Compare Homeowners Insurance Quotes In New Mexico

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Best Home Insurance Rates In New Mexico

New Mexico is a hub of indigenous culture and art. The Land of Enchantment has the second-highest population of Native Americans of any state. However, its desert climate and mountainous areas are the cause of a number of homeowners insurance risks.

New Mexico Homeowners Insurance Rates

New Mexico has relatively affordable home insurance premiums. According to the most recent available data from the Insurance Information Institute, in 2014, the average cost of homeowners insurance in the state of New Mexico was $937, much lower than the national average of $1,132. There are 16 states with lower average homeowners insurance rates than New Mexico.

New Mexico Average Annual Homeowners Insurance Rates
  2012 2013 2014
Nee Mexico Annual Average $844 $898 $937
New Mexico Price Per Month $70 $75 $78
US Annual Average $1,034 $1,096 $1,132
US Cost Per Month $86 $91 $94
National Rank 31 34 35
Source: http://www.iii.org/fact-statistic/homeowners-and-renters-insurance

Choosing a homeowners insurance company in New Mexico should be easier. Actually, it’s already easy; you could just go with whichever company your mortgage lender recommends, but you probably won’t get the best rates that way. The key to finding the best rates is to compare home insurance quotes in New Mexico from multiple companies. And the fastest, easiest way to do that is by usingQuoteWizard.

Best New Mexico Home Insurance Companies

Last year, these were the most common home insurance companies reported by QuoteWizard users living in the state of New Mexico. Out of the 4,431 New Mexico homeowners that used QuoteWizard to request insurance quotes last year, 312 had no home insurance.

  1. Farmers
  2. Allstate Insurance
  3. Geico
  4. Progressive Casualty
  5. Liberty Mutual
  6. AAA Insurance Co.
  7. USAA
  8. Hartford Insurance
  9. Safeco
  10. Travelers Insurance
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Why contact every individual company in New Mexico that you want a homeowners quote from when you can just answer a few questions about your home and desired coverage, and get competing quotes from agents? Save time and money with QuoteWizard.

Top 10 New Mexico Homeowners Insurance Company Market Share

Source: National Association of Insurance Commissioners
Rank Company Direct Premiums Written (in thousands) Market Share
1 Farmers Insurance Group of Cos. $93,778 20.01%
2 Allstate $48,666 10.38%
3 Liberty Mutual $43,268 9.23%
4 USAA Insurance Group $40,079 8.55%
5 Hartford Insurance $23,856 5.09%
6 Travelers Insurance Group $18,388 3.92%
7 Iowa Farm Bureau Group $16,113 3.44%
8 Chubb Inc. Group $10,805 2.31%
9 Assurant Inc. Group $9,685 2.07%

Financial Strength Ratings of Top New Mexico Home Insurers

Source: A.M. Best (Ratings as of 8/5/2015)

  • Liberty Mutual: A
  • Allstate: A+
  • Geico: A++
  • United Service Automobile Assurance Co.: A++
  • Travelers Companies Inc.: A+
  • Progressive Group: A+
  • Hartford Fire & Casualty Insurance Co.: A+
  • New Mexico Mutual: A-
Get a quote from some of these top rated insurers! Request Quote Get a Quote From Top Insurers

Rating Guide

New Mexico Property & Casualty* Insurance Company Market Share

Source: Insurance Information Institute
Rank Company Direct Premiums Written (in thousands) Market Share
1 Farmers Insurance Group of Cos. $292,306 10.2%
2 Liberty Mutual $189,294 6.6%
3 Allstate $159,651 5.6%
4 Geico $143,250 5.0%
5 United Service Automobile Assurance Co. $139,679 4.9%
6 Travelers Companies Inc. $138,039 4.8%
7 Progressive Group $126,418 4.4%
8 Hartford Fire & Casualty Insurance Co. $102,151 3.6%
9 New Mexico Mutual $92,928 3.4%
*Represents both home and auto insurance

Home Insurance Rate Factors

Many different factors come into play when insurance companies calculate the cost of homeowners insurance. Some, like the age of your home, are within your control. Others, like crime rates or natural disasters, are beyond your control. Here are some of the factors that affect the cost of homeowners insurance in New Mexico.

Average Home Listing Prices

Home prices can greatly affect the cost of insurance in any given state. A higher average home price generally means higher premiums in that state. For New Mexico, the average listing price is $262,490 as of July 2015, slightly lower than the national average of $284,748.

Average Burglary Rates

Burglary is a serious and sometimes violent property crime. States with higher average burglary rates generally have higher average home insurance premiums, because the likelihood of filing a claim is higher. According to data from the FBI Uniform Crime Report, in 2013, New Mexico’s average burglary rate was 1,029.9 per 100,000 people, which is very high compared to the national average of 610.0 per 100,000.

States with more law enforcement per capita tend to be safer than states with fewer policemen and women. In New Mexico, there are 40.4 law enforcement personnel per 100,000 total citizens, slightly more than the national median of 32 per 100,000.

Home Insurance Hazards

New Mexico is a mostly desert-like climate, with some mountains scattered throughout the state. This combination of climate and topography causes a number of homeowners insurance hazards, including hot summers, cold winters, and drought.

Hot summers: Summer in New Mexico is hot, though temperatures vary between the northern and southern ends of the state. In the southern region, average high temperatures are close to 80 degrees as early as April, and as late as October. July is the hottest month, with average highs in the 90’s throughout the region. Northern New Mexico is a different story. Average highs don’t typically reach 80 degrees until June, and it usually cools down by September. July and August are both very hot in northern New Mexico, with highs well above 80 degrees. While the summers are incredibly hot, and triple-digit days are a norm, they are also incredibly dry. Humidity in New Mexico is very low due to the arid climate, which also is responsible for the approximately 270 days of sun each year, on average.

Cold winters: New Mexico experiences very little snow, on average less than 10 days of the year and less than 10 inches annually. That said, snowfall varies greatly between the Northern and Southern portions of the state. At Red River, a mountainous town in Northern New Mexico, they receive on average about 48 days and almost 160 inches of snow annually. Compared to Elephant Butte Lake Dam in the south, where they average 0.4 days of snow per year and less than an inch annually, it is clear that large variations exist within New Mexico. Winter temperatures are equally varied. January is the coldest month of the year, especially in the north. Average low temperatures are far below freezing, with some in the single digits. At Eagle Nest, the January average low temperature is 2 degrees. While it is still quite cold in southern areas, it is not nearly as cold. Low temperatures are at or slightly below freezing, on average. In Roswell, the average January low is 26 degrees. While the cold is dangerous, it’s the huge variation in temperature between summer and winter that is particularly problematic. The wear and tear of these large annual temperature variations degrade and wear down most objects over time.

Lack of rainfall: New Mexico is one of the driest states, with average rainfall slightly below 15 inches per year. This is especially true in southern and central New Mexico. Albuquerque, the state’s largest city, experiences on average of 61 days of rain per year, and about 10 inches annually. To the south, the capital of Santa Fe averages 66 days of rain per year, and about 14 inches of rain per year. In northern New Mexico, mountainous regions experience more rain in general. Eagle Nest averages 102 days and about 17 inches of rain annually. Propensity for drought, combined with the incredibly hot summers, can be a serious homeowners insurance hazard. According to the National Oceanic and Atmospheric Administration, over a fifth of New Mexico is facing a drought as of July 2015. Droughts can be devastating to people, homes, and the local economy. Worse, droughts can drastically increase the risk of wildfires.

New Mexico Office of the Insurance Commissioner

Website:
Homepage
Insurance Commissioner:
John G. Franchini
Insurance Hotline:
(855) 427 - 5674
Office Hours:
Monday - Friday
9:00 am to 5:00 pm
File a Consumer Insurance Complaint
Complaint Page

Sources:

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