Finding the Best Homeowners Insurance in New Mexico
Homeowners need to look at their insurance coverage at least annually and seek less costly premiums. When seeking out the best homeowners insurance in New Mexico, you will find that it can be confusing with all of the different options open to you and the confusing prices behind each. However, if you can wade through it all, you can greatly reduce your costs and maybe find better coverage for your home. With diverse areas of arid deserts mixed with Alpine climates, it can make New Mexico homeowners insurance quotes just as diverse when requested. These different climates affect prices just as much as home and property values. This is not to say all insurance companies treat each area the same. Gaining quotes from multiple companies will show one will be cheaper in one region and maybe the most expensive in another. With housing prices soaring more than double the national average in New Mexico over the last few years, finding the best prices on utilities, gas, food, and insurance must be a priority for the average homeowner. Read on to find out how you can best prepare your finances by finding the right insurance company for you.
| New Mexico Homeowners Insurance Cost Broken Down | Price |
|---|---|
| Yearly Cost of Homeowners Insurance in New Mexico | $1,177.00 |
| Costs Per Month for Homeowners Insurance in New Mexico | $98.08 |
How Much is Homeowners Insurance in New Mexico
Many factors play a role in how much is homeowners insurance in New Mexico, as we have mentioned. First is the value of your home and personal property that needs to be replaced in the event of a disaster. The second is how much coverage you need or want with your policy. As we will discuss later, policies can be of many different shapes and sizes to properly cover your assets, affecting homeowners' insurance rates in New Mexico. By applying due diligence, you can find the best prices for the region you live in. We have gathered information to help you make the best decisions regarding finding the cheapest homeowner insurance in New Mexico while also getting you the best coverage for your family. Let's take a look at the average cost of homeowner insurance in New Mexico as a whole. The annual average cost of homeowners insurance in New Mexico is around $2300 a year, or about $200 a month. It placed New Mexico right at the average for the most expensive in the nation and ranked at number 23. Here is a breakdown of where the most expensive areas of New Mexico can be found on a $300,000 home. 1. Most Expensive Premium: $2500 2. Least Expensive Premium $1950 3. The city with the Most Expensive Premiums: Santa Fe 4. The city with the Least Expensive Premiums: Carlsbad Homeowners Insurance prices will be higher or cheaper when quoting different home values.
| City in New Mexico | Monthly Costs | Yearly Costs |
|---|---|---|
| Albuquerque, NM | $70.50 | $846.00 |
| Las Cruces, NM | $64.00 | $768.00 |
| Rio Rancho, NM | $68.25 | $819.00 |
| Santa Fe, NM | $68.67 | $824.00 |
| Roswell, NM | $145.17 | $1,742.00 |
| Farmington, NM | $70.25 | $843.00 |
| South Valley, NM | $77.50 | $930.00 |
| Clovis, NM | $190.92 | $2,291.00 |
| Hobbs, NM | $186.33 | $2,236.00 |
| Alamogordo, NM | $68.50 | $822.00 |
| Carlsbad, NM | $164.83 | $1,978.00 |
| Gallup, NM | $75.50 | $906.00 |
| Deming, NM | $89.17 | $1,070.00 |
| Los Lunas, NM | $87.58 | $1,051.00 |
| Chaparral, NM | $78.92 | $947.00 |
| Sunland Park, NM | $62.17 | $746.00 |
| Las Vegas, NM | $119.83 | $1,438.00 |
| Portales, NM | $193.33 | $2,320.00 |
| Los Alamos, NM | $63.00 | $756.00 |
| North Valley, NM | $68.50 | $822.00 |
| Artesia, NM | $168.33 | $2,020.00 |
| Lovington, NM | $188.17 | $2,258.00 |
| Silver City, NM | $69.67 | $836.00 |
| Anthony, NM | $63.42 | $761.00 |
| Grants, NM | $73.75 | $885.00 |
| Socorro, NM | $76.83 | $922.00 |
| Corrales, NM | $66.58 | $799.00 |
| Bernalillo, NM | $69.92 | $839.00 |
| Shiprock, NM | $81.42 | $977.00 |
| Bloomfield, NM | $79.83 | $958.00 |
| Ruidoso, NM | $73.67 | $884.00 |
| Kirtland, NM | $77.92 | $935.00 |
| Belen, NM | $89.75 | $1,077.00 |
| Raton, NM | $144.17 | $1,730.00 |
| Aztec, NM | $73.25 | $879.00 |
| Truth or Consequences, NM | $72.50 | $870.00 |
| Eldorado at Santa Fe, NM | $69.50 | $834.00 |
| Los Ranchos de Albuquerque, NM | $69.00 | $828.00 |
| Lee Acres, NM | $70.17 | $842.00 |
| White Rock, NM | $61.08 | $733.00 |
| Taos, NM | $80.67 | $968.00 |
| Los Chaves, NM | $88.42 | $1,061.00 |
| North Hobbs, NM | $182.50 | $2,190.00 |
| Tucumcari, NM | $174.67 | $2,096.00 |
New Mexico Homeowners Insurance Laws
The benefit of homeowners insurance is that if there is a disaster and you lose your home and all of your belongings, you can have it all replaced. By replacing what is lost, can avert financial ruin for most people. This is the same for the liability portion of your insurance policy. If someone decides to sue you for an injury that occurred on your property, you will not be protected if you do not carry insurance on your home. With this in mind, New Mexico homeowners insurance requirements are not a must according to the law. If you outright own your home, you do not have to purchase insurance at all. Homes that are financed are always required to have insurance by the lender, though. If ever disputed in court, this part of your home buying contract will be binding, although New Mexico insurance laws do not require it as a mandate. In the end, it will be cheaper for a homeowner to purchase homeowners insurance to provide the protection needed for his or her family. If you lose your home without insurance, your family will have to start over financially to replace what has been lost.
What Does Homeowners Insurance Cover in New Mexico
Now that we know there are many types of insurance types, we can find the answer to what does homeowners insurance cover in New Mexico. Not all policies are the same, as we will see. Being able to mold a policy to a specific homeowner is one of the benefits of dealing with quality insurance carriers. Without being able to fit a policy properly, everyone would be paying the same prices, even if they did not need the same coverages. Below are some examples of coverages you can tailor within your policy. We will assume the basic plan will cover the replacement cost of your home and any liability coverage. Most of the items in the list can also be adjusted to your needs. Your basic coverage covers your home, but you can add the replacement cost of other buildings such as barns. All of your personal belongings or a portion of them can be covered under your plan. You can add coverage for living expenses in case you need a place to live after a disaster. Medical coverage can be added to pay for inured guests medical bills. Make sure to ask for any additional coverage specific to needs.
| Costs of Home Insurance in New Mexico by County | Monthly Average Costs | Yearly Average Costs |
|---|---|---|
| Bernalillo County, NM | $69.75 | $837.00 |
| Chaves County, NM | $145.17 | $1,742.00 |
| Cibola County, NM | $73.75 | $885.00 |
| Colfax County, NM | $144.17 | $1,730.00 |
| Curry County, NM | $190.92 | $2,291.00 |
| Doña Ana County, NM | $63.20 | $758.33 |
| Eddy County, NM | $166.58 | $1,999.00 |
| Grant County, NM | $69.67 | $836.00 |
| Lea County, NM | $187.25 | $2,247.00 |
| Lincoln County, NM | $73.67 | $884.00 |
| Luna County, NM | $89.17 | $1,070.00 |
| McKinley County, NM | $75.50 | $906.00 |
| Otero County, NM | $68.50 | $822.00 |
| Quay County, NM | $174.67 | $2,096.00 |
| Roosevelt County, NM | $193.33 | $2,320.00 |
| San Juan County, NM | $75.31 | $903.75 |
| San Miguel County, NM | $119.83 | $1,438.00 |
| Sandoval County, NM | $68.25 | $819.00 |
| Santa Fe County, NM | $68.67 | $824.00 |
| Sierra County, NM | $72.50 | $870.00 |
| Socorro County, NM | $76.83 | $922.00 |
| Taos County, NM | $80.67 | $968.00 |
| Valencia County, NM | $88.67 | $1,064.00 |
Top Rated Homeowners Insurance Companies in New Mexico Based on Ratings
Consumer ratings can be found for companies that best meet your needs which customers have already vetted just like you. Companies offering homeowners insurance in New Mexico have a website that tells you why they are the right choice, but what they can't tell you is how others think of them. We have tracked down the top-rated homeowner's insurance companies in New Mexico. Here is our best New Mexico homeowner insurance companies list. Allstate & Farmers insurance companies tied for the top rank in consumers lists with well over A+ ratings. State Farm came up a close second with coverage just as good as the two, but with a lower ranking for prices. However, remember prices can be lower depending on the area you live in, be sure and check State Farm for your quote. Farm Bureau homeowners insurance in Nevada would have ranked higher if this was only a rural area rating. Some living in the country with farm equipment may find Farm Bureau their top choice. USAA only ranks last on our list of best rated because they don't serve everyone. If you are a veteran or family member, they could be the choice for your home.
How to Lower Homeowners Insurance in New Mexico
Along with home prices, New Mexico’s rising homeowners insurance rates in 2021 are almost a guarantee. Each year premiums have increased for the past seven years, and there is no indication this will slow anytime soon. There are several ways you can try and lower homeowners insurance in New Mexico, such as asking for several quotes to see if another top-rated company has lower prices, or you can reduce the amount of coverage you have. Another way is to find New Mexico homeowners insurance discounts you can use. This is a much better option than reducing your coverage as you may need it. Let’s look at some of the discounts that will lower your premiums. Ask your current insurance company if you get a discount for being a loyal company. Installing fire suppression or alarm will gain you a discount. Ask about bundling your business and out of or car insurance to give you a lower price. Having a monitored burglar alarm will provide a discount on your premiums. Home improvement such as a new, more reliable roof can reduce your rates. Ask the insurance company quoted about discounts for living in a low crime area or gated community for better rates.
Compare Homeowners Insurance in New Mexico Before Buying
Wrapping up, we have looked at the reasons behind finding affordable homeowners insurance in New Mexico. It makes sense to shop around and compare homeowner insurance in New Mexico as each provider has different prices for each region it serves. If you continue to pay the same insurance company year after year without comparing others, you may be spending unnecessary money. Shopping around for homeowners insurance in New Mexico can dramatically lower your rates. As we see with price changes each year, you may find your current company has outpriced its competitors. Be sure and re-evaluate your insurance needs each year with your current or potential agent. Have you added more possessions and need more coverage? Have your kids moved out, taking away all of their property? All of these questions show why your insurance prices are not static and need to be quoted and compared annually.