Average homeowners insurance cost in New Mexico

Whether you’re buying a new home or want to protect the property you currently own, it’s important to have sufficient homeowners insurance coverage in place. However, home insurance policies can get expensive, depending on your insurer and the coverage level you choose.

On average, New Mexico homeowners insurance costs $2,638 a year, based on Insure.com’s data.

Learn more about the average homeowners insurance rates by company and ZIP code in New Mexico.

Average home insurance cost in New Mexico by coverage level

In New Mexico, the annual homeowners insurance cost is $2,638, on average for the limits of $100,000 in liability, $300,000 in dwelling coverage and a $1000 deductible.

Increasing your dwelling coverage from $300,000 to $400,000 will raise your annual homeowners insurance premium to $3,069 in New Mexico, with $100,000 in liability protection and a $1,000 deductible. Below are the average costs for homeowners insurance in New Mexico based on dwelling coverage limits of $300,000, $400,000, and $500,000.

In New Mexico, homeowners insurance companies set rates by assessing various risk factors. Your location, claims history and coverage limit all affect your premium.

If multiple claims have been filed in your neighborhood over the past few years, you’ll likely face higher home insurance rates than areas with fewer claims.

Best homeowners insurance companies in New Mexico

Before purchasing homeowners insurance, it’s important to compare rates and explore your options. Several factors play a role in choosing the best homeowners insurance company for your specific needs.

We evaluated insurance companies in New Mexico based on their NAIC scores and AM Best ratings to create a list of the top homeowners insurance providers in the state. Our findings show that Farmers received the lowest NAIC score and A rating from AM Best. A lower NAIC score indicates fewer complaints relative to the company’s size, suggesting higher customer satisfaction.

Average homeowners insurance cost by company in New Mexico

State Farm offers the most affordable homeowners insurance in New Mexico, at an average annual premium of $1,775, followed by Farmers.

You can save hundreds — if not thousands — of dollars each year if you shop around for homeowners insurance.

Here are the average annual and monthly insurance rates for New Mexico homeowners for a policy with $300,000 dwelling coverage and $100,000 liability protection with a $1,000 deductible.

New Mexico homeowners insurance rates by ZIP code

Insurance companies in New Mexico assess the risk associated with a specific location. ZIP codes prone to higher crime rates or frequent natural disasters are often classified as high-risk areas, which can lead to increased insurance premiums. The cost of rebuilding or repairing homes in a specific ZIP code can also impact how much you pay for a homeowners insurance policy.

Make sure you shop around and compare quotes from various insurance companies to get the best deal on homeowners insurance rates in New Mexico. Don’t forget to ask about any available discounts, such as bundling policies or a smart home discount.

Most affordable ZIP codes for home insurance rates in New Mexico

Homeowners insurance costs in New Mexico can vary widely by location, with your ZIP code being a key factor in determining your rate. Based on our data, the the 88021 area has the most affordable insurance rates, at $1,729 annually or $144 monthly.

Below are the homeowners insurance rates for the most affordable ZIP codes in New Mexico.

Most expensive ZIP codes for home insurance rates in New Mexico

Your ZIP code is a key factor in determining the cost of your homeowners insurance coverage. In New Mexico, certain areas have higher insurance premiums due to elevated crime rates, increased risk of natural disasters, and higher living costs.

88135 has the most expensive homeowners insurance rates in New Mexico at an average annual cost of $5,543.

Below, we’ve highlighted some of the most expensive ZIP codes in New Mexico for home insurance:

Home insurance rates vary from one city to another. But with Insure.com, finding the right home insurance policy is easy. Learn more about homeowners insurance costs for different cities below.

Home insurance rates in New Mexico by city

Albuquerque

Las Cruces

Rio Rancho

Roswell

Santa Fe

Home insurance rate trend in New Mexico

We analyzed home insurance rate trends in New Mexico and found that homeowners insurance rates experienced an overall increase of 4% or $108, from 2022 to 2023.

The data below shows how much homeowners insurance rates have changed since 2019.

To choose the right homeowners insurance, it’s important to conduct thorough research and compare rates from various insurers, as each evaluates risk differently. Comparing quotes from at least three companies can help you secure the most affordable coverage in New Mexico.

Resources & methodology

Source

S&P Global. “US homeowners insurance rates jump by double digits in 2023.” Accessed September 2024.

Methodology

Insure.com worked with Quadrant Information Service to get homeowners insurance data. We analyzed 20,739,560 insurance quotes from 82 national and regional insurance companies across 34,588 ZIP codes to determine the average premiums.

The insurance rates are based on a sample profile of a homeowner with good credit and the following coverage level:

• $300,000 dwelling coverage
• $100,000 liability protection
• $1000 deductible

We have taken into account 3 important factors such as average annual cost, NAIC score and AM Best rating, to determine the list of best homeowners insurance companies. The quoted insurance rates are for comparison purposes, and your individual rates may vary.

How much is home insurance in other states

Alaska$1,695/Year

Alabama$3,131/Year

Arkansas$3,948/Year

Arizona$2,468/Year

California$1,386/Year

Colorado$4,086/Year

Connecticut$2,205/Year

Washington, D.C.$1,327/Year

Delaware$1,366/Year

Florida$4,405/Year

Georgia$2,286/Year

Hawaii$593/Year

Iowa$2,642/Year

Idaho$1,950/Year

Illinois$3,044/Year

Indiana$2,969/Year

Kansas$4,826/Year

Kentucky$3,314/Year

Louisiana$3,576/Year

Massachusetts$1,622/Year

Maryland$1,707/Year

Maine$1,375/Year

Michigan$2,396/Year

Minnesota$2,399/Year

Missouri$3,528/Year

Mississippi$3,369/Year

Montana$3,265/Year

North Carolina$2,933/Year

North Dakota$3,134/Year

Nebraska$4,785/Year

New Hampshire$1,209/Year

New Jersey$1,506/Year

Nevada$1,444/Year

New York$1,777/Year

Ohio$2,144/Year

Oklahoma$5,749/Year

Oregon$1,741/Year

Pennsylvania$1,886/Year

Rhode Island$1,932/Year

South Carolina$2,668/Year

South Dakota$3,374/Year

Tennessee$3,045/Year

Texas$3,844/Year

Utah$1,792/Year

Virginia$2,135/Year

Vermont$1,247/Year

Washington$1,596/Year

Wisconsin$1,648/Year

West Virginia$1,886/Year

Wyoming$1,885/Year

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