Average Costs and Cheapest Homeowners Insurance Companies in New Mexico

The average cost of homeowners insurance in New Mexico is $1,408 per year. This price applies to a sample policy with a baseline dwelling coverage of $250,000. On average, the most affordable insurer in the state is Travelers, at an average of $1,130 per year.

MoneyGeek determined costs for different types of homes and homeowners in the state. These averages refer to a sample policy for representative homes across different types of individuals.

Insurance Rates

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Last Updated: 6/26/2022
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Home insurance costs vary depending on your personal needs. If you have a new home or a pool on your property, the cheapest insurer in the state is Travelers. Customers with expensive homes and individuals with bad credit can find the cheapest coverage, on average, from Allstate. MoneyGeek sourced quotes from different providers to provide you with low-cost homeowners insurance in New Mexico.

If you’re looking to balance affordability with a strong service experience, MoneyGeek also scored the best home insurance companies in New Mexico.

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The Cheapest Homeowners Insurance in New Mexico

The Cheapest Homeowners Insurance Quotes in New Mexico

MoneyGeek researched thousands of quotes from various insurers in New Mexico to establish the cost of homeowners insurance across different levels of coverage. Based on our findings, the cheapest provider for a baseline coverage of $250,000 is Travelers, with an average annual cost of $1,130.

The cheapest insurer depends on the dwelling coverage and include:

  • Cheapest for $100,000: Travelers
  • Cheapest for $250,000: Travelers
  • Cheapest for $500,000: Travelers

New Mexico residents can use home replacement costs to determine the right dwelling coverage for their needs. The table below allows you to compare rates in the state across various dwelling coverage levels.

CHEAPEST HOMEOWNERS INSURANCE BY DWELLING COVERAGE

Dwelling Coverage:

$250,000

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How Much Homeowners Insurance Costs in New Mexico on Average

The average cost of homeowners insurance in New Mexico can vary significantly among coverage levels. The higher the cost to replace your home, the more coverage you need — increasing the cost of insurance.

For the baseline dwelling coverage amount of $250,000, residents pay an average annual cost of $1,408 in the state. If you need a policy with a dwelling coverage of $100,000, you will pay an average of $716 per year, which is $692 lower.

AVERAGE COST OF HOMEOWNERS INSURANCE BY DWELLING COVERAGE

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  • Dwelling Coverage
    Average Annual Premium
  • $100,000
    $716
  • $250,000
    $1,408
  • $500,000
    $2,602
  • $750,000
    $3,737
  • $1,000,000
    $4,855
  • $2,000,000
    $9,606
  • $3,000,000
    $14,451

Find the Cheapest Homeowners Insurance in New Mexico With MoneyGeek’s Calculator

Factors like 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 elements like natural disasters may increase your home insurance premiums.

You can change your dwelling coverage limits and deductible to see how the costs will change in the state across different factors.

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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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on average

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

The Cheapest Homeowners Insurance Companies for Expensive Homes

MoneyGeek obtained thousands of quotes from insurers in New Mexico to help you secure the cheapest policy for an expensive home. The sample policy had a dwelling coverage of $2 million.

From the findings, the cheapest home insurance companies in New Mexico for expensive homes, on average, are:

  • Allstate: $5,010 per year
  • Travelers: $7,901 per year
CHEAPEST HOMEOWNERS INSURANCE COMPANIES FOR HIGH-VALUE HOMES

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The Cheapest Homeowners Insurance Companies for Newer Homes

For a sample homeowners insurance policy with a $250,000 in dwelling coverage and a home built in 2015, MoneyGeek discovered that the cheapest insurers in New Mexico, on average, are:

  • Travelers: $760 per year
  • Allstate: $893 per year

The age of your home determines the amount you'll pay for homeowners insurance. A home that was built in 2015 will be cheaper than one that was built in 2000 by about $266 per year.

The rates for homes built in 2000 vary from the first section due to differences in the ZIP code collection process.

CHEAPEST HOMEOWNERS INSURANCE COMPANIES FOR OLDER HOMES

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The Average Cost of Homeowners Insurance in New Mexico for Newer Homes

Older homes are more expensive to insure due to increased difficulty related to replacing older materials. On average, newer homes cost $1,170 to insure, while those built in 2000 cost $1,436 per year, for an annual difference of $266.

AVERAGE COST OF HOMEOWNERS INSURANCE BY HOME AGE

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  • Year of Construction
    Average Annual Premium
  • 2015
    $1,170
  • 2000
    $1,436

The Cheapest Homeowners Insurance Companies in New Mexico if You Have a Pool

Having a pool on your property causes the value of your home to increase, resulting in higher insurance costs.

On average, the most affordable homeowners insurance companies in New Mexico for homes with pools are:

  • Travelers: $1,078 per year
  • Allstate: $1,143 per year

Pools are considered a liability in your home since they may cause accidents and injury.

CHEAPEST HOMEOWNERS INSURANCE COMPANIES FOR HOMES WITH A POOL

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The Average Cost of Homeowners Insurance in New Mexico for Pool Owners

Homeowners with a pool pay an average of $1,436 per year for a dwelling coverage of $250,000. New Mexico residents also pay the same amount without a pool. However, costs may vary depending on other factors, including your location and dwelling coverage limit.

AVERAGE COST OF HOMEOWNERS INSURANCE WITH AND WITHOUT POOL

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  • Have a Pool?
    Average Annual Premium
  • With Pool
    $1,436
  • No Pool
    $1,436

Cheapest Home Insurance in New Mexico if You Have Poor Credit

MoneyGeek also evaluated thousands of quotes to determine the cheapest insurers in New Mexico for residents with poor credit.

Our analysis revealed that the top insurers with the most affordable homeowners insurance in New Mexico for those with a poor credit rating and $250,000 dwelling coverage, on average, are:

  • Allstate: $1,964 per year
  • Travelers: $2,167 per year

If you have a poor credit score, you are more likely to pay more for your home insurance. Insurers often use your credit score to determine your level of risk and how likely you are to file a claim.

CHEAPEST HOMEOWNERS INSURANCE COMPANIES FOR POOR CREDIT

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The Average Cost of Homeowners Insurance in New Mexico by Credit Score

While calculating home insurance rates, insurers consider various factors, including credit score. Generally, New Mexico residents with poor credit pay higher premiums for homeowners insurance than customers with good credit. If you have a solid credit score, you will pay an average of $1,436 per year for your homeowners insurance coverage in the state. With bad credit, you will pay $2,539 annually, which is $1,103 higher.

AVERAGE COST OF HOMEOWNERS INSURANCE BY CREDIT SCORE

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  • Credit Score
    Average Annual Premium
  • Poor
    $2,539
  • Below Fair
    $2,035
  • Fair
    $1,685
  • Good
    $1,436
  • Excellent
    $1,223

Cheap Homeowners Insurance Quotes in Your New Mexico City

Aside from your dwelling coverage, your location in New Mexico can also influence your homeowners insurance rates. The average cost in Albuquerque is $1,408 per year, and the cheapest insurer in Travelers, at an average cost of $1,130 per year.

Click on your city to find more information about the average costs across different factors.

AVERAGE COST OF HOMEOWNERS INSURANCE BY CITY

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  • City
    Average Annual Rate
    Cheapest Company
    Average Annual Rate
  • Albuquerque
    $1,408
    Travelers
    $1,130

How to Get Cheap Homeowners Insurance Quotes in New Mexico

To obtain an accurate quote for home insurance in New Mexico, make sure to have all necessary information ready to present to your prospective insurer.

Required information includes your home’s age, current market value and condition, location, and proximity to a fire department. Talk with your insurer about the amount and scope of insurance protection you seek for your property.

You may also request for an anonymous home insurance estimate using MoneyGeek’s New Mexico home insurance calculator. Our rates are based on thousands of quotes from different companies in the state.

FAQs About Home Insurance Costs in New Mexico

Homeowners insurance rates in New Mexico vary based on the dwelling coverage level, nature of your home and various other factors.

Methodology

MoneyGeek analyzed homeowners insurance premiums from four 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.

About the Author


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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.