New Mexico Homeowners Insurance

Finding a homeowners insurance policy doesn’t need to be confusing. Compare rates from New Mexico by city and carrier below.

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How to find cheap home insurance in New Mexico


Home insurance is an optional — but important — product that works to keep your belongings safe in the event your home suffers damage from common incidents. Homeowners insurance protects your dwelling, personal property, and other buildings from an array of circumstances, including wind damage, fire, theft, vandalism, and others.

Unlike auto insurance, homeowners policies aren’t priced based on state-level laws. Even so, major discrepancies exist in home insurance costs on a state-by-state basis. Homeowners costs by state differ based on the value and number of home policy claims filed across the state, and depend on the value of the belongings and structures covered by the policy.

The best way to find a cheap homeowners insurance policy in New Mexico is to get quotes from as many insurance companies as possible. Find out typical homeowners insurance rates in New Mexico by reviewing the below data. Remember: your rates will vary, depending on your coverage limits.


Home insurance in New Mexico:
  1. Rates by company
  2. Rates by city
  3. Rates by coverage level
  4. Rates by deductible amount
  5. Bundling home and auto insurance
  6. FAQs

Home insurance prices in New Mexico by carrier

Prices for home insurance in New Mexico differ depending on which insurance company you choose. Liberty offers the most affordable homeowners insurance in New Mexico, at just $984 per year. This beats the state mean cost of $1,661, providing a $677 price cut on rates typical to the state.

Start your search for affordable homeowners coverage by viewing average rates from top New Mexico home insurance carriers, detailed below.


THE MOST AFFORDABLE HOMEOWNERS INSURANCE COMPANIES IN NEW MEXICO
CompanyAverage Annual Rate in New Mexico
Liberty$984
Safeco$1,305
Allstate$1,362
USAA$1,484
State Farm$1,636

New Mexico home insurance prices by city

Home insurance rates in New Mexico vary depending on the city. Policy pricing depends on local variables such as the number of claims filed nearby, giving your ZIP code weight in deciding how much you pay.

The best home insurance in New Mexico is found in Las Cruces. An average home insurance policy in Las Cruces costs just $1,111 annually — $550 less than the average homeowners policy in other New Mexico cities. Reference the below table to see the cheapest cities in New Mexico for home insurance.


AFFORDABLE HOME INSURANCE BY CITY IN NEW MEXICO
CityAverage Annual Home Insurance Rate
Las Cruces$1,111
Los Alamos$1,124
Rio Rancho$1,133
Sunland Park$1,150
Anthony$1,151

Average homeowners insurance rates in New Mexico by coverage levels

The amount of home coverage you select has an impact on your insurance rates. Homeowners in New Mexico who carry $100,000 of dwelling coverage pay an average of $838 per year, while those with dwelling coverage of $400,000 pay around $2,242 per year.


HOMEOWNERS INSURANCE RATES IN NEW MEXICO — COMMON COVERAGE LIMITS
Coverage LevelAverage Annual Premium
$100,000 Dwelling$838
$200,000 Dwelling$1,241
$250,000 Dwelling$1,565
$400,000 Dwelling$2,242

Compare Homeowners Insurance Rates

Homeowners insurance deductibles in New Mexico

New Mexico homeowners have a lot of decisions to make when shopping for a home insurance policy, including how high or low to set their deductible. The deductible is the dollar amount that the insured must contribute toward a covered loss. Choosing your deductible impacts how much you pay for your coverage.

A good rule of thumb is: the lower your deductible, the higher your premium. Therefore, you may want to think about setting a higher deductible if you aim to secure lower rates. Remember that your homeowners deductible should not be so high that you would struggle to pay it in the event of a loss.

Below you'll find some typical deductibles offered on most home policies along with corresponding average insurance rates.


HOMEOWNERS INSURANCE RATES BY DEDUCTIBLE IN NEW MEXICO
Deductible LevelAverage Annual Home Insurance Rate
$500$1,666
$1,000$1,565
$1,500$1,501
$2,000$1,377
$5,000$1,227

New Mexico insurance bundling discounts: home and auto

If you want to save, consider buying your home and auto policies from the same insurance company. A home and auto insurance bundle in New Mexico can lead to substantial savings on auto insurance. Purchasing bundled policies in New Mexico leads to a yearly discount of $153.


HOME AND AUTO INSURANCE BUNDLING DISCOUNTS IN NEW MEXICO
Avg. Yearly Auto Insurance Rate (No Bundle)Avg. Annual Auto Insurance Rate (Bundle)Annual Bundle SavingsBundle Savings %
$1,315$1,162$15313%

A great way to save is to bundle your auto and homeowners insurance policies. Get started today!


Looking for info on homeowners insurance in a specific city?

  1. Albuquerque

New Mexico home insurance FAQs


Is homeowners insurance required in New Mexico?

Unlike car insurance, there is no state mandate to carry homeowners insurance, but instead, your mortgage lender will require it when you buy a home.

Does GEICO offer homeowners insurance in New Mexico?

Yes - if you're a homeowner in New Mexico, GEICO is an option for homeowners insurance.


Does home insurance cover damage caused by fires in New Mexico?

Fire coverage comes standard on every homeowners insurance policy in New Mexico. If your home were to be damaged or destroyed by fire, your home insurance company would cover the damage to your property up to your policy limits. The commonality of wildfires in New Mexico reinforces the importance of homeowners insurance: 14% of New Mexico households are in danger of suffering damage from a wildfire. In fact, 382, 345 acres of the state were burned in 2018.*

Depending on your policy, your home insurance may cover additional living expenses if your home is deemed unlivable. Fire-related damages not covered by your home insurance provider is intentional damage (arson) or damage to a vacant home.

*Source: Insurance Information Institute (https://www.iii.org/fact-statistic/facts-statistics-wildfires)


Kristine Lee LinkedIn

Kristine is a licensed insurance agent and one of The Zebra’s in-house content strategists. With a background in copywriting, she covers the ins and outs of the home and car insurance industries. She has been a contributor to numerous publications focused on the nuances of insurance, including BestCompany.com.