On average, your neighbors pay $82 a month.See Your Rates
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.
How much is home insurance in New Mexico? New Mexico has relatively affordable home insurance premiums. The average cost of homeowners insurance in the state of New Mexico is $982. That's much lower than the national average of $1,173. There are 19 states with lower average homeowners insurance rates than New Mexico.
|Nee Mexico Annual Average||$898||$937||$982|
|New Mexico Price Per Month||$75||$78||$82|
|US Annual Average||$1,096||$1,132||$1,173|
|US Cost Per Month||$91||$94||$98|
|Source: Facts + Statistics: Homeowners insurance|
The graph below shows the change in average New Mexico home insurance rates from 2011 to 2015, the most recent year the data is available. According to the III, New Mexico homeowners insurance rates increased from $793 in 2011 to $982 in 2015, a jump of $189 dollars, or 23.83 percent.
Choosing a homeowners insurance company in New Mexico should be easier. Actually, it’s already easy. 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 using QuoteWizard.
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.
The above list shows the most popular home insurers in New Mexico according to our users. But popular doesn’t always mean best.
Our study on the best home insurance companies focuses on top of the line companies. In no particular order, these companies stand out among the rest:
|Rank||Company||Financial Rating||Market Share|
|7||Iowa Farm Bureau||NR||3.44%|
Insurance companies consider several factors to calculate the cost of your homeowners insurance. Some factors, like roof maintenance, are within your control. Others, like property crime rates, are beyond your control.
The rate you’ll pay for homeowners insurance varies depending on the home. These are the main house components that influence your insurance costs:
Filing a claim leads to higher rates. And if you file more than one claim within a few years, your rates will skyrocket. Claims stay on your record for five to seven years. Filing additional claims during that time could lead to policy cancellation. That’s why homeowners try to avoid filing any unnecessary claims.
The type of pet you own also influences your rates. If you own an exotic pet or specific dog breed, insurers will charge you more. You could even have a hard time finding a company to insure you to begin with. According to the AVMA, New Mexico has the second highest pet ownership rate in the country.
New Mexico is the ninth most natural disaster-prone state in the nation. That’s a setback for residents, because areas with a high risk of natural disasters have high insurance rates. Weather risks also vary depending on where in the state you live. If you live in the South Valley, prepare your home for flooding. If you live near forested areas, take steps to mitigate your home’s fire risk.
No matter where in NM you live, your home could face one of these natural disasters:
New Mexico has a high flooding risk, and homeowners insurance doesn’t cover flood damage. Make sure you buy flood insurance.
According to DHSEM New Mexico, there are steps you can take to prepare your home for a natural disaster.
NM has the second highest average property crime rate in the country. Areas with high property crime rates have high homeowners insurance premiums. In 2017, the average property crime rate was 3,941.7 per 100,000 people. Unfortunately, property crime rates in NM rose in 2017.
Property crime rates vary depending on where in the state you live. For example, Albuquerque has an average of 70.2 property crimes annually per 1,000 residents. Whereas Silver City has an average of 10.4 property crimes annually per 1,000 residents.
Like preparing for a natural disaster, there are steps you can take to prevent a burglary in your home. These steps include: security cameras, deadbolts, alarms, and more.
Types of Home Insurance Policies
Homeowners have several policy options when shopping for home insurance. In NM, these are the insurance types you can choose from:
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