Best Santa Fe Homeowners Insurance Quotes (2025)
Farmers, Foremost, and Chubb offer the best homeowners insurance policies in Santa Fe, New Mexico.
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Written byAlani Asis
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3 años de experiencia en redacción de contenidos
Artículos en destacadas publicaciones financieras
Alani es una escritora independiente especializada en finanzas personales. Su objetivo es hacer que los temas complejos sean más accesibles a través de contenidos divertidos y digestibles.
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Edited bySara Getman
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Sara Getman is an Associate Editor at Insurify and has been with the company since 2022. Prior to joining Insurify, Sara completed her undergraduate degree in English Literature at Simmons University in Boston. At Simmons, she was the Editor-in-Chief for Sidelines Magazine (a literary and art publication), and wrote creative non-fiction.
Outside of work, Sara is an avid reader, and loves rock climbing, yoga, and crocheting.
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Table of contents
The average cost of home insurance in Santa Fe is $2,195 per year for a $300,000 policy with a $1,000 deductible, which is much cheaper than the state average of $3,488. Homes in Santa Fe are at a higher risk of wildfire damage, so your insurance premiums could be costly if you live in a high-risk zone.[1] Insurance typically covers damage from wildfires as long as you take the proper precautions.
Shopping around for a policy can help you find the right insurer that serves your needs at the best price.
Here’s what you need to know about finding the best home insurance in Santa Fe, New Mexico.
Quick Facts
A $300,000 policy with a $500 deductible costs an average of $2,243 per year in Santa Fe.
Owners of high-risk homes can find coverage through New Mexico’s FAIR Plan.
Homeowners living in one of Santa Fe’s historical preservation districts need to abide by specific modification rules.
Best home insurance companies in Santa Fe
Santa Fe has many quality insurance options for homeowners, but the best home insurance company for you will depend on your needs. Consider the amount of coverage you need, your home’s risk level, what discounts you might qualify for, and customer reviews of insurers.
Here are some great options to help you get started.
Best company for wildfire protection: Farmers
wildfire protection
Farmers
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| IQ Score The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores. | 8.4/10 |
|---|---|
| A.M. Best A.M. Best analyzes an insurer’s financials, operating performance, business profile, and other factors to generate an opinion-based rating of a company’s financial and credit strength. Ratings range from A++ (exceptional) to D (poor). | A |
| $300,000 Dwelling A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $300,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others. | $203/mo |
| $500,000 Dwelling A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $500,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others. | $339/mo |
Santa Fe is prone to wildfires, so it’s smart to have reliable insurance. With Farmers, you can buy extended and guaranteed replacement cost coverage to ensure your policy pays to fully rebuild your home after a fire loss. You also have the opportunity to earn a discount if you have fire protective devices, like fire alarms or sprinklers. But Farmers is one of the most expensive insurers in New Mexico.
Pros
Offers guaranteed replacement cost coverage
Wide variety of available discounts
Cons
Significantly more expensive than competitors
Low J.D. Power customer satisfaction rating
Best company for affordability: Foremost
affordability
Foremost
Compare personalized, real-time quotes
| IQ Score The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores. | 5.2/10 |
|---|---|
| A.M. Best A.M. Best analyzes an insurer’s financials, operating performance, business profile, and other factors to generate an opinion-based rating of a company’s financial and credit strength. Ratings range from A++ (exceptional) to D (poor). | A |
| $300,000 Dwelling A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $300,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others. | $99/mo |
| $500,000 Dwelling A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $500,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others. | $178/mo |
Insuring a home in Santa Fe can get expensive, especially if you’re in a high-risk area or own a historical home. Foremost offers the cheapest homeowners insurance in Santa Fe. Foremost offers multiple coverage options for replacing your home, including actual cash value, extended replacement cost, and a named peril policy. But it doesn’t offer as many discounts as its competitors.
Pros
Cheapest premiums in Santa Fe
Lots of coverage options to customize your policy
Cons
Must contact an agent to get a quote or buy a policy
Higher-than-average number of complaints with the National Association of Insurance Commissioners (NAIC)
Best company for high-value homes: Chubb
ChubbCompare personalized, real-time quotes
| IQ Score The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores. | 7.8/10 |
|---|---|
| A.M. Best A.M. Best analyzes an insurer’s financials, operating performance, business profile, and other factors to generate an opinion-based rating of a company’s financial and credit strength. Ratings range from A++ (exceptional) to D (poor). | A++ |
| $300,000 Dwelling A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $300,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others. | $303/mo |
| $500,000 Dwelling A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $500,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others. | $457/mo |
If you own a historical or high-value home in Santa Fe, you may like Chubb for its tailored offerings. With Chubb, you get complimentary risk consulting and special care for historical homes. The company also offers extended replacement cost coverage, extensive coverage for your valuables, and more. But because of its specialties, Chubb insurance is more expensive than its competitors.
Pros
Free home appraisal services
Cash settlement option for claims available
Cons
Not the cheapest insurer in Santa Fe
May not be the best option for standard homes
Our editorial team analyzed regional and national home insurance companies that sell policies in Santa Fe to assess which offer the best rates, coverage options, customer service, and savings to homeowners. We prioritized competitive rates, 24/7 customer service, homeownership discounts or bundling options, and specialty or supplemental coverages.
Cheapest home insurance companies in Santa Fe
Insurers take into account many factors when setting rates, such as your home’s value, location, proximity to emergency services, and more. Homeowners in Santa Fe face a mix of wildfire risks and rising property values, which may influence your insurance costs.
These insurers offer the cheapest home insurance in Santa Fe.
Insurance Company  | Average Annual Premium |
|---|---|
| Foremost | $1,091 |
| Travelers | $1,373 |
| State Farm | $1,502 |
| Allstate | $1,666 |
| Farmers | $5,345 |
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How much is home insurance in Santa Fe?
The average cost of home insurance in Santa Fe is $2,195 per year for a policy with a $300,000 dwelling coverage limit and a $1,000 deductible. With a $500 deductible, the policy costs an average of $2,243 per year.
But how much you’ll pay depends on factors like your location, home’s age and condition, home’s replacement cost, credit history, claims-filing history, chosen coverage types, and home features.[2]
Cost of home insurance by dwelling coverage in New Mexico
Insurance companies take on more financial risk by insuring homes with higher rebuilding costs. That’s why the more dwelling coverage you need, the higher your insurance premiums will be. Take a look at the table below for the average annual premiums based on dwelling coverage for homes in New Mexico.
Coverage Limit | Average Annual Premium |
|---|---|
| $100,000 | $1,451 |
| $200,000 | $2,461 |
| $300,000 | $3,488 |
| $400,000 | $4,460 |
| $500,000 | $5,383 |
Cost of homeowners insurance by deductible amount
A deductible is what you’re responsible for paying before your homeowners insurance covers your claim. You can get cheaper annual premiums by choosing a higher deductible. If you choose a lower deductible, you’ll have a higher annual premium. It’s important to note that you’ll have to pay your deductible every time you make a claim.
The table below demonstrates the cost of home insurance with $300,000 in dwelling coverage based on deductible limits.
Deductible Amount | Average Annual Premium |
|---|---|
| $500 | $2,243 |
| $1,000 | $2,195 |
Average cost of home insurance in other cities in New Mexico
Your location, even down to the ZIP code, significantly affects how much you’ll pay for home insurance in New Mexico. For example, higher population density tends to increase the risk of theft and vandalism. So insurance companies may charge homeowners in those areas more to offset the risk.
By contrast, if your home is closer to public services like the fire or police station, insurers view your home as less of a risk, leading to cheaper premiums.
See the table below for the average annual cost of home insurance for various cities in New Mexico.
City | Average Annual Premium |
|---|---|
| Albuquerque | $2,375 |
| Carlsbad | $5,376 |
| Clovis | $6,458 |
| Farmington | $2,310 |
| Hobbs | $6,378 |
| Las Cruces | $2,085 |
| Los Lunas | $3,111 |
| Rio Rancho | $2,321 |
| Rio Rancho | $2,268 |
| Santa Fe | $2,195 |
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What to know about owning a home in Santa Fe
Owning a home in Santa Fe comes with unique risks, so you need to consider these factors when buying a policy.
Wildfires
A major concern for homeowners in Santa Fe is its wildfire risk. Luckily, standard home insurance includes fire coverage, but you may see increased rates on your policy. If you live in a high-risk zone, insurance companies may decline to offer you coverage. In this case, check the New Mexico FAIR Plan website to find information on how to get insurance coverage for your high-risk home.
Home prices
Home prices in Santa Fe are higher than in other cities in New Mexico, like Albuquerque and Las Cruces. So construction costs may be higher if you need to rebuild. Rebuilding costs can drive up your insurance costs as well. Comparing costs and bundling insurance policies are two simple ways you can lower your premiums without sacrificing your coverage.
Historic homes
If your Santa Fe home is in a historical district, the city may require you to follow preservation rules. These specific maintenance requirements may cost you more as a homeowner.[3]
Santa Fe home insurance FAQs
Owning a home in Santa Fe comes with unique risks, so your coverage should reflect those specific insurance needs. The answers to the following frequently asked questions can provide additional information on buying home insurance in the city.
The average monthly cost of home insurance in Santa Fe is $183, but if you live in a high-risk area or own a historical home, your home insurance rates may be higher.
The cheapest homeowners insurance in Santa Fe is Foremost, with an average annual premium of $1,091 per year for $300,000 of dwelling coverage.
The 80% rule is a guideline that insurance companies use. It states that you must insure your home for at least 80% of your home’s total replacement cost to receive full compensation for a covered loss. If you don’t have enough insurance (below 80% of your home’s replacement cost), your insurer may reduce the payout.
Homeowners insurance on a $500,000 house in New Mexico costs $5,383 per year, on average. Your cost can differ based on your location, your home’s replacement cost, and other individual factors.
Yes. Insurance companies see seniors, specifically retirees, as less risky to insure. Retirees are home more often, making them less likely to face theft or experience a severe fire.[4] The Hartford helps seniors get affordable homeowners insurance through AARP. Allstate is another company that offers discounts to homeowners who are 55 or older and retired.
Methodology
Insurify data scientists analyzed rates from more than 180 home insurance companies sourced directly from Insurify’s partner companies and Quadrant Information Services. Rates span all 50 states and Washington, D.C., and quote averages represent the mean price for a given coverage level and geographic area. To ensure data reliability, only insurers meeting minimum quote thresholds were included in the analysis.
Unless otherwise specified, quoted rates reflect the average cost for homeowners with no prior claims and good credit with a home construction year of 1980. The default coverage assumptions include:
Default Coverage Assumptions
- Dwelling coverage: $300,000
- Deductible: $1,000
- Personal property limit: $25,000
- Liability limit: $300,000
Additional data points beyond these default values are sourced from Insurify’s proprietary database. Rates are updated monthly.
Sources
- First Street. "Santa Fe Wildfire Risk."
- III. "Homeowners Insurance Basics."
- Santa Fe, NM. "Historic Preservation Division."
- III. "12 Ways to Lower Your Homeowners Insurance Costs."
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Alani Asis
Alani Asis is a personal finance freelance writer with nearly three years of experience in content creation. She has landed bylines with leading publications and brands like Insider, Fortune, LendingTree, and more. Alani aims to make personal finance approachable through fun, relatable, and digestible content.
Alani has been a contributor at Insurify since January 2023.
Sara Getman is an Associate Editor at Insurify and has been with the company since 2022. Prior to joining Insurify, Sara completed her undergraduate degree in English Literature at Simmons University in Boston. At Simmons, she was the Editor-in-Chief for Sidelines Magazine (a literary and art publication), and wrote creative non-fiction.
Outside of work, Sara is an avid reader, and loves rock climbing, yoga, and crocheting.