New Mexico Homeowners Insurance

Get a full analysisNew Mexico home insurance costs, coverages & companies

The Best Homeowners Insurance Companies in New Mexico

Average Cost of Homeowners Insurance in New Mexico

Home Insurance in New Mexico - FAQ

Average Cost of Insurance Near Me

Christine Lacagnina has written thousands of insurance-based articles for TrustedChoice.com by authoring consumable, understandable content.

Christine Lacagnina has written thousands of insurance-based articles for TrustedChoice.com by authoring consumable, understandable content.

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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:

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.

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: 

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

Popular Questions about Home Insurance in New Mexico

How much does New Mexico home insurance cost? $1,017/yr.

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.

What does homeowners insurance cover in New Mexico?

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.

What are New Mexico's home insurance laws?

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.

How is my New Mexico homeowners insurance calculated?

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.

Are there any independent insurance agents in New Mexico?

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.

Who are the best home insurance companies in New Mexico?

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.

What are the common causes of loss in New Mexico?

Some common causes of loss for homeowners in New Mexico include:

What are home insurance coverage options in New Mexico?

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.

Do you need earthquake insurance in New Mexico?

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.

Why work with an independent insurance agent when shopping for home insurance in New Mexico?

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 Homeowners Insurance

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 Homeowners Insurance

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 Homeowners Insurance

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 Homeowners Insurance

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 Homeowners Insurance

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 Homeowners Insurance

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 Homeowners Insurance

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 Homeowners Insurance

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 Homeowners Insurance

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 Homeowners Insurance

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.

More in New Mexico Insurance Guide:

Sources ©2024 , Consumer Agent Portal, LLC. All rights reserved.

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

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