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Best homeowners insurance companies in New Mexico for 2024

Shannon Martin is a licensed insurance agent and Bankrate analyst with over 15 years of experience in the industry. She enjoys helping others navigate the insurance world by cutting through complex jargon and empowering readers to make strong financial decisions independently.

Amelia Buckley is an insurance editor for Bankrate, covering auto, home and life insurance. She emphasizes creating informative, engaging and nuanced content to support readers in making personalized insurance decisions with confidence.

Thomas is a well-rounded financial professional, with over 20 years of experience in investments, corporate finance, and accounting. His investment experience includes oversight of a $4 billion portfolio for an insurance group. Varied finance and accounting work includes the preparation of financial statements and budgets, the development of multiyear financial forecasts, credit analyses, and the evaluation of capital budgeting proposals.

In a consulting capacity, he has assisted individuals and businesses of all sizes with accounting, financial planning and investing matters; lent his financial expertise to a few well-known websites; and tutored students via a few virtual forums.

Amelia Buckley is an insurance editor for Bankrate, covering auto, home and life insurance. She emphasizes creating informative, engaging and nuanced content to support readers in making personalized insurance decisions with confidence.

Thomas is a well-rounded financial professional, with over 20 years of experience in investments, corporate finance, and accounting. His investment experience includes oversight of a $4 billion portfolio for an insurance group. Varied finance and accounting work includes the preparation of financial statements and budgets, the development of multiyear financial forecasts, credit analyses, and the evaluation of capital budgeting proposals.

In a consulting capacity, he has assisted individuals and businesses of all sizes with accounting, financial planning and investing matters; lent his financial expertise to a few well-known websites; and tutored students via a few virtual forums.

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Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.

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At Bankrate, we strive to help you make smarter financial decisions. To help readers understand how insurance affects their finances, we have licensed insurance professionals on staff who have spent a combined 47 years in the auto, home and life insurance industries. While we adhere to strict  editorial integrity, this post may contain references to products from our partners. Here’s an explanation of  how we make money. Our content is backed by Coverage.com  LLC, a licensed entity (NPN: 19966249). For more information, please see our  Insurance Disclosure.

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New Mexico is prone to wildfires and hail damage, making it one of the more expensive states for home insurance. The average annual cost of homeowners insurance in New Mexico is $2,405 for $300K in dwelling coverage — which is 12 percent more than the national average of $2,151. With the cost of insurance on the rise, comparison shopping home insurance quotes in New Mexico is one of the best ways to find savings.

Bankrate’s insurance editorial team, which includes licensed property and casualty agents, cares about helping homeowners make informed insurance decisions. To aid in this process, we researched New Mexico homeowners insurance companies, compiling coverage options, policy affordability, financial strength, customer satisfaction ratings and more.

Based on our analysis, some of the best homeowners insurance in New Mexico include:

Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.

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We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money.

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Compare the best homeowners insurance companies in New Mexico

New Mexico homeowners pay an average rate of $2,405 annually for $300,000 of dwelling coverage. This rate is 12 percent more the national average of $2,151. This rate is also 16 percent more the average rate in neighboring Arizona, but 20 percent less than the average rate in Colorado.

Your personal rate for home insurance in New Mexico is likely to be different, however, as it is based on characteristics unique to you — like your credit history and the age and condition of your home. That said, you can get a feel for what you might pay below by reviewing average premiums obtained from Quadrant Information Services. In addition, you can see how each company fared in J.D. Power’s 2023 U.S. Home Insurance Study and how each was rated for financial strength by AM Best. These factors and more were used to award each New Mexico homeowners insurance company a Bankrate Score out of 5.0 points.

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Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.

Bankrate's trusted insurance industry expertise

The home insurance market can be complicated, but Bankrate's insurance editorial team used our unique perspective to bring readers information they need to make educated decisions when shopping for home insurance.

46

years of industry expertise

122

carriers reviewed

34.5K

ZIP codes examined

1.2M

quotes analyzed

The top 4 home insurance companies in New Mexico

Best for local agents

4.2

4.2

Avg. premium for $300K dwelling

$129/mo

Avg. premium for $300K dwelling

$1,548/yr

Customer satisfaction

809/1,000

Why Allstate made our list: Allstate is known for its extensive agent network, making it an attractive option for those who appreciate working through questions about their coverage with an agent in their community. Allstate also offers generous potential discounts and a wide variety of coverage options. Its welcome, homebuyer and protective device discounts may make this provider a cheap option for new homeowners. Plus, you can customize your coverage with add-ons like sports equipment coverage.

Who Allstate may be good for: If you prefer talking to an agent in person and developing a relationship with them versus managing your policy digitally, Allstate might be a good option for you. The company has local agents in most of the state's urban regions, from Alamogordo to Santa Teresa, so you should be able to find one near you.

CheckmarkPros

Close XCons

Best for customer satisfaction

4.2

4.2

Avg. premium for $300K dwelling

$127/mo

Avg. premium for $300K dwelling

$1,519/yr

Customer satisfaction

829/1,000

Why State Farm made our list: Like Allstate, State Farm has local agents across New Mexico, and it also has a reputation for superior customer service, as proven by its above-average J.D. Power home insurance score. State Farm also offers highly-rated digital tools, so if efficient and reliable service is high on your priority list, you may want to ask the company for a quote.

Who State Farm may be good for: State Farm may be best for homeowners looking for basic coverage, as it doesn’t offer many endorsements. However, the company is the largest U.S. home insurer by market share and stands out for its digital tools, offering several online resources, calculators and other tools.

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Best for cheap rates

4.1

4.1

Avg. premium for $300K dwelling

$280/mo

Avg. premium for $300K dwelling

$3,359/yr

Customer satisfaction

790/1,000

Why Travelers made our list: Travelers is competitively priced in the state and is top-rated by AM Best with an A++ (Superior) financial stability rating. Travelers offers well-rounded coverage with options for personal liability and special personal property coverage for an expanded policy. Travelers did come in towards the bottom of the list on J.D. Power's 2023 Home Insurance Study, so if you prioritize service, you may want to speak with existing policyholders for details on their experience.

Who Travelers may be good for: If you are working with a tight budget, Travelers' average rate for New Mexico home insurance is comparatively low out of our chosen companies. Several discounts, including a unique green home discount, could save you even more on your premium.

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Best for discounts

3.6

3.6

Avg. premium for $300K dwelling

$273/mo

Avg. premium for $300K dwelling

$3,278/yr

Customer satisfaction

800/1,000

Why Farmers made our list: Farmers offers robust endorsements and has options for diminishing deductible, claim forgiveness and claims-free discounts for eligible policyholders. There are also exclusive potential savings for public safety officers and other professional organizations, so it may be beneficial to check whether your employer or organization is eligible for extra savings.

Who Farmers may be good for: Homeowners interested in multiple ways to save on their premium may want to consider seeking a quote from Farmers. Although Farmers' average rate is on the high side, it offers more discounts (13, to be exact) than any other company on our list.

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Additional New Mexico home insurance companies to consider

Liberty Mutual

Who this may be best for

Homeowners looking to bundle their auto and home with the same company.

With online policy management, several discount opportunities and several home endorsement options, Liberty Mutual may be a solid choice for those looking for a new home insurance provider. Read Bankrate's Liberty Mutual insurance review to learn more about this company.

Chubb

Who this may be best for

Homeowners with high-value homes.

Homeowners in cities like Albuquerque and Santa Fe may appreciate the specialized services Chubb offers policyholders with high-value homes. Options like free consulting services, extended replacement cost and coverage for unique needs like equestrian facilities make it a stand-out option. To learn more about what this provider offers, read Bankrate's Chubb insurance review.

How Bankrate chose the best home insurance companies in New Mexico

Bankrate's editorial team assesses various metrics to find the best New Mexico homeowners insurance. We know that price is an important consideration, but it is only one of the factors you may take into account when shopping for your own policy. Customer service and financial strength ratings also play a role, as well as the breadth of coverage options and discounts available. We also look at each company's website and mobile app to see if they make it easy to do business online.

Cheapest home insurance companies in New Mexico

With average rates higher than the national average, New Mexico homeowners may benefit from comparison shopping their policy at least every few years. To get an apples-to-apples rate comparison, make sure the coverage limits and endorsement types are similar. Bankrate found that the following insurance companies tend to have the lowest average premiums for home insurance in New Mexico:

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Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.

How to get cheap New Mexico home insurance

Home insurance is not required by law in New Mexico or any other state. However, if you have a mortgage, your lender will likely require you to purchase a policy. Even if you own your home outright, paying for a home insurance policy is typically cheaper than replacing your home in the  event of a total loss. If you're struggling to find affordable rates in New Mexico, consider these steps:

Compare home insurance rates

Answer a few questions to see personalized rates from top carriers.

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Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.

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Best home insurance discounts in New Mexico

Discounts can play a significant role in lowering your premium. Many of them are easily earned and require very little work on your part. Here are a few that are common:

How to save on home insurance policy renewals in New Mexico

Securing a home insurance policy is a great start. However, rates can change every renewal period, so a good deal now might not be the best option a few years down the line. Here are a few ways to help keep your renewal cost low:

How much is home insurance in New Mexico?

The average cost of homeowners insurance in New Mexico is $2,405 for $300,000 in dwelling coverage. This is 12 percent more the national average of $2,151 a year for the same amount of coverage. New Mexico's rate may be higher than the national average because the state is prone to disasters such as wildfires, which are becoming more prevalent in the state due to climate change. New Mexico also has a higher rate of property crime, such as burglaries, than the national average. A robust home insurance policy may help financially protect you if you experience a covered loss.

New Mexico homeowners insurance rates by city

Your ZIP code plays a role in determining what your home insurance premium will be in New Mexico. Insurers look carefully at areas of high crime as well as locations that see frequent natural disasters. To protect themselves from increased risk, they are likely to charge more for policies in these regions. Conversely, areas that are seen as less susceptible to disasters and crime are likely to see lower rates.

*Rates are for $300,000 in dwelling coverage.

What does home insurance cover in New Mexico?

The typical home insurance policy is an HO-3 policy form. This type of home insurance policy covers the dwelling and other structures on an open peril basis, meaning anything that isn't explicitly listed under policy exclusions is covered. It is good to keep in mind that personal property is different. It is usually covered on a named perils basis, meaning only the perils listed in the policy are covered. Below are common causes of loss in New Mexico typically covered by a standard policy.

Additional home insurance coverage types in New Mexico

The coverage types offered in a standard home insurance policy typically include dwelling, personal property, liability, medical payments and loss of use coverage. New Mexico homeowners may also want to consider the following endorsements:

Related content:

Guide to flood insurance Previously Read

Does homeowners insurance cover wildfire damage? Previously Read

Does homeowners insurance cover tornado damage? Previously Read

Common New Mexico home insurance problems

One of the biggest concerns for homeowners in New Mexico is the increasing cost associated with the state's wildfire risks. In particular, private residences and commercial property in Northern New Mexico are experiencing difficulty securing insurance. Here are some of the key challenges these areas are facing:

!

More than 900,000 acres burned in New Mexico in 2022 — over three times the annual average of 270,000 acres. The Natural Resources Defense Council, a nonprofit environmental advocacy group, has written about the challenges facing New Mexico homeowners. Here's what you need to know:

Frequently asked questions

What is the cheapest homeowners insurance company in New Mexico?

There is no single company that is always the cheapest option for everyone. Still, some companies are known for writing reasonably-priced policies. Your rate will be based on factors unique to your situation, such as the amount of coverage you request and the size and age of your home.

There is no single company that is always the cheapest option for everyone. Still, some companies are known for writing reasonably-priced policies. Your rate will be based on factors unique to your situation, such as the amount of coverage you request and the size and age of your home.

What’s the best home insurance company in New Mexico?

Some of the companies writing robust coverage for New Mexican homeowners include Allstate, State Farm, Travelers and Farmers. To expand your search further, you may want to review our list of the top home insurers nationwide. Keep in mind the best company for you will vary based on characteristics unique to you, your home and your specific coverage needs. Experts recommend shopping around with several home insurance companies to pinpoint the policy and price that works best for your situation.

Some of the companies writing robust coverage for New Mexican homeowners include Allstate, State Farm, Travelers and Farmers. To expand your search further, you may want to review our list of the top home insurers nationwide. Keep in mind the best company for you will vary based on characteristics unique to you, your home and your specific coverage needs. Experts recommend shopping around with several home insurance companies to pinpoint the policy and price that works best for your situation.

How can I find out more about New Mexico home insurance?

People interested in finding out more about home insurance in New Mexico can check out the Rocky Mountain Insurance Information Association. The organization features a wide variety of helpful information for homeowners located in one of its four covered states — Colorado, New Mexico, Utah or Wyoming.

People interested in finding out more about home insurance in New Mexico can check out the Rocky Mountain Insurance Information Association. The organization features a wide variety of helpful information for homeowners located in one of its four covered states — Colorado, New Mexico, Utah or Wyoming.

The average cost of homeowners insurance in New Mexico is $2,405 per year for $300,000 in dwelling coverage. Nationwide, homeowners pay an average rate of $2,151 for the same amount of coverage per premiums obtained from Quadrant Information Services. However, the rate that you pay will depend on the amount of coverage you purchase, as well as other factors like the age and location of your home.

The average cost of homeowners insurance in New Mexico is $2,405 per year for $300,000 in dwelling coverage. Nationwide, homeowners pay an average rate of $2,151 for the same amount of coverage per premiums obtained from Quadrant Information Services. However, the rate that you pay will depend on the amount of coverage you purchase, as well as other factors like the age and location of your home.

No, there is no state law in New Mexico mandating that homeowners purchase an insurance policy. However, your home is likely to be your most valuable asset, and an insurance policy is a relatively inexpensive way to protect your financial investment. Additionally, keep in mind that even if insurance isn’t required by law, if you have a mortgage, your lender may require you to carry home insurance as a term of your loan agreement.

No, there is no state law in New Mexico mandating that homeowners purchase an insurance policy. However, your home is likely to be your most valuable asset, and an insurance policy is a relatively inexpensive way to protect your financial investment. Additionally, keep in mind that even if insurance isn’t required by law, if you have a mortgage, your lender may require you to carry home insurance as a term of your loan agreement.

Methodology

Bankrate utilizes Quadrant Information Services to analyze April 2024 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on married male and female homeowners with a clean claim history, good credit and the following coverage limits:

The homeowners also have a $1,000 deductible, a $500 hail deductible and a 2 percent hurricane deductible (or the next closest deductible amounts that are available) where separate deductibles apply. 

These are sample rates and should be used for comparative purposes only. Your quotes will differ.

Bankrate Scores

Shannon Martin is a licensed insurance agent and Bankrate analyst with over 15 years of experience in the industry. She enjoys helping others navigate the insurance world by cutting through complex jargon and empowering readers to make strong financial decisions independently.

Amelia Buckley is an insurance editor for Bankrate, covering auto, home and life insurance. She emphasizes creating informative, engaging and nuanced content to support readers in making personalized insurance decisions with confidence.

Thomas is a well-rounded financial professional, with over 20 years of experience in investments, corporate finance, and accounting. His investment experience includes oversight of a $4 billion portfolio for an insurance group. Varied finance and accounting work includes the preparation of financial statements and budgets, the development of multiyear financial forecasts, credit analyses, and the evaluation of capital budgeting proposals.

In a consulting capacity, he has assisted individuals and businesses of all sizes with accounting, financial planning and investing matters; lent his financial expertise to a few well-known websites; and tutored students via a few virtual forums.

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Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range, can also impact how and where products appear on this site. While we strive to provide a wide range of offers, Bankrate does not include information about every financial or credit product or service.

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