Find the Best Homeowners Insurance Rates & Companies in New Mexico
Costs of homeowners insurance in New Mexico average about $1,017 per year. Home insurance rates in New Mexico are a bit lower than the current national average of $1,211 per year. So residents can enjoy cheaper premiums on their coverage in New Mexico than in many other areas of the US.
In one recent year, home, condo, and townhouse prices in New Mexico averaged $367,538. Since a home is a large investment, it makes sense to protect it with the right coverage. Without home insurance, you could have to pay hefty losses out of pocket if your home gets damaged by a number of threats like fire, lightning, break-ins, etc.
An independent insurance agent in New Mexico can get you set up with the right home insurance for you. Up first, here's a breakdown of home insurance requirements in New Mexico.
Best Homeowners Insurance Companies in New Mexico
You want only the best protection for your home, so you'll need to look for coverage from a top-rated insurance company in New Mexico. To help you on your coverage journey, we've put together this list of a few of the best home insurance companies in New Mexico. Here's a handful of our top picks:
- Progressive: Founded in 1937, Progressive sells home insurance and many other products. Progressive has an excellent rating for financial strength from AM Best, provides 24/7/365 customer service, and offers many discount options.
- Nationwide: Founded in 1926, Nationwide has been around for nearly a century. Nationwide offers home insurance along with many other personal and business coverages. The carrier is known for highly customizable policies and also has an "A+" rating from AM Best.
- Travelers: Founded in 1864, Travelers also sells home insurance and many other coverages. Travelers has the highest possible financial strength rating of "A++" from AM Best and is known for outstanding customer service.
- The Hanover: Founded in 1852, The Hanover also sells home insurance along with many other products. The Hanover has an excellent "A" rating from AM Best and sells its coverage through a large network of independent insurance agents.
A New Mexico independent insurance agent can help you browse home insurance options from these top-rated carriers.
What Homeowners Insurance in New Mexico Can Cover
The most common natural disasters in New Mexico are floods, hurricanes, and severe winter storms. Without the proper protection, you could permanently lose your home if it gets badly damaged or destroyed by one of these disasters. Fortunately, a New Mexico home insurance policy can cover the costs of home damage caused by strong wind, snow, ice, and more. Note that a home insurance policy in any state won't cover natural flood damage to the home.
Wildfires, Severe Storms, Winter Storms, and Tornadoes
Common natural disasters in New Mexico include wildfires, severe storms, winter storms, and tornadoes. Luckily, having a home insurance policy can reimburse you for damage or destruction to your home caused by these disasters. Home insurance reimburses for home losses caused by fire damage, strong wind, snow and ice, and more.
Flood Damage in New Mexico
That said, if you want protection for your home against losses caused by natural flooding, such as that stemming from heavy rainfall in New Mexico, you'll need a separate flood insurance policy. This coverage isn't required by law, but natural flood damage is excluded by home insurance. So, unless you want to pay for flood-related losses out of your own pocket, you might want to consider getting this coverage.
The basic coverages included in a New Mexico home insurance policy are:
- Dwelling: Pays for property losses involving your home's structure if it gets vandalized or damaged/destroyed by a covered disaster.
- Personal property: Pays for property losses involving personal belongings like furniture, clothing, silverware, etc., if it gets stolen or damaged/destroyed by a covered disaster.
- Loss of use: Pays for covered unexpected extra costs like hotel rooms if you have to live somewhere else while your home undergoes repairs from a covered disaster.
- Personal liability: Pays for legal costs if you get sued by a neighbor, guest, or another third party for claims of personal property damage or bodily injury.
A New Mexico independent insurance agent can help you find a home insurance policy that covers everything you need it to.
What Homeowners Insurance in New Mexico Will Not Cover
Natural flood damage isn't covered by home insurance, nor is earthquake damage. However, floods and earthquakes aren't among the top concerns for residents in New Mexico, so you might not need to worry about adding separate coverage for these disasters. Still, there are a few other disasters excluded by home insurance in New Mexico.
Home insurance in New Mexico won't cover the following:
- Maintenance and routine home upkeep
- Property wear and tear
- Damage to or theft of your personal vehicles
- Insect or pest infestation
- Sewer backup damage
- Home-based business (unless you purchase an endorsement)
Flood and sewer backup damage in New Mexico
Along with natural flooding, home insurance also won't cover flooding caused by sewer backups. To protect yourself against these home-related losses, talk with an independent insurance agent in New Mexico about adding an optional sewer backup endorsement to your policy.
Average Cost of Homeowners Insurance in New Mexico
Residents of New Mexico pay a bit less than the national average for home insurance per year. New Mexico's home insurance rates average about $1,017 annually, ranking the state number 31 overall for its prices. Factors like property values, local crime rates, risks of natural disasters, and more can all impact home insurance rates in New Mexico, as well as across the country.
Average New Mexico Home Insurance Costs by City
Home insurance rates vary right down to the city. Local property values and crime rates, and the area's risk of severe weather all affect home insurance rates in the city. In New Mexico, home insurance in the city of Alamogordo averages only $551 annually, the lowest rate in the state. In Taos, home insurance averages $1,589 per year, the highest rate in the state.
Average New Mexico Home Insurance Costs by City
National average burglary rate 3.76 per 1,000 people
National average home value $269,000
National average home insurance cost $1,428 year
| City | Annual insurance cost | Avg. home value | Burglaries (per 1k residents) |
| Albuquerque | $1,183 | $198,200 | 10.96 |
| Las Cruces | $857 | $150,700 | 7.13 |
| Rio Rancho | $934 | $178,100 | 3.42 |
| Santa Fe | $1,397 | $267,900 | 13.26 |
| Roswell | $582 | $101,978 | 7.58 |
| Farmington | $974 | $187,910 | 5.54 |
| Clovis | $884 | $131,637 | 13.31 |
| Hobbs | $743 | $125,487 | 8.62 |
| Alamogordo | $551 | $110,720 | 3.96 |
| Carlsbad | $703 | $129,875 | 5.72 |
| Gallup | $914 | $132,971 | 14.27 |
| Taos | $1,589 | $284,004 | 20.93 |
Popular Questions about Home Insurance in New Mexico
The average annual cost of New Mexico homeowners insurance is $1,017, meaning the average monthly cost is about $84.75. Residents in New Mexico pay a bit less than the national average rate of home insurance, which is $1,211 annually.
Home insurance in New Mexico includes basic protections for your home's structure, your personal property, additional living expenses, and liability. However, you can work together with a local independent insurance agent to add extra coverages and endorsements to your policy.
Home insurance in New Mexico isn't mandatory by state law, but a mortgage lender for your home will more than likely require you to provide proof of homeowners insurance before you can get approved for your home's financing.
Home insurance rates are determined by each specific insurance company in New Mexico, but many factors commonly influence prices. These can include local property values, your personal claims history, the amount of coverage you need, the age and condition of your home, and more.
Yes, there are many independent insurance agents in New Mexico that can help you find all the right home insurance or other types of coverage you may be looking for.
Our research found that the best home insurance companies in New Mexico are Progressive, Nationwide, Travelers, and The Hanover. These companies were selected as our favorites thanks to their coverage options and rates, customer service reviews, financial strength ratings, and more.
Some common causes of loss for homeowners in New Mexico include:
- Wind and hail damage
- Fire and lightning damage
- Water damage and freezing
- Bodily injury
- Theft
Standard home insurance policies in New Mexico include coverage for liability, loss of use, personal property, and the structure of your home. Though you can add to these protections with optional add-on coverages or endorsements, such as those for sewer backup damage and losses related to a home-based business.
Earthquake insurance isn't required by state law in New Mexico. Those these disasters can occur in the state, they're not among the most common natural disasters in the area that homeowners need to be concerned about. However, you can ask your New Mexico independent insurance agent about adding earthquake insurance if you're worried about these disasters.
There's no such thing as a one-size-fits-all insurance policy. With a wide variety of products and options at your disposal, you might need help from a professional to choose what you really need.
An independent insurance agent in New Mexico can help you choose the right policies and options to meet your specific coverage needs. Because they're independent, these agents can work with several of the best home insurance companies in New Mexico to find you the right coverage at a great price.
Do You Know What Your Home Insurance Covers in New Mexico?
Average Cost of Home Insurance Near You
Alamogordo, NM monthly average cost of home insurance: $46
The average monthly cost of homeowners insurance in Alamogordo, NM is $46. However, your specific home insurance policy's rates can vary based on a number of factors. These can include local crime and property rates, the area's risk of severe weather, and your personal claims history.
Alamogordo home insurance is designed to cover potentially devastating property losses. These can include losses caused by fire damage, vandalism, lightning strikes, and much more. An independent insurance agent can help you buy the right amount of home coverage based on the risks in your area.
Albuquerque, NM monthly average home insurance cost: $99
The average monthly cost of homeowners insurance in Albuquerque, NM is $99. However, your specific home insurance policy's rates can vary based on a number of factors. These can include local crime and property rates, the area's risk of severe weather, and your personal claims history.
Albuquerque home insurance is designed to cover potentially devastating property losses. These can include losses caused by fire damage, vandalism, lightning strikes, and much more. An independent insurance agent can help you buy the right amount of home coverage based on the risks in your area.
Carlsbad, NM monthly average cost of home insurance: $59
The average monthly cost of homeowners insurance in Carlsbad, NM is $59. However, your specific home insurance policy's rates can vary based on a number of factors. These can include local crime and property rates, the area's risk of severe weather, and your personal claims history.
Carlsbad home insurance is designed to cover potentially devastating property losses. These can include losses caused by fire damage, vandalism, lightning strikes, and much more. An independent insurance agent can help you buy the right amount of home coverage based on the risks in your area.
Clovis, NM monthly average cost of home insurance: $74
The average monthly cost of homeowners insurance in Clovis, NM is $74. However, your specific home insurance policy's rates can vary based on a number of factors. These can include local crime and property rates, the area's risk of severe weather, and your personal claims history.
Clovis home insurance is designed to cover potentially devastating property losses. These can include losses caused by fire damage, vandalism, lightning strikes, and much more. An independent insurance agent can help you buy the right amount of home coverage based on the risks in your area.
Farmington, NM monthly average cost of home insurance: $81
The average monthly cost of homeowners insurance in Farmington, NM is $81. However, your specific home insurance policy's rates can vary based on a number of factors. These can include local crime and property rates, the area's risk of severe weather, and your personal claims history.
Farmington home insurance is designed to cover potentially devastating property losses. These can include losses caused by fire damage, vandalism, lightning strikes, and much more. An independent insurance agent can help you buy the right amount of home coverage based on the risks in your area.
Hobbs, NM monthly average cost of home insurance: $62
The average monthly cost of homeowners insurance in Hobbs, NM is $62. However, your specific home insurance policy's rates can vary based on a number of factors. These can include local crime and property rates, the area's risk of severe weather, and your personal claims history.
Hobbs home insurance is designed to cover potentially devastating property losses. These can include losses caused by fire damage, vandalism, lightning strikes, and much more. An independent insurance agent can help you buy the right amount of home coverage based on the risks in your area.
Las Cruces, NM average monthly cost of home insurance: $71
The average monthly cost of homeowners insurance in Las Cruces, NM is $99. However, your specific home insurance policy's rates can vary based on a number of factors. These can include local crime and property rates, the area's risk of severe weather, and your personal claims history.
Las Cruces home insurance is designed to cover potentially devastating property losses. These can include losses caused by fire damage, vandalism, lightning strikes, and much more. An independent insurance agent can help you buy the right amount of home coverage based on the risks in your area.
Rio Rancho, NM average monthly cost of home insurance: $78
The average monthly cost of homeowners insurance in Rio Rancho, NM is $99. However, your specific home insurance policy's rates can vary based on a number of factors. These can include local crime and property rates, the area's risk of severe weather, and your personal claims history.
Rio Rancho home insurance is designed to cover potentially devastating property losses. These can include losses caused by fire damage, vandalism, lightning strikes, and much more. An independent insurance agent can help you buy the right amount of home coverage based on the risks in your area.
Roswell, NM monthly average cost of home insurance: $58
The average monthly cost of homeowners insurance in Roswell, NM is $58. However, your specific home insurance policy's rates can vary based on a number of factors. These can include local crime and property rates, the area's risk of severe weather, and your personal claims history.
Roswell home insurance is designed to cover potentially devastating property losses. These can include losses caused by fire damage, vandalism, lightning strikes, and much more. An independent insurance agent can help you buy the right amount of home coverage based on the risks in your area.
Santa Fe, NM monthly average cost of home insurance: $116
The average monthly cost of homeowners insurance in Santa Fe, NM is $116. However, your specific home insurance policy's rates can vary based on a number of factors. These can include local crime and property rates, the area's risk of severe weather, and your personal claims history.
Santa Fe home insurance is designed to cover potentially devastating property losses. These can include losses caused by fire damage, vandalism, lightning strikes, and much more. An independent insurance agent can help you buy the right amount of home coverage based on the risks in your area.
https://www.fastexpert.com/blog/new-mexico-housing-market/
https://crisisequipped.com/what-natural-disasters-occur-in-new-mexico/
https://www.iii.org/fact-statistic/facts-statistics-homeowners-and-renters-insurance