Finding a homeowners insurance policy doesn’t need to be confusing. Compare rates from New Mexico by city and carrier below.
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.
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.
|Company||Average Annual Rate in New Mexico|
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.
|City||Average Annual Home Insurance Rate|
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.
|Coverage Level||Average Annual Premium|
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.
|Deductible Level||Average Annual Home Insurance Rate|
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.
|Avg. Yearly Auto Insurance Rate (No Bundle)||Avg. Annual Auto Insurance Rate (Bundle)||Annual Bundle Savings||Bundle Savings %|
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?
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.
Yes - if you're a homeowner in New Mexico, GEICO is an option for homeowners insurance.
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)