Homeowners insurance is the best way to protect your property from natural and man-made disasters. Finding the best homeowners insurance in New Mexico is easy with MoneyGeek’s ranking system. With MoneyGeek, you can find a list of the best, most affordable companies in your state and compare home insurance policies from top-ranking insurance providers. You can find insurance options for having poor credit, a pool or a high-value home. Select the coverage that is best for your needs.
The Best Homeowners Insurance Companies and Cheapest Quotes in New Mexico for 2020
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The 4 Best Homeowners Insurance Companies in New Mexico
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.
1
TravelersScore: 93
5/5
Affordability
3.9/5
User Satisfaction
5/5
Financial Stability
Travelers offers HO-3 standard home insurance policies that cover damage to your property from threats like vandalism, lightning, hail, windstorms, fire and many others. Add-on coverages include green home protection, identity fraud, water backup and sump pump overflow, personal articles floater, jewelry and valuable items, content replacement costs and special personal property. Travelers stands out for its customizable coverage policies and discounted rates for bundling multiple policies.
Read MoneyGeek's Travelers Home Insurance Review2
AllstateScore: 93
5/5
Affordability
4.2/5
User Satisfaction
4.5/5
Financial Stability
Allstate's coverage and policies include flood insurance, HostAdvantage, identity restoration coverage, manufactured/mobile home, optional coverage and personal umbrella policy. You can enhance your policy with features like its Claim RateGuard, Claim-free Rewards and Deductible Rewards. Featured rebates include multi-policy, Allstate’s Easy Pay Plan and claim-free discounts.
Read MoneyGeek's Allstate Home Insurance Review3
State FarmScore: 85
4.1/5
Affordability
4.1/5
User Satisfaction
5/5
Financial Stability
State Farm's standard coverage includes protection for your personal property and possessions like clothing, appliances, furniture and many more. However, you may need to buy an additional insurance for collectibles and jewelry. Other great elements include coverage for energy-efficient appliances, waterbeds and utility lines. State Farm offers reduced prices for a damage-resistant roof.
Read MoneyGeek's State Farm Home Insurance Review4
FarmersScore: 74
3/5
Affordability
4.6/5
User Satisfaction
4/5
Financial Stability
Farmers' home insurance policies include features like claim forgiveness, declining deductibles and cosmetic damage repair. You can add options such as identity shield, eco-rebuild and contents replacement. Farmers' homeowners discounts include rebates for recent plumbing or heating upgrades, newer homes, roofing materials for building an impact-resistant roof, non-smoking and installing items like fortified windows, fire alarms, burglar alarms and more.
Read MoneyGeek's Farmers Home Insurance ReviewWhat Is the Average Cost of Homeowners Insurance in New Mexico?
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home insurance is 0.0% more than the average.
New Mexico has one of the lower average yearly costs of home insurance among all states and Washington D.C. In this state, the average annual premium is $1,408 for a dwelling coverage baseline amount of $250,000. This average rate is $695, or 33.1%, cheaper than the national average of $2,103.
Home Insurance Calculator: Estimate the Cost of Homeowners Insurance in New Mexico
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
$150,000
Credit Score
Excellent
low end
on average
high end
These are annual estimates. Get a personalized quote to determine your costs.
The Cheapest Homeowners Insurance Quotes in New Mexico
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
Company
Amountper year
1. Travelers
In 2020, Travelers ranked #1 for the cheapest homeowners insurance with $250,000 in dwelling coverage in New Mexico.
$1,130
2. Allstate
In 2020, Allstate ranked #2 for the cheapest homeowners insurance with $250,000 in dwelling coverage in New Mexico.
$1,150
3. State Farm
In 2020, State Farm ranked #3 for the cheapest homeowners insurance with $250,000 in dwelling coverage in New Mexico.
$1,475
4. Farmers
In 2020, Farmers ranked #4 for the cheapest homeowners insurance with $250,000 in dwelling coverage in New Mexico.
$1,877
Best Cheap Homeowners Insurance Companies for Expensive Homes
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
Company
Amountper year
1. Allstate
In 2020, Allstate ranked #1 in New Mexico for the cheapest homeowners insurance for high-value homes.
$5,010
2. Travelers
In 2020, Travelers ranked #2 in New Mexico for the cheapest homeowners insurance for high-value homes.
$7,901
3. State Farm
In 2020, State Farm ranked #3 in New Mexico for the cheapest homeowners insurance for high-value homes.
$8,682
4. Farmers
In 2020, Farmers ranked #4 in New Mexico for the cheapest homeowners insurance for high-value homes.
$16,831
Best Homeowners Insurance Companies if You Have a Pool
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
Company
Amountper year
1. Travelers
In 2020, Travelers ranked #1 in New Mexico for the cheapest homeowners insurance for homes with a pool.
$1,078
2. Allstate
In 2020, Allstate ranked #2 in New Mexico for the cheapest homeowners insurance for homes with a pool.
$1,143
3. State Farm
In 2020, State Farm ranked #3 in New Mexico for the cheapest homeowners insurance for homes with a pool.
$1,569
4. Farmers
In 2020, Farmers ranked #4 in New Mexico for the cheapest homeowners insurance for homes with a pool.
$1,953
Cheapest Home Insurance in New Mexico if You Have Poor Credit
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
Company
Amountper year
1. Allstate
In 2020, Allstate ranked #1 for the cheapest homeowners insurance for owners with poor credit in New Mexico.
$1,964
2. Travelers
In 2020, Travelers ranked #2 for the cheapest homeowners insurance for owners with poor credit in New Mexico.
$2,167
3. Farmers
In 2020, Farmers ranked #3 for the cheapest homeowners insurance for owners with poor credit in New Mexico.
$2,328
4. State Farm
In 2020, State Farm ranked #4 for the cheapest homeowners insurance for owners with poor credit in New Mexico.
$3,313
How to Get Homeowners Insurance Quotes in New Mexico
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.
Compare Home Insurance Rates
Ensure you're getting the best rate for your home insurance. Compare quotes from the top insurance companies.
Other Considerations for Homeowners Insurance in New Mexico
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.
Do You Need Flood Insurance in New Mexico?
It’s advisable to include flood coverage as part of your homeowners insurance in New Mexico, since New Mexico ranks 33rd in the U.S. for floods. About 128,800 — or 8.6% — of homes in this state face the risk of flood damage. A smart option is to get the government-supported National Flood Insurance Program (NFIP) coverage. Also, consider purchasing an extra private policy to raise the coverage amount.
Do You Need Fire Insurance in New Mexico?
Getting fire insurance may be essential in New Mexico. This state ranks fifth among 13th states that are at risk of fire damage. About 131,600 — or approximately 15% — of properties in New Mexico may experience possible wildfires.
Methodology
MoneyGeek analyzed homeowners insurance premiums from 16 of the top insurance companies in New Mexico that were provided in partnership with Quadrant. Our analysis includes quotes from ZIP codes across New Mexico. Quotes were gathered with an average home profile of 2,500 square feet, built in 2000, with an average dwelling coverage value of $250,000, liability coverage of $100,000 and personal property coverage of $100,000.
Sources
- AM Best. "Rating." Accessed August 27, 2020.
- Business Insider. "Here's the typical home price in every state — and what you can actually get for that money." Accessed August 10, 2020.
- FBI. "2018 Crime in the United States." Accessed August 10, 2020.
- First Street Foundation. "The First National Flood Risk Assessment Defining America’s Growing Risk." Accessed August 10, 2020.
- Flood Factor. "Find Your Home’s Flood Factor." Accessed August 10, 2020.
- Insurance Information Institute. "Facts + Statistics: Hail." Accessed August 10, 2020.
- Insurance Information Institute. "Facts + Statistics: Hurricanes." Accessed August 10, 2020.
- Insurance Information Institute. "Facts + Statistics: Wildfires." Accessed August 10, 2020.
- J.D. Power. "Homeowners’ Satisfaction with Property Claims Reaches Record High as Insurers Focus on Relationship Management, J.D. Power Finds." Accessed August 27, 2020.
- Verisk. "Wildfire Risk Analysis." Accessed August 10, 2020.