The Best Homeowners Insurance Companies and Cheapest Quotes in New Mexico for 2021

You can find the best homeowners insurance in New Mexico by comparing a shortlist of companies on parameters such as coverage options, cost, ability to pay claims, customer service quality and other qualifying factors you find to be important. You can select a carrier you feel could provide you a fast, hassle-free claim and reimbursement process.

To help you get the best home insurance in New Mexico, MoneyGeek ranked the top four firms based on their J.D. Power customer satisfaction score, AM Best’s financial stability rating — which shows a company’s ability to pay claims — and the affordability of their insurance policies in the state.

Factors such as your property’s dwelling value, age, roof quality, presence of a pool and personal belongings can impact homeowners insurance costs in New Mexico. Your residence’s location is also vital because areas with higher exposure to risks could increase your home insurance premiums.

Home Insurance Calculator

State

New Mexico

Dwelling Coverage

$250,000

Deductible

$500

Liability

$300,000

Personal Property

$50,000

Credit Score

Excellent

low end

on average

high end

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

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Providers estimate homeowners insurance in New Mexico based on multiple factors, including dwelling coverage. This type of coverage addresses the rebuilding or repair cost if damages to your home are from events like vandalism, explosion, fire, hurricane or any other destruction. Travelers is the ideal option for best home insurance in New Mexico as it offers an average annual price of $1,130 for an average dwelling cost of $250,000. This rate is $278, or 19.8%, cheaper than the state average. To save money, compare homeowners insurance quotes from multiple firms and select an affordable option best for you.

Cheapest Homeowners Insurance by Dwelling Coverage

Dwelling Coverage:

$250,000

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• Company
  Amountper year
• 1. Travelers
  $1,130
• 2. Allstate
  $1,150
• 3. State Farm
  $1,475
• 4. Farmers
  $1,877

If your property is expensive, like a $2 million residence, there are cheap homeowners insurance policies in New Mexico. In this state, Allstate offers the best option for a $2 million home, with an average annual premium of $5,010. The average prices of other insurers can be much higher. For example, Farmers has an average annual premium of $16,831 for a $2 million property. Find some time to compare quotes to find a suitable package for your budget.

Cheapest Homeowners Insurance Companies for High-Value Homes

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• Company
  Amountper year
• 1. Allstate
  $5,010
• 2. Travelers
  $7,901
• 3. State Farm
  $8,682
• 4. Farmers
  $16,831

A pool is a wonderful addition for relaxing, but it can increase your home insurance costs. Travelers is a great option for cheap homeowners insurance in New Mexico for pool properties with an average dwelling coverage of $250,000. Its average annual premium is $1,078. Typically, the policy may include scheduled structure coverage for any damage to the pool, as well as liability coverage that can protect you if a guest gets injured in your pool.

Cheapest Homeowners Insurance for Pool Home

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• Company
  Amountper year
• 1. Travelers
  $1,078
• 2. Allstate
  $1,143
• 3. State Farm
  $1,569
• 4. Farmers
  $1,953

It’s essential to maintain a good credit score because this can help lower your home insurance costs. You can raise your credit score by making debt payments on time and keeping your credit card usage rate below 30%. Allstate is a great option for cheap homeowners insurance in New Mexico for homeowners with poor credit. The company offers an average yearly rate of $1,964 for a dwelling coverage baseline amount of $250,000.

Cheapest Homeowners Insurance for Poor Credit

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• Company
  Amountper year
• 1. Allstate
  $1,964
• 2. Travelers
  $2,167
• 3. Farmers
  $2,328
• 4. State Farm
  $3,313

To obtain an accurate quote for your home insurance in New Mexico, you need to give your insurance carrier specific details, such as your home’s age, current market value and condition, location, proximity to a fire department, etc. Also, talk with your insurer about the amount and scope of insurance protection you want to get for your property.

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Your homeowners insurance in New Mexico also depends on the crime rate, weather risks and average home value in your area. If your residential location is at risk of hazardous weather conditions, you can prepare for these emergencies beforehand.

New Mexico ranks second in the U.S. for the number of crimes. FBI statistics reveal that there were 17,949 violent crimes and 71,657 property crimes in the state in 2018. In terms of home value, New Mexico ranks 30th with an average property cost of $203,675.