The Best Homeowners Insurance Companies in New Mexico (2022)
The best home insurance companies in New Mexico have great customer service and claims experience while being affordable and financially stable. MoneyGeek found Allstate is the best overall homeowners insurance company in New Mexico. Your needs, though, can make the best home insurer a different choice.
Allstate is the best overall New Mexico homeowners insurance company, but MoneyGeek’s pick for the best service quality without considering cost is State Farm. It’s also the best when insuring an expensive home or if you want the discounts that come with bundling home and auto policies.
With our scoring system, MoneyGeek uncovered the best home insurance in New Mexico for different types of homeowners, and the coverages and discounts companies offer to help you find which matches your needs.
MoneyGeek also analyzed the cheapest homeowners insurance providers in New Mexico for those more concerned with saving on their monthly bill.
The Best Homeowners Insurance in New Mexico
The Best Overall Homeowners Insurance Companies in New Mexico
MoneyGeek considered customer satisfaction, claims reputation, affordability and financial stability to find New Mexico's best homeowners insurance companies.
The overall best-rated home insurance companies in New Mexico are:
- Allstate: MoneyGeek score of 86 out of 100
- State Farm: MoneyGeek score of 83 out of 100
MoneyGeek broke down why Allstate and State Farm got the best overall ratings for home insurance companies in New Mexico and the unique coverages and discounts each company offers.
The Top Home Insurance Companies in New Mexico
Allstate ranked above-average for affordability and financial stability and nearly there for customer satisfaction. It costs around $1,150 a year for an Allstate home insurance policy in New Mexico. Allstate’s home rental add-on is a rarely available coverage.
When you add HostAdvantage® to your Allstate policy, you get additional protection for your things while renting out your home. You can also add yard and garden, another unique coverage, to increase policy limits on landscaping, its equipment, and more. For recent home buyers, Allstate provides a policy discount, which is rare amongst insurers.
State Farm costs around $1,475 a year for home insurance in New Mexico. It received an excellent financial stability score and above-average scores for satisfaction and affordability. State Farm provides rare add-on coverages like loss assessment.
The loss assessment add-on through State Farm is rare; it covers the homeowner’s portion of a covered loss an HOA assesses to all its members. Another rare add-on coverage is service line, covering homeowner-owned water and sewer pipes, electrical and data lines. A unique discount State Farm has is continuously insured, where you save the longer you have a policy.
MoneyGeek gathered home insurance quotes from around the country and considered them against J.D. Power property claims ratings and customer satisfaction scores. We used the data to determine the best home insurance nationally and in New Mexico.
Your experience and home insurance cost may differ because of your unique circumstances. Check out MoneyGeek's methodology to learn more.
The Best Homeowners Companies in New Mexico for Service Quality
If you consider service quality superior to cost, MoneyGeek ranked the best New Mexico home insurers based almost completely on customer satisfaction and claims ratings.
The homeowners insurance companies in New Mexico with the best service quality are:
- State Farm: MoneyGeek score of 81 out of 100
- Allstate: MoneyGeek score of 80 out of 100
MoneyGeek explained why State Farm and Allstate scored the highest for homeowners who want the best service experience in New Mexico regardless of cost.
The Top Home Insurance Companies in New Mexico for Quality Service
Allstate scored nearly above-average for claims and customer satisfaction. That means Allstate has good policy offerings and processes, and customers have a good experience when filing a claim.
Allstate offers a variety of rare add-on coverages, such as energy efficiency upgrade and mold. Energy efficiency upgrade covers the additional cost of replacing a damaged or destroyed insured item with a more energy-efficient model. If you include mold coverage, it pays for getting rid of mold and fungus.
With its above-average customer satisfaction rating, State Farm offers high-quality policy offerings and great processes. For claims, State Farm got an average rating.
Unique add-on coverage options from State Farm include mold and home rental. With the mold add-on, you are protected if you need mold or fungus remediation. Home rental provides property and liability coverage if you temporarily rent your home for more than 30 nights within 12 months.
The Best Homeowners Companies in New Mexico on a Budget
Homeowner’s on a budget need to save money. That’s why MoneyGeek discovered the insurance companies in New Mexico that have quality service and affordable home insurance rates.
The best New Mexico home insurance companies for budget-conscious homeowners are:
- Allstate: MoneyGeek score of 92 out of 100
- Travelers: MoneyGeek score of 91 out of 100
An Allstate home insurance policy costs roughly $1,150 a year; Travelers is around $1,130 annually.
MoneyGeek examined why Allstate is the best for affordable home insurance in New Mexico and the unique coverages and discounts it offers that may appeal to homeowners on a budget.
The Top Home Insurance Companies in New Mexico on a Budget
Affordable home insurance at $1,150 per year
Claims-free, bundling and new home discounts
No home renovation discount
MoneyGeek satisfaction rating of 3.96 out of 5
Allstate has a high affordability rating in New Mexico: 4.95 out of 5. Homeowners on a budget can access common discounts through Allstate. For example, bundling home and auto insurance provides a discount. You may also save money on your premium if you switch to Allstate without any recent claims. Plus, every year, if you remain claims-free, you may get a 5% discount on your renewal.
Allstate also provides uncommon discounts, such as automatic payment sign-up and loyalty, which rewards you for staying with the company year after year.
The Best Homeowners Companies in New Mexico for Expensive Homes
Expensive homes require higher insurance coverage because of the cost to rebuild. MoneyGeek found the best home insurance companies in New Mexico for expensive homes by weighing the cost of insuring a home that would be $2 million to replace against customer satisfaction ratings.
The best New Mexico home insurers for an expensive home are:
- State Farm: MoneyGeek score of 84 out of 100
- Allstate: MoneyGeek score of 83 out of 100
MoneyGeek broke down the reasons State Farm is the best choice when you have to insure an expensive home in New Mexico. We also examined the special coverages it offers a homeowner who needs a lot of coverage.
The Top Home Insurance Companies in New Mexico for High-Value Homes
MoneyGeek satisfaction rating of 4.1 out of 5
Provides scheduled personal property add-on coverage
Ranks third for affordability in New Mexico
No contents replacement cost or extended reimbursement add-on coverage
State Farm got an above-average customer satisfaction rating, meaning it provides great service to homeowners of high-value properties. Its home insurance policy may be more costly than others, but its service quality is the highest amongst expensive home insurers in New Mexico.
State Farm has certain add-on coverages that are beneficial to high-value homeowners, such as cyber event/identity theft, which provides case management services and expense reimbursement if you experience the fraudulent use of your identity to open accounts/loans or commit a crime, or a cyber event requires data recovery and system restoration. With scheduled personal property, you receive added protection for items like silverware and goldware, firearms and jewelry, and business property.
The Best Homeowners Companies in New Mexico for Veterans
MoneyGeek reviewed New Mexico home insurance companies to find the best for military families. We found USAA provides the best home insurance in New Mexico for veterans and active military duty personnel.
USAA received an average MoneyGeek score of 95 out of 100 nationally and has an overall above-average score for affordability and an excellent score for customer satisfaction.
USAA solely serves current and former military personnel and their families.
The Top Home Insurance Companies in New Mexico for Veterans
Coverage geared towards military families
National affordability score of 4.26 out of 5
National customer satisfaction score of 5 out of 5
Not accessible to non-military personnel
USAA has an excellent average customer satisfaction score across the country and is above-average for affordability. A unique benefit of getting a USAA home insurance policy is that it includes contents replacement cost coverage at no additional cost. That coverage pays you the current price of belongings without any depreciation.
USAA also provides discounts to homeowners, such as for being claims-free, bundling home and auto policies or for having a protective device in your home like a security alarm.
The Best Homeowners Companies in New Mexico for Bundling
If you need auto insurance and home insurance, bundling your home and car insurance policies can save you money. MoneyGeek found the best New Mexico home and car insurance bundles for people who want to get the best home insurance and the best car insurance in New Mexico.
For bundling home and auto insurance, the best companies in New Mexico are:
- State Farm: MoneyGeek score of 88 out of 100
- Allstate: MoneyGeek score of 78 out of 100
Bundling your home and auto insurance policies entitles you to additional discounts. Also, having both policies from the same company makes managing insurance much easier.
The Top Home Insurance Companies in New Mexico for Bundling
25% bundling discount
Home MoneyGeek score of 4.13 out of 5
Auto MoneyGeek score of 4.32 out of 5
State Farm scored above-average for auto and home insurance. When you bundle home and auto insurance policies, you may save 25% with State Farm — the highest bundling discount offered in New Mexico.
State Farm provides rare home insurance add-on coverages, such as the energy efficiency upgrade. If a covered loss damages a heating unit, air conditioner or water heater, this coverage pays up to 150% to replace it with a more energy-efficient model.
Rideshare insurance is an available auto insurance policy add-on that provides some policy coverages, like medical and roadside assistance, to rideshare company drivers while working with the app on.
How to Find the Best Home Insurance in New Mexico
Cost, service reputation and financial stability influence the choices for the best New Mexico home insurance companies for you. MoneyGeek has gathered this data for you on home insurance companies in New Mexico, but you can go through the process as well.
Research Customer Service Reputations in New Mexico
MoneyGeek researched home insurance companies in New Mexico by customer service reputation. To do it yourself, review J.D. Power satisfaction ratings and NAIC complaint ratios of insurance companies you’re interested in choosing. The New Mexico Department of Insurance is also a good resource.
Compare Quotes for Yourself
MoneyGeek used sample New Mexico homeowner profiles to get average home insurance rates. But we did not cover every profile or area of the state. To determine how much home insurance costs for you, compare quotes from at least three insurance companies.
Make Sure the Company Has Coverages You Want in New Mexico
The coverages and discounts advertised by insurance companies may not be available in every state, including New Mexico. You should check with insurance companies to see whether they have the coverages and discounts you need in New Mexico for home insurance.
Double-Check Financial Stability Ratings
The financial strength of an insurer is significant. Some New Mexico-based insurance companies may be rated lower than larger insurance companies for financial stability.
FAQs About the Best Home Insurance in New Mexico
The best New Mexico home insurance for you depends on your needs as a homeowner and your preferences. MoneyGeek answered some frequently asked questions about homeowners insurance in New Mexico.
MoneyGeek scores for homeowners insurance in New Mexico were calculated by using a scaled and weighted average of J.D. Power Property Claims and Customer Satisfaction Scores, real homeowners insurance quotes and financial stability ratings from A.M. Best. Our scoring system weighted J.D. Power scores 60%, affordability 30% and financial stability 10%, adjusting weightings in the sections focused on affordability and service experience specifically.
MoneyGeek analyzed homeowners insurance quotes from 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.
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