered attached structures, and personal belongings. Some exclusions to coverage may apply, such as if you’ve temporarily moved out of your home. Be sure to have your insurance agent explain your coverage in detail if you have any questions about vandalism coverage.
USAA does insurance homes in New Mexico. USAA tops the charts when it comes to customer service and policy savings. Some notable coverage options include identity theft protection and a policy rider (also known as a policy endorsement) for valuable personal property, such as expensive jewelry, computers, or coin collections. USAA is a great option to consider, but it is only available to active duty or retired military members and their families or those honorably discharged from military service.
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Methodology
The car insurance quotes displayed are based on an analysis of Insurify’s database of over 40 million quotes from 500 ZIP codes nationwide. To obtain representative rates, Insurify’s data science team performs frequent comprehensive analyses of the factors car insurance providers weigh to calculate rates including driver demographics, driving record, credit score, desired coverage level, and more.
Insurify’s analysis also incorporates the Insurify Composite Score (ICS) assigned to each insurance provider. The ICS is a proprietary rating that weighs multiple factors reflecting the quality, reliability, and health of an insurance company. Ratings used to calculate the ICS include Financial Strength Ratings from A.M. Best, Standard & Poor’s, Moody’s, and Fitch; J.D. Power ratings; Consumer Reports customer satisfaction surveys and customer complaints; mobile app reviews; and user-generated company reviews.
With the above insights and ranking methods, Insurify is able to offer car insurance shoppers insight into how various insurance providers compare to one another in terms of both cost and quality. Note, actual quotes will vary based on unique attributes including the policyholder’s driver history and their garaging address.
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