Average homeowners insurance cost in Santa Fe, NM

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In Santa Fe, homeowners pay an average annual rate of $1,963 for a coverage level that includes $300,000 for dwelling, $100,000 for liability protection, and a $1,000 deductible, according to Insure.com’s rate analysis. This is $619 less than the national average of $2,582.

Homeowners insurance premiums can vary significantly from one property to another. In Santa Fe, the cost of home insurance is influenced by several factors, including:

Size of your home
Age of your home
Amount of coverage required
Location
Your credit score

It’s crucial to compare quotes from multiple insurers to ensure you get the best homeowners insurance policy. This allows you to find the coverage that meets your specific needs.

Read this guide to discover the monthly homeowners insurance cost in Santa Fe, explore the insurance costs for different dwelling coverage, and find out which companies offer affordable home insurance in Santa Fe.

Key takeaways

The average cost of homeowners insurance in Santa Fe is $1,963 per year.
State Farm is the cheapest homeowners insurance company in Santa Fe with an average annual premium of $1,464.
If you increase your dwelling coverage from $200,000 to $300,000, you will just have to pay $621 more a year for home insurance.

Average homeowners insurance cost in Santa Fe per month

According to Insure.com’s rate analysis, residents of Santa Fe pay an average of $164 per month for homeowners insurance. This is $56 less than the state average of $220 and $51 less than the national average for home insurance across the United States. The cost of your homeowners insurance policy in Santa Fe can vary depending on your location, property value, and selected coverage options.

Average homeowners insurance cost for a $200,000 house in Santa Fe

In Santa Fe, NM, homeowners pay an average of $1,342 annually for a $200,000 home. The annual cost of home insurance is influenced by factors such as the risk of natural disasters in your area.

Regions more susceptible to natural disasters, such as floods, hurricanes, or tornadoes, typically face higher rebuilding costs, leading to increased insurance premiums. It is important to understand that standard insurance policies might not cover damages caused by floods or hurricanes. If you live in a flood-prone area, it is advisable to purchase flood insurance.

Average homeowners insurance cost for a $300,000 house in Santa Fe

According to a rate analysis by Insure.com, homeowners in Santa Fe pay an average of $1,963 per year for a $300,000 house. These rates are for the coverage limits of $100,000 for liability protection and $1000 deductible.

If you increase your dwelling coverage from $200,000 to $300,000, you will just have to pay $621 more a year for home insurance. It would be best to buy enough insurance to cover the full cost of rebuilding your home.

However, the amount of dwelling coverage you need may vary depending on the size of your home, the features in your home, and the cost of living in your area.

Average homeowners insurance cost in Santa Fe by Company

Among the carriers analyzed, State Farm is the cheapest homeowners insurance company in Santa Fe. It’s average annual rate for Santa Fe homeowners is $1,464. Farmers ranks second.

Before choosing a homeowners insurance policy, it is important to do some research on the company. Our experts have analyzed all the insurance companies across Santa Fe and prepared a list of the cheapest home insurance providers. You can find below the Santa Fe home insurance companies and their average annual premium.

Home Insurance Company	Annual rate
State Farm	$1,464
Farmers	$2,213

Methodology

Insure.com, with the help of Quadrant Information Services, gathered data for homeowners insurance rates in Santa Fe for $300,000 dwelling coverage and $100,000 liability coverage with a $1,000 deductible. The data presented are those with a good credit tier alignment.