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 insurance for your home in New Mexico


Homeowners insurance is an optional — but important — product that works to keep your belongings safe in the event your house or property suffers damage from common incidents. A home insurance policy covers your home and your items in the event of a variety of misfortunes, including wind damage, fire, theft, vandalism, and others.

Unlike auto insurance, homeowners insurance isn't priced based on state-level legislation. Even so, major gaps exist in home insurance costs on a state-by-state basis. Policy rates in US states vary based on the total number and value of homeowners policy claims made across the state, and also on the value of the belongings and structures covered by the policy.

The easiest way to find a cheap homeowners insurance policy in New Mexico is to view prices from a variety of insurance companies. Learn more about how much home insurance costs in New Mexico by reviewing the below data. Remember: your rates will vary, depending on your coverage limits.


New Mexico home insurance:
  1. Homeowners rates by company
  2. Rates by city
  3. Insurance bundling discounts
  4. FAQs

Homeowners insurance prices in New Mexico by company

Prices for home insurance in New Mexico can vary depending on the insurance company you choose. Liberty underwrites the most affordable homeowners insurance in New Mexico, at just $984 per year. This compares favorably to the state mean rate of $1,661, providing a $677 discount on average policy costs statewide.

Begin your search for cheap homeowners insurance by reviewing the most affordable New Mexico carriers, listed below.


CHEAPEST HOME INSURANCE COMPANIES IN NEW MEXICO
CompanyAverage Annual Rate in New Mexico
Liberty$983.94
Safeco$1,305.22
Allstate$1,362.43
USAA$1,484.32
State Farm$1,636.48

New Mexico home insurance by city

Not all New Mexico cities have the same home insurance rates. Pricing may depend on locally specific variables such as the number of claims filed in the immediate area, meaning your ZIP code could have a major impact on how much you pay.

The cheapest home insurance rates in New Mexico are available in Las Cruces. The average home insurance policy in Las Cruces costs $1,111 annually — $550 less than the average New Mexico rate. Reference the below table to see the cheapest cities in New Mexico for home insurance.


AFFORDABLE HOME INSURANCE BY CITY IN NEW MEXICO
CityAverage 12-Month Home Insurance Rate
Las Cruces$1,110.98
Los Alamos$1,123.94
Rio Rancho$1,132.78
Sunland Park$1,150.13
Anthony$1,150.69

How to bundle home and auto insurance in New Mexico

To trim a few dollars from your insurance costs, consider purchasing your homeowners and car insurance policies from the same company. Bundling auto and home insurance in New Mexico can lead to substantial savings on car insurance. Bundling policies in New Mexico leads to an a yearly discount of $153.


HOME AND AUTO INSURANCE BUNDLING SAVINGS IN NEW MEXICO
Avg. Yearly Auto Insurance Rate (No Bundle)Avg. 12-Month Auto Insurance Rate (Bundle)Annual Bundle SavingsBundle Savings %
$1,315.00$1,162.00$153.0013%

Bundling home and auto policies is a great way to save. Start shopping today!


Seeking insights on homeowners insurance in a particular city?

  1. Albuquerque

New Mexico homeowners 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)




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