The Best Cheap Homeowners Insurance in Albuquerque, NM for 2021: Quotes and Reviews

Home insurance in Albuquerque, New Mexico, averages around $2,602 per year or $217 per month. Allstate offers the cheapest homeowners insurance at an average of $1,922 annually, while Farmers offers the most expensive at $3,983. This shows that shopping around for quotes can save homeowners as much as $2,061. For homeowners who look past the price and value quality of service as well, MoneyGeek also took a look at the best homeowners insurance in Albuquerque.

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The Cheapest and Best Homeowners Insurance in Albuquerque

The Cheapest Home Insurance Companies in Albuquerque

A lot of standard, no-frills policies come with the same core coverages, which is why cost is one of the most important factors to consider when looking for the cheapest homeowners insurance option.

MoneyGeek’s analysis found that these companies offer cheap homeowners insurance in Albuquerque on average with the baseline dwelling coverage of $500,000:

  • Allstate: $1,922 per year
  • Travelers: $2,047 per year

A significant factor that can affect the annual premiums is the dwelling coverage limit included in the policy. More expensive homes may require a higher limit. The cheapest home insurance, on average, with $2 million in dwelling coverage is offered by:

  • Allstate: $5,010 per year
  • Travelers: $7,901 per year

See how prices can change based on the dwelling coverage limits in the table below.

The Cheapest Home Insurance in Albuquerque, Ranked

Dwelling Coverage:

$500,000

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    Amountper year
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Prices for all policies mentioned come with $100,000 in liability limits. Those with the baseline dwelling coverage limit of $500,000 and the higher limit of $2 million come with personal property limits of $200,000 and $800,000, respectively.

Residents who live elsewhere in the state can also check out the cheapest homeowners insurance in New Mexico.

The Average Cost of Homeowners Insurance in Albuquerque for 2021

Albuquerque$2,602
New Mexico$1,408
U.S.$2,103

The cost of home insurance varies from state to state. In Albuquerque, residents pay $2,602 per year. This is $1,194 more than the state average of $1,408. This is also higher than the national average of $2,103.

Calculate the Cost of Home Insurance in Albuquerque

In Albuquerque, home insurance premiums are determined by a number of factors, including location, dwelling and personal property coverage limits, credit scores, security systems installed and more. To compare home insurance quotes, Albuquerque residents can use MoneyGeek’s calculator.

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Home Insurance Calculator

State

New Mexico

Dwelling Coverage

$250,000

Deductible

$500

Liability

$300,000

Personal Property

$50,000

Credit Score

Excellent
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low end

on average

high end

These are annual estimates. Get a personalized quote to determine your costs.

The Best Home Insurance Companies in Albuquerque

The best home insurance looks not just at cost but at the company’s customer service and financial stability as well. As claims are often made during difficult situations, having them dealt with fairly and efficiently is crucial.

The best homeowners insurance in Albuquerque is offered by the following companies:

  • Best Overall: Allstate
  • Runner-up: Travelers

Companies were ranked based on affordability, user satisfaction and financial stability.


1
Allstate
Score:93

5/5

Affordability

4.2/5

User Satisfaction

4.5/5

Financial Stability

Geek Quick Take
Geek Quick Take

For each year Allstate policyholders remain claims-free, they benefit from a declining deductible. This reduces their deductible by $100 up to a maximum of $500, which makes it less costly when a claim has to be made. Policyholders also get discounts for being claims-free even if they’re coming from another insurance company, making it extra affordable for homeowners that have never made a claim.

More About Allstate

MoneyGeek’s top pick is Allstate because it ranks well across categories, scoring perfect marks in affordability. They also have unique add-on coverages, such as Claim Rateguard, which ensures that rates won’t change even after a claim has been made.

Read MoneyGeek's Allstate home Insurance Review
2
Travelers
Score:92

4.9/5

Affordability

3.9/5

User Satisfaction

5/5

Financial Stability

Geek Quick Take
Geek Quick Take

Travelers policyholders get to add replacement cost to their policies. This means that if the cost to replace a home is higher than the purchased dwelling coverage, Travelers will cover it anyway. Eco-conscious homeowners will also like Travelers extra protection, allowing them to repair or replace parts of a damaged home with green materials.

More About Travelers

Travelers follows Allstate closely in terms of affordability, but it also ranks well across categories. They allow their policyholders to add up to $25,000 in identity fraud expense coverage to protect against the costs of restoring their identity.

Read MoneyGeek's Travelers home Insurance Review
3
State Farm
Score:89

4.5/5

Affordability

4.1/5

User Satisfaction

5/5

Financial Stability

4
Farmers
Score:74

3/5

Affordability

4.6/5

User Satisfaction

4/5

Financial Stability

Cheapest Home Insurance Companies in Albuquerque for Newly Constructed Homes

Homes that have been recently constructed are made with modern materials, which often means they’re more resistant to damage and are easier to replace. This makes it cheaper to insure newer homes.

Case in point, it costs an average of $2,121 annually to insure newly-constructed homes in Albuquerque, $481 less than the $2,602 it costs to insure homes built in 2000.

In Albuquerque, the companies offering the cheapest homeowners insurance on average for those with new homes are:

  • Travelers: $1,443 per year
  • Allstate: $1,502 per year
The Cheapest Home Insurance in Albuquerque for New Homes, Ranked

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Cheapest Home Insurance Companies in Albuquerque if You Have a Lot of Personal Property

All homeowners insurance policies come with personal property coverage, which protects the personal items in a home. Having higher limits can affect annual premiums, costing an average of $2,756 per year for $250,000 in personal property limits in Albuquerque. This is $154 more than the $2,602 it costs for $100,000 in personal property limits.

On average, the companies offering the cheapest home insurance with personal property limits of $250,000 are:

  • Travelers: $2,047 per year
  • Allstate: $2,174 per year
Cheap Companies in Albuquerque for Extra Personal Property Coverage

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Cheapest Home Insurance Companies in Albuquerque for High Deductibles

A policy’s deductible is another factor that can affect annual premiums. This is the money that a policyholder has to pay for out-of-pocket before an insurer can cover a claim.

A higher deductible often means less to pay yearly, with policies that have a $2,000 deductible averaging $2,293 per year compared to $2,602 for a $1,000 deductible.

The companies offering the cheapest homeowners insurance with a deductible of $2,000 are:

  • Allstate: $1,631 per year
  • Travelers: $1,730 per year
The Cheapest Companies in Albuquerque for High Deductibles, Ranked

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Cheapest Home Insurance Companies in Albuquerque if You Have Poor Credit

Insurers in Albuquerque include credit scores in their list of factors that determine annual premiums.

Those with poor credit often have higher rates, paying an average of $4,488 per year for homeowners insurance compared to $2,602 for those with good credit.

There are companies, however, that offer cheap homeowners insurance in Albuquerque for those with poor credit. On average, the cheapest are:

  • Allstate: $3,324 per year
  • Travelers: $4,149 per year
The Cheapest Companies in Albuquerque for Poor Credit, Ranked

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Getting Online Homeowners Insurance Quotes in Albuquerque

Before getting home insurance quotes, Albuquerque homeowners should have a list of information on hand to provide insurers with. This will be used to determine annual premiums, as there is no one-size-fits-all price.

  • The replacement cost of your home: The replacement cost of your home will help determine the appropriate dwelling coverage for the policy. An estimate of this can be given by a building professional.
  • The value of your personal property: As homeowners insurance comes with personal property coverage, stating the value of personal items can help determine the appropriate limits.
  • Personal information: This includes basic personal information such as who lives in the home, the address of the home, past insurance history and more.
  • Information about your house: Insurers will want to know the technical details on the home, such as when it was built or how big it is, along with details on any security systems installed and more.
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Homeowners Insurance in Albuquerque Analysis: Methodology

MoneyGeek analyzed four insurers from Albuquerque, New Mexico, based on a sample homeowner profile with a home built in 2000 and 2,500 square feet of space. This homeowner looked for a policy with $500,000 in dwelling coverage, $200,000 in personal property coverage, $100,000 in liability coverage and a $1,000 deductible.

Different situations were also taken into consideration. MoneyGeek examined the average cost of home insurance for homeowners with poor credit, homeowners with newly-constructed homes, homeowners who want higher dwelling or personal property coverage and homeowners who want higher deductibles.

J.D. Power surveys were used to get information on customer satisfaction, while a partnership with Quadrant helped provide data on varying coverage levels to calculate affordability scores.

About the Author


expert-profile

Mark Fitzpatrick is a senior content manager with MoneyGeek specializing in insurance. Mark has years of experience analyzing the insurance market and creating original research and content. He graduated from Boston College with a Bachelor of Arts and Johns Hopkins University with a Master of Arts.