Cheapest Home Insurance in New Mexico

State Farm is the cheapest home insurance option for most homeowners in New Mexico, with an average monthly savings of $374. The following is a summary of the state's most affordable providers.

*These rates are for a house built in 2000 with a $1,000 deductible, $250,000 in dwelling coverage, $125,000 in personal property coverage, $200,000 in liability coverage and class 3 fire protection. The insured is assumed to have good credit and no claims in the past five years.

State Farm is cheapest for newer homes, but other providers suit older properties or specific coverage needs.

*We modified rates based on our methodology’s base profile. Newer home estimates are based on a home built in 2023, high-risk fire estimates are for a policy with 8-class fire protection, and bad credit rates assume a poor credit score on the FICO scale.

The companies listed above provide the best rates for their categories, but actual rates depend on your profile. Use the filter below to get a personalized list of the cheapest providers for your situation.

Risk factors vary by location, affecting which providers offer the best rates. State Farm is cheapest in Albuquerque and Las Cruces, but other cities see different results. Shop around to find your best rate.

*These rates are based on a house built in 2000 with a $1,000 deductible, $250,000 in dwelling coverage, $125,000 in personal property coverage, $200,000 in liability coverage and class 3 fire protection. The insured is assumed to have good credit and no claims in the past five years.

Finding affordable home insurance in New Mexico can be challenging, but you can lower your costs with some effort. These steps will help you maximize savings on your policy.

State Farm and Foremost are New Mexico's most affordable home insurance options. If you're denied coverage, the New Mexico Property Insurance Program offers low-cost policies. Still, compare multiple companies, research costs and understand your coverage needs before making a choice.

Here are answers to common questions about the cheapest home insurance in New Mexico:

Finding affordable home insurance in New Mexico is challenging due to the mix of dry climate risks and varying property ages. We know you need stability and value. We designed our analysis around a fixed homeowner profile to give you a strong baseline for comparison, helping you find reliable financial protection at the lowest cost.

Our Sample Profile

We started with a specific base profile to determine the cheapest home insurance companies in New Mexico. By using fixed policy details and property characteristics, we ensure accurate comparisons across different insurers.

Our base profile included:

• $250,000 dwelling coverage
• $125,000 personal property coverage
• $200,000 liability coverage
• Home built in 2000
• Frame construction
• Composition roof
• $1,000 all perils deductible
• No claims in the past five years
• Class 3 fire protection

We adjusted other combinations based on this core profile to provide a more accurate comparison for your specific situation. These figures are estimates only, so compare quotes from multiple providers to secure the best deal.