How Much Is Flood Insurance in New Mexico? Average Flood Insurance Cost and Coverage

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ByMark Fitzpatrick
Edited byScott Strandberg
ByMark Fitzpatrick
Edited byScott Strandberg

Updated: May 22, 2024

Advertising & Editorial Disclosure

In New Mexico, flood insurance rates vary depending on the risk factors present in your home. Some of those include ground elevation, the type of foundation, construction details, building age and more.

Renters or homeowners insurance policies don’t offer coverage for flooding caused by natural disasters. According to the Federal Emergency Management Agency (FEMA), an inch of water can cost up to $25,000 worth of damage.

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New Mexico residents can get flood insurance policies from private providers or the NFIP.

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Your flood insurance premiums significantly vary depending on your county.

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Flood insurance rates also vary according to property-specific factors, such as ground elevation and building age.

Average Cost of Flood Insurance in New Mexico

The annual average cost of flood insurance in New Mexico is $951. Insurance companies tend to charge homeowners more if they live in high-risk flood areas or if other individual property risks arise.

Average Cost of Flood Insurance by County in New Mexico

New Mexicans pay $184 more than the national average cost for flood insurance every year because New Mexico may have more flood-prone areas than most other states.

MoneyGeek discovered that Mora County has the cheapest annual average flood insurance premium at $413. On the other hand, Torrance County has the most expensive yearly average flood insurance premium at $1,568.

Below is a table that shows how much flood insurance costs in New Mexico.

New Mexico Flood Insurance Cost per County
CATRON COUNTYAverage Cost$637
CHAVES COUNTYAverage Cost$1,142
CIBOLA COUNTYAverage Cost$1,383
COLFAX COUNTYAverage Cost$1,384
CURRY COUNTYAverage Cost$1,542
DEBACA COUNTYAverage Cost$1,204
DONA ANA COUNTYAverage Cost$996

Companies That Offer Flood Insurance in New Mexico

New Mexicans looking to protect their homes and other properties from flooding may contact various private insurance providers or the NFIP. Private insurers provide individuals with standard policies similar to what the NFIP offers.

Moreover, private insurance companies also offer an excess policy that provides additional protection beyond what you’d get from an NFIP policy.

Choosing a private insurance provider may be better for households outside an NFIP community or that find NFIP coverage insufficient.

Private Flood Insurance Providers in NM and Their Contact Numbers

Neptune Flood


Aon Private Flood


Hiscox - FloodPlus


FloodSimple Insurance Services




In New Mexico, the NFIP continues to work with different insurance companies to give homeowners flood coverage. MoneyGeek collated a list of NFIP-accredited insurance companies and their contact details.

NFIP-Participating Flood Insurance Providers in State and Their Contact Numbers

Allstate Insurance Company

(800) 527-2634

American Nat. Prop. & Casualty

(417) 887-4990

American Strategic Ins. Corp.

(866) 274-8765


(800) 423-4403

Auto Owners Insurance Co.

Refer to the Agent locator

Farmers Insurance Group

(866) 865-2965

Hartford Fire Insurance Co.

(860) 547-7440

Hartford Underwriters Ins. Co.

(800) 296-7542

How to Purchase Flood Insurance and Its Coverage Requirements

There are no special requirements that you need to submit. Individuals can easily get flood insurance in New Mexico. Start by contacting the NFIP at 877-336-2627 or call your home insurance agent.

Remember that the NFIP has a 30-day waiting period. MoneyGeek recommends that you get your flood insurance policy as soon as possible, and you can do this by reaching out to private insurers. However, they may also have a waiting period of at least 10 days.

It’s best to consult and confirm with your agent.

What Does Flood Insurance Cover in New Mexico?

In New Mexico, flood insurance protects your home from damage caused by natural floodwaters. Plus, it includes your personal effects. With flood insurance, an inch of water flooding your home will no longer cost you FEMA’s estimate of $25,000.

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Remember that flooding in this regard is interpreted as damage from natural perils, not from artificial damages like leaking pipes, clogged drainage or poor plumbing.

While flood insurance protects your home and personal belongings, it doesn’t cover vehicle flooding, documents, basement items or cash.

Flood Insurance Building Coverage

Flood insurance has two main components. The first is building coverage, which protects the structure itself. The following items are all covered by building coverage:

  • Foundation walls
  • Electrical systems
  • Plumbing systems
  • Built-in appliances and furniture
  • Permanently installed carpets and rugs
  • Furnaces.

Getting an NFIP policy protects you with up to $250,000 worth of coverage.

Flood Insurance Contents Coverage

The other primary component of flood insurance is contents coverage. This portion of your policy provides coverage for the personal items stored within your home. Some of these items include:

  • Clothes
  • Washers and dryers
  • Artwork
  • Electronic gadgets
  • Furniture

An NFIP policy lets you get a maximum of $100,000 worth of contents coverage.

Factors That Affect Flood Insurance Costs in New Mexico

Until 2021, the location of your home was the only factor used to determine its flood insurance costs, and it’s still the most important element. FEMA lets homeowners review the historical flood risk of U.S. counties for every state through its interactive maps.

According to FEMA, Hidalgo County has had the fewest flood events (8) since 1996, while Eddy County has had the most flood events at 122. The average cost of flood insurance in these counties is $496 and $1,183, respectively.

Risk Rating 2.0

In October 2021, FEMA introduced Risk Rating 2.0, which reviews individual property risks, such as elevation, flood frequency, building age and more, in addition to location. The rating system gives ample information, so insurance providers give more accurate quotes.

However, your premiums still vary significantly depending on where you live. MoneyGeek defines each flood insurance cost factor in the table below.

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    Flood Risk

    This refers to the area where you currently reside and whether it’s classified as a flood-risk area.

    Risk Rating 2.0 evaluates several factors, not just your exact location. Hence, you might get a different quote from your neighbor.

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    Coverage Type

    Your preferred coverage influences your insurance premium rate. More coverage means higher premiums. Your location also plays a big factor in your premiums.

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    Higher deductibles mean more affordable premiums. Deductibles for flood insurance typically range from $1,000 to $10,000. The higher your deductible, the more you’ll pay out-of-pocket in an emergency.

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    Age of Structure

    Older structures tend to cost more because of the enhanced coverage they require. Insurance companies review when the property was built and factor this into their quotes.

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    Structure Design

    A poorly built structure requires more coverage because it is damaged more easily. Insurers consider the structural integrity and design of the home when determining flood insurance rates.

Do You Need Flood Insurance in New Mexico?

As previously mentioned, renters and homeowners insurance generally don’t cover flood insurance. Any building may be susceptible to damage from flooding. Therefore, buying flood insurance is a wise choice to protect your property and save money.

Plus, government-backed mortgage lenders require flood insurance for any homeowner living in a high-risk flood zone.

With private flood insurance, insurance companies need to pay claims if your property gets flooded, even without a presidential disaster announcement. Meanwhile, federal disaster assistance is limited to a maximum of $5,000 per household. Damages may cost much more than that, and flood insurance provides larger payouts.

Getting flood insurance provides another layer of protection, security and peace of mind.

Frequently Asked Questions About New Mexico Flood Insurance

You might still have some questions remaining about flood insurance in New Mexico. MoneyGeek answers these commonly asked questions to guide your decision.

What is the average cost of flood insurance in New Mexico?
Which companies offer flood insurance in New Mexico?
What kind of damage does flood insurance cover?
What affects flood insurance rates in New Mexico?

About Mark Fitzpatrick

Mark Fitzpatrick headshot

Mark Fitzpatrick has analyzed the property and casualty insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. Currently, he leads P&C insurance content production at MoneyGeek. Fitzpatrick has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.

Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.