Best New Mexico Home Insurance (August 23)
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Are you looking to get the best home insurance in New Mexico? We have analyzed all the major insurance companies to guide you in finding the best homeowners insurance in New Mexico.
Key Takeaways
- New Mexico homeowners insurance costs $1,716 annually.
- Insurers offer home insurance policies in the state starting at around $996 annually.
- Wildfires often happen in the state. So ensure to have adequate coverage to cover fire damage.
New Mexico homeowners insurance: What you need to know
The average cost of homeowners insurance in New Mexico comes to around $1,716 yearly. It is almost on par with the national average rate.
Homeowners in New Mexico should be aware of the weather risks that can affect the state. Although severe weather events are uncommon, when they do occur, they can cause extensive damage to homes. So it is best to have a strong home insurance policy with ample coverage and discounts. Don’t worry.
We will help you find the best homeowners insurance in New Mexico!
What does a homeowners insurance policy cover?
Dwelling, Medical Payments to Others, Liability, Personal Property, Other Structures, and Additional Living Expenses are typical coverages a home insurance policy offers. But also, you can buy these coverages in the state.
- Flood insurance: Flood damage isn't typically covered by a standard home insurance policy. Although some insurance companies provide flood insurance as an add-on, you must buy a separate one.
- Sump pump coverage: It pays for the repair of clogged sump pumps and pipes. It will also offer coverage for any unintentional water damage caused by backups. A home insurance policy doesn't cover pump and water backup coverage. Still, many insurers offer it as optional coverage.
- Yard and garden coverage: It will help pay for relandscaping your yard if a covered peril, like a fire, damages your trees, garden, lawn, or shrubs. Standard home insurance policies offer coverage for up to 5% of the dwelling amount (up to $500 per tree, bush, or shrub).
What isn’t covered by a typical homeowners insurance policy?
Home insurance doesn’t cover flooding, earthquakes, insect and vermin infestations, nuclear threats, power outages, war, wear and tear, sinkholes, or intentional loss. To ensure the coverages you get, you must carefully research your policy before purchasing one.
The cheapest home insurance companies in New Mexico
With an average yearly rate of $996, Liberty Mutual offers the most affordable home insurance in New Mexico. Do you want to buy a policy at an even cheaper rate? Then it is best to compare all the quotes from insurers and buy one.
| Insurer | Average annual rate |
|---|---|
| Liberty Mutual | $996 |
| Safeco | $1,317 |
| Allstate | $1,374 |
| USAA | $1,496 |
| State Farm | $1,648 |
The best homeowners insurance in New Mexico for those with poor credit
A low credit score can also increase your home insurance rates. Insurance companies assume homeowners with low credit scores are more likely to file claims for minor damages. So, they frequently increase rates on these customers to account for the increased risk. Farmers have the lowest insurance rates in New Mexico for a homeowner with poor credit, with an average yearly premium of $2,696.
| Insurer | Average annual rate |
|---|---|
| Farmers | $2,696 |
| State Farm | $3,448 |
The best homeowners insurance in New Mexico for pool owners
Pool owners may face higher home insurance premiums as pools increase the possibility of a homeowner filing a liability claim. So insurers charge higher premiums to compensate. Farmers have the lowest home insurance rates for New Mexico homes with swimming pools, with an average annual premium of $1,646.
| Insurer | Average annual rate |
|---|---|
| Farmers | $1,646 |
| State Farm | $2,015 |
The best homeowners insurance in New Mexico for dog owners
Insurers consider certain dog breeds ‘aggressive’ or ‘dangerous’ because they are likely to injure someone. So if you own one such a breed, you will most likely have to pay higher insurance rates. Farmers have the lowest home insurance rates in the state for a home with a dangerous dog breed, with an average yearly premium of $1,593.
| Insurer | Average annual rate |
|---|---|
| Farmers | $1,593 |
| State Farm | $2,015 |
Homeowners insurance deductibles in New Mexico
When buying a home insurance policy, homeowners must decide how high or low to set their deductible. The deductible is the sum that you must pay towards a covered loss. The deductible you choose impacts the amount you pay for the coverage. So, the lower your deductible, the higher your premium. The following are some typical deductibles available in the state.
| Deductible Level | Average annual rate |
|---|---|
| $500 | $1,678 |
| $1,000 | $1,577 |
| $1,500 | $1,513 |
| $2,000 | $1,389 |
| $5,000 | $1,239 |
New Mexico home insurance prices by coverage levels
The coverage level you choose impacts the insurance premiums you pay. In New Mexico, homeowners with $100,000 in dwelling coverage pay an average of $850 yearly, while those with $400,000 pay around $2,254 annually.
| Dwelling coverage cost | Average annual rate |
|---|---|
| $100,000 | $850 |
| $200,000 | $1,253 |
| $250,000 | $1,577 |
| $400,000 | $2,254 |
New Mexico homeowners insurance costs by city
The New Mexico home insurance rates vary by the place you live. The ZIP Code, the area’s theft rate, and the volume of nearby claims can impact your premiums. These are the rates in various cities.
| City | Average annual rate |
|---|---|
| Abiquiu | $912 |
| Adelino | $992 |
| Agua Fria | $783 |
| Alamo | $918 |
| Alamogordo | $879 |
| Albuquerque | $1,057 |
| Alcalde | $822 |
| Algodones | $849 |
| Alto | $982 |
| Amalia | $867 |
| Amistad | $4,440 |
| Angel Fire | $1,361 |
| Animas | $808 |
| Anthony | $769 |
| Anton Chico | $1,456 |
| Aragon | $919 |
| Arenas Valley | $795 |
| Arrey | $794 |
| Arroyo Seco | $902 |
| Artesia | $2,358 |
| Atoka | $2,362 |
| Aztec | $814 |
| Bard | $3,396 |
| Bayard | $768 |
| Belen | $1,000 |
| Bent | $881 |
| Berino | $872 |
| Bernalillo | $828 |
| Black Rock | $924 |
| Blanco | $828 |
| Bloomfield | $863 |
| Bluewater Village | $754 |
| Bosque | $933 |
| Bosque Farms | $890 |
| Brimhall | $954 |
| Broadview | $2,906 |
| Buckhorn | $828 |
| Buena Vista | $1,450 |
| Caballo | $830 |
| Canjilon | $877 |
| Cannon AFB | $2,801 |
| Canones | $877 |
| Capitan | $933 |
| Caprock | $2,300 |
| Capulin | $3,482 |
| Carlsbad | $2,302 |
| Carnuel | $828 |
| Carrizozo | $878 |
| Carson | $878 |
| Casa Blanca | $844 |
| Causey | $2,214 |
| Cebolla | $877 |
| Cedar Crest | $834 |
| Cedar Grove | $883 |
| Cedarvale | $964 |
| Cedro | $865 |
| Cerrillos | $823 |
| Cerro | $878 |
| Chacon | $986 |
| Chama | $886 |
| Chamberino | $778 |
| Chamisal | $888 |
| Chamita | $823 |
| Chaparral | $952 |
| Chimayo | $878 |
| Church Rock | $945 |
| Cimarron | $1,182 |
| Claunch | $814 |
| Clayton | $2,110 |
| Cleveland | $986 |
| Cliff | $5,357 |
| Clines Corners | $920 |
| Cloudcroft | $885 |
| Clovis | $2,828 |
| Cochiti Lake | $902 |
| Cochiti Pueblo | $959 |
| Columbus | $1,222 |
| Conchas Dam | $1,939 |
| Continental Divide | $832 |
| Cordova | $1,012 |
| Corona | $948 |
| Corrales | $779 |
| Costilla | $1,016 |
| Counselor | $849 |
| Coyote | $821 |
| Crossroads | $2,300 |
| Crownpoint | $797 |
| Cuartelez | $851 |
| Cuba | $862 |
| Cubero | $844 |
| Cuervo | $2,127 |
| Datil | $906 |
| Deming | $1,179 |
| Derry | $816 |
| Des Moines | $3,684 |
| Dexter | $1,880 |
| Dixon | $812 |
| Dona Ana | $5,369 |
| Dulce | $854 |
| Eagle Nest | $1,054 |
| Edgewood | $887 |
| El Cerro | $985 |
| El Cerro Mission | $989 |
| El Prado | $872 |
| El Rancho | $812 |
| El Rito | $831 |
| Eldorado at Santa Fe | $794 |
| Elephant Butte | $864 |
| Elida | $2,214 |
| Embudo | $816 |
| Encino | $1,097 |
| Espanola | $876 |
| Estancia | $996 |
| Eunice | $2,782 |
| Fairacres | $770 |
| Farmington | $768 |
| Faywood | $838 |
| Fence Lake | $874 |
| Flora Vista | $902 |
| Floyd | $2,807 |
| Folsom | $4,440 |
| Fort Bayard | $852 |
| Fort Stanton | $943 |
| Fort Sumner | $2,974 |
| Fort Wingate | $858 |
| Fruitland | $795 |
| Gallina | $871 |
| Gallup | $911 |
| Gamerco | $845 |
| Garfield | $788 |
| Garita | $2,162 |
| Gila | $833 |
| Gladstone | $3,684 |
| Glencoe | $983 |
| Glenwood | $857 |
| Glorieta | $811 |
| Grady | $2,906 |
| Grants | $748 |
| Grenville | $4,440 |
| Guadalupita | $1,093 |
| Hachita | $853 |
| Hagerman | $1,684 |
| Hanover | $815 |
| Hatch | $778 |
| Hernandez | $787 |
| High Rolls Mountain Park | $909 |
| Hillsboro | $860 |
| Hobbs | $2,728 |
| Holloman AFB | $913 |
| Holman | $1,147 |
| Hondo | $958 |
| Hope | $1,736 |
| House | $2,824 |
| Hurley | $782 |
| Ilfeld | $988 |
| Isleta | $776 |
| Jal | $2,765 |
| Jamestown | $986 |
| Jarales | $1,016 |
| Jemez Pueblo | $841 |
| Jemez Springs | $813 |
| Kenna | $5,795 |
| Kirtland | $829 |
| Kirtland Air Force Base | $5,415 |
| La Cienega | $774 |
| La Huerta | $2,311 |
| La Jara | $864 |
| La Joya | $951 |
| La Loma | $2,031 |
| La Luz | $1,093 |
| La Madera | $994 |
| La Mesa | $782 |
| La Mesilla | $890 |
| La Plata | $823 |
| La Puebla | $883 |
| La Union | $772 |
| La Villita | $827 |
| Laguna | $852 |
| Lake Arthur | $1,978 |
| Lakewood | $1,832 |
| Lamy | $896 |
| Las Cruces | $796 |
| Las Maravillas | $990 |
| Las Vegas | $1,469 |
| Lee Acres | $758 |
| Lemitar | $944 |
| Lincoln | $943 |
| Lindrith | $884 |
| Lingo | $2,214 |
| Livingston Wheeler | $2,308 |
| Llano | $892 |
| Loco Hills | $1,870 |
| Logan | $3,363 |
| Lordsburg | $955 |
| Los Alamos | $798 |
| Los Chaves | $991 |
| Los Lunas | $991 |
| Los Ojos | $820 |
| Los Ranchos de Albuquerque | $837 |
| Loving | $2,392 |
| Lovington | $2,717 |
| Luna | $854 |
| Magdalena | $892 |
| Malaga | $1,910 |
| Maljamar | $2,138 |
| Maxwell | $3,386 |
| Mayhill | $956 |
| Mcalister | $2,824 |
| Mcdonald | $2,138 |
| McIntosh | $975 |
| Meadow Lake | $984 |
| Medanales | $5,415 |
| Melrose | $3,528 |
| Mentmore | $875 |
| Mescalero | $957 |
| Mesilla | $768 |
| Mesilla Park | $814 |
| Mesquite | $794 |
| Mexican Springs | $860 |
| Miami | $1,067 |
| Milan | $753 |
| Mills | $2,692 |
| Milnesand | $2,415 |
| Mimbres | $837 |
| Monterey Park | $989 |
| Montezuma | $1,321 |
| Monticello | $838 |
| Monument | $2,195 |
| Mora | $1,115 |
| Moriarty | $940 |
| Mosquero | $3,230 |
| Mountainair | $963 |
| Mule Creek | $816 |
| Nageezi | $904 |
| Nambe | $823 |
| Napi Headquarters | $762 |
| Nara Visa | $2,953 |
| Navajo | $934 |
| Navajo Dam | $840 |
| New Laguna | $881 |
| Newcomb | $780 |
| Newkirk | $1,939 |
| Nogal | $993 |
| North Hobbs | $2,656 |
| North Valley | $829 |
| Ocate | $1,093 |
| Ohkay Owingeh | $821 |
| Ojo Caliente | $859 |
| Ojo Feliz | $1,093 |
| Organ | $858 |
| Orogrande | $5,479 |
| Paguate | $906 |
| Paradise Hills | $842 |
| Pecos | $1,198 |
| Pena Blanca | $928 |
| Penasco | $871 |
| Pep | $2,214 |
| Peralta | $1,020 |
| Petaca | $5,398 |
| Picacho | $1,105 |
| Pie Town | $906 |
| Pinehill | $959 |
| Pinon | $1,029 |
| Placitas | $835 |
| Playas | $967 |
| Pojoaque | $812 |
| Polvadera | $949 |
| Ponderosa | $821 |
| Ponderosa Pine | $871 |
| Portales | $2,823 |
| Prewitt | $789 |
| Pueblo of Acoma | $944 |
| Quay | $5,795 |
| Quemado | $845 |
| Questa | $922 |
| Radium Springs | $767 |
| Rainsville | $1,093 |
| Ramah | $824 |
| Ranchos de Taos | $873 |
| Raton | $2,231 |
| Red River | $888 |
| Redrock | $828 |
| Regina | $871 |
| Rehoboth | $852 |
| Reserve | $814 |
| Ribera | $1,173 |
| Rincon | $786 |
| Rio Communities | $1,004 |
| Rio Rancho | $791 |
| Rociada | $1,093 |
| Rodeo | $806 |
| Rogers | $2,848 |
| Roswell | $1,893 |
| Rowe | $949 |
| Roy | $2,692 |
| Ruidoso | $971 |
| Ruidoso Downs | $970 |
| Sacramento | $944 |
| Saint Vrain | $2,938 |
| Salem | $760 |
| San Acacia | $948 |
| San Antonio | $927 |
| San Cristobal | $902 |
| San Felipe Pueblo | $845 |
| San Fidel | $823 |
| San Ildefonso Pueblo | $813 |
| San Jon | $2,953 |
| San Jose | $1,056 |
| San Miguel | $779 |
| San Patricio | $976 |
| San Rafael | $5,459 |
| San Ysidro | $807 |
| Sandia Heights | $792 |
| Sandia Knolls | $841 |
| Sandia Park | $858 |
| Sanostee | $796 |
| Santa Clara | $797 |
| Santa Clara Pueblo | $891 |
| Santa Cruz | $877 |
| Santa Fe | $788 |
| Santa Rosa | $2,198 |
| Santa Teresa | $941 |
| Santo Domingo Pueblo | $922 |
| Sapello | $1,575 |
| Sausal | $999 |
| Sedan | $4,207 |
| Sedillo | $873 |
| Serafina | $1,048 |
| Sheep Springs | $963 |
| Shiprock | $782 |
| Silver City | $820 |
| Skyline-Ganipa | $944 |
| Smith Lake | $5,431 |
| Socorro | $908 |
| Solano | $3,009 |
| South Valley | $876 |
| Spencerville | $819 |
| Springer | $3,561 |
| Stanley | $866 |
| Sunland Park | $761 |
| Sunspot | $5,461 |
| Taiban | $2,862 |
| Taos | $889 |
| Taos Pueblo | $900 |
| Taos Ski Valley | $950 |
| Tatum | $3,110 |
| Tererro | $1,142 |
| Tesuque | $5,434 |
| Texico | $2,868 |
| Thoreau | $798 |
| Tierra Amarilla | $909 |
| Tijeras | $871 |
| Timberon | $909 |
| Tinnie | $1,057 |
| Tohatchi | $954 |
| Tome | $981 |
| Torreon | $987 |
| Trampas | $1,018 |
| Trementina | $1,677 |
| Tres Piedras | $1,018 |
| Truchas | $1,018 |
| Truth or Consequences | $817 |
| Tucumcari | $2,448 |
| Tularosa | $861 |
| Twin Lakes | $5,364 |
| University Park | $761 |
| Upper Fruitland | $790 |
| Ute Park | $5,454 |
| Vadito | $860 |
| Vado | $813 |
| Valdez | $857 |
| Valencia | $983 |
| Vallecitos | $934 |
| Valmora | $1,450 |
| Vanderwagen | $927 |
| Veguita | $1,007 |
| Velarde | $907 |
| Wagon Mound | $1,523 |
| Waterflow | $791 |
| Watrous | $1,450 |
| Weed | $946 |
| West Hammond | $860 |
| White Rock | $808 |
| White Sands | $844 |
| White Sands Missile Range | $879 |
| Whites City | $1,827 |
| Willard | $1,024 |
| Williamsburg | $790 |
| Winston | $860 |
| Yah-ta-hey | $5,362 |
| Yeso | $2,422 |
| Youngsville | $942 |
| Zia Pueblo | $836 |
| Zuni Pueblo | $925 |
Home and auto insurance bundling in New Mexico
How can you lower the rate of homeowners insurance in New Mexico? One way is by bundling your auto insurance and home insurance policies.
| Average annual rate (without bundling) | Average annual rate (with bundling) | Yearly savings (in $) | Yearly savings (in percent) |
|---|---|---|---|
| $1,716 | $1,551 | $165 | 9.62% |
Home insurance discounts in New Mexico
Using the discounts provided by your insurer is another way by which you can lower the cost of New Mexico home insurance. But ensure to check which discounts you qualify for.
| Insurer | Bundling Discounts | Loyalty Discounts | Military Discounts | New Home Credit Discounts | Claim-Free Discounts | Protective Devices Discounts |
|---|---|---|---|---|---|---|
| Farmers | ✓ | ✓ | - | ✓ | ✓ | ✓ |
| Allstate | ✓ | ✓ | - | ✓ | ✓ | - |
| State Farm | ✓ | - | - | - | ✓ | ✓ |
| USAA | ✓ | ✓ | ✓ | - | ✓ | ✓ |
| Nationwide | ✓ | - | - | ✓ | ✓ | ✓ |
| Liberty Mutual | ✓ | - | - | - | - | - |
| Progressive | ✓ | - | - | ✓ | - | ✓ |
| Amica | ✓ | - | - | ✓ | ✓ | ✓ |
| Chubb | ✓ | - | - | ✓ | ✓ | ✓ |
Comparing common features across top companies
Are you trying to buy the best homeowners insurance in New Mexico? Then check whether your insurer offers these features.
| Insurer | Identity Theft Protection | Valuable Possessions | Water Backup | Other Structures Coverage | Dwelling /Personal Property Replacement |
|---|---|---|---|---|---|
| Farmers | Optional | ✓ | No | Optional | Optional |
| Allstate | Optional | Optional | Optional | ✓ | Optional |
| State Farm | Optional | Optional | Optional | ✓ | Optional |
| USAA | ✓ | Optional | No | ✓ | ✓ |
| Nationwide | Optional | Optional | Optional | ✓ | Optional |
| Liberty Mutual | Optional | Optional | Optional | ✓ | Optional |
| Progressive | No | Optional | Optional | ✓ | ✓ |
| Amica | Optional | Optional | Optional | ✓ | Optional |
| Chubb | Optional | Optional | ✓ | ✓ | ✓ |
Common causes of home insurance claims in New Mexico
These are a few reasons that lead to home insurance claims in the state.
- Wildfires: Many New Mexico homes are susceptible to fire damage, especially during the drier months.
- Earthquakes: Earthquakes don't often occur in New Mexico. But when they occur, strong quakes can cause substantial home damage.
- Flooding: Flooding can occur after severe thunderstorms, causing structural and electrical damage to your home. A standard New Mexico homeowners insurance policy doesn't cover flooding;you must buy it separately.
- Theft: It is another reason for more claims in the state.
Does homeowners insurance cover flooding in New Mexico?
No. Standard homeowners insurance doesn’t cover flood damage. So you must buy flood insurance via FEMA’s National Flood Insurance Program (NFIP) or a private insurer to protect your house against flood damage. The coverage from private flood insurers may differ; however, NFIP flood insurance offers the following coverage.
- Your home's structure - $250,000
- Personal property - $100,000
Does home insurance cover damage caused by fires in New Mexico?
Every New Mexico home insurance policy includes fire coverage by default. If your home becomes damaged or destroyed by fire, your insurer will cover the damage up to the policy limits. A wildfire could cause damage to 14% of New Mexico homes. So it is a must to buy a home insurance policy.
Depending on your policy, you may need additional living expenses coverage if your home is deemed unlivable. Intentional damage (arson) or damage to an empty home are examples of fire-related damages that your insurer does not cover.
Factors that affect home insurance rates in New Mexico
Do you want to buy cheap homeowners insurance in New Mexico? Then check for these factors before buying one.
- Your location: Factors like your ZIP Code, the volume of nearby claims, and the area's theft rate impact New Mexico home insurance rates.
- Replacement cost: Home insurance costs in New Mexico differ depending on local labor and construction material rates.
- Age/condition: Older properties are more expensive to insure than newer properties.
- Claims history:If you frequently submit claims, insurers will consider you risky. Expect your insurance rates to surge then.
- Credit history: Most insurers will verify your credit score before providing you with home insurance coverage. If you have a poor credit score, be prepared to spend big on New Mexico home insurance.
- Dog breed: Many insurers label some dog breeds 'dangerous.' If your insurer considers your dog this way, the price of New Mexico home insurance will increase.
Tips for buying homeowners insurance
Are you looking to find the best homeowners insurance in New Mexico? Then follow these tips!
- Assess your rebuilding costs: Consult an agent or a reputed builder to check how much it would cost to reconstruct your house with affordable building materials and local labor.
- Review the advantage of replacement cost over actual cash value: Buying replacement cost insurance for your house and other possessions will be required.
- Consider add-on coverage for your expensive items: If you own expensive items like musical instruments, high-end electronics, sporting gear, or old antiques, you'll need personal property coverage.
- Evaluate your liability coverage needs: Determine your required minimum liability insurance.
- Assess coverage gaps: Many insurers provide higher coverage limits for landscaping elements like trees and bushes.
- Check financial ratings: Ratings from organizations like AM Best and Standard & Poor's may be there for most home insurers. For instance, some firms won't let you apply for a mortgage if your insurer doesn't have a minimum 'A' financial strength rating.
- Check for discounts: Use all the discounts the insurer offers that you qualify for.
- Compare quotes from various insurance companies: New Mexico home insurance premiums may differ depending on your chosen insurer. To find an ideal home insurance policy in New Mexico, compare quotes from all insurance companies if possible.
Most common disasters in New Mexico
Disasters by month
According to FEMA, New Mexico suffered the most declared disasters in March, May, and June.
| Month | Number of disasters |
|---|---|
| January | 4 |
| February | 1 |
| March | 15 |
| April | 8 |
| May | 16 |
| June | 29 |
| July | 4 |
| August | 6 |
| September | 7 |
| October | 6 |
| November | 3 |
| December | 1 |
Disasters by month
According to FEMA, residents face an average of four declared disasters every year.
| year | Number of disasters |
|---|---|
| 2001 | 1 |
| 2002 | 9 |
| 2003 | 2 |
| 2004 | 3 |
| 2005 | 1 |
| 2006 | 6 |
| 2007 | 3 |
| 2008 | 3 |
| 2009 | 1 |
| 2010 | 3 |
| 2011 | 10 |
| 2012 | 5 |
| 2013 | 5 |
| 2014 | 2 |
| 2015 | 0 |
| 2016 | 2 |
| 2017 | 2 |
| 2018 | 2 |
| 2019 | 1 |
| 2020 | 10 |
How to get New Mexico home insurance with Way.com
The average cost of homeowners insurance in New Mexico is $1,716 annually. However, you can even find a reasonable home insurance policy. But how can you get one? That’s where Way.com can help you!
You must use our app or website to obtain quotes from all insurers in the state. Then you must compare them and buy a policy with the most reasonable rate. Do you need additional help? Then our home insurance agents in the state can guide you. They will help you understand New Mexico home insurance laws, the most complex insurance terms, discounts, and coverages.
FAQs
What is the average cost of homeowners insurance in New Mexico?
The average cost of homeowners insurance in New Mexico is $1,716 yearly.
Does New Mexico require homeowners insurance?
Although the state does not require homeowners to purchase home insurance, many lenders do so that people can receive and keep a mortgage. For instance, suppose you stop paying your home insurance premiums. In that case, your mortgage company may choose an insurance company and charge you for it.
How much is homeowners insurance for Las Cruces, New Mexico?
It costs $796 annually.
Why is homeowners insurance so expensive in New Mexico?
Because of the state’s high wildfire risk and burglary rate, New Mexico has high home insurance rates.
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