New Mexico Homeowners Insurance Calculator: Estimate Your Policy Cost

MoneyGeek’s New Mexico homeowners insurance calculator determines premiums based on things like property value and preferred coverage level. The average annual cost for $250K in dwelling coverage in New Mexico is $1,634.

Advertising & Editorial DisclosureLast Updated: 12/2/2022
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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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These are annual estimates. Get a personalized quote to determine your costs.

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We identified the most affordable New Mexico homeowners insurance providers after an analysis of the state's various insurance providers. If the cost of home insurance is your primary concern, this is a good place to start.

Meanwhile, we also put together a list of the top homeowners insurance providers in New Mexico if you're searching for a good mix between service and cost.

How to Estimate the Cost of Your Homeowners Insurance Policy in New Mexico

You must consider a variety of factors if you want to find out how much New Mexico homeowners insurance costs. Your premium will be influenced by your location, deductible, credit score and other factors.

Get a customized estimate of the cost of your policy by entering your information into the MoneyGeek calculator for New Mexico home insurance below.

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    New Mexico

    Depending on where you live, your homeowners insurance costs will vary. Your premium will probably be higher than someone who lives in a state with fewer theft occurrences, natural disasters, fires, etc.

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    Dwelling Coverage

    The sum needed to replace your home is the dwelling coverage. The cost of homeowners insurance may differ depending on the amount of dwelling coverage you have in your policy.

    The replacement value of your home can be ascertained by hiring a professional home appraiser. You can also ask your insurance provider for assistance in calculating the amount.

    Keep in mind that $250k is the typical amount of dwelling coverage in New Mexico.

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    Deductible

    Your deductible is the sum of money you are required to contribute toward a covered claim.

    For instance, if your insurance claim is worth $10,000 and your coverage has a $500 deductible, you will receive $9,500 after shelling out $500.

    As a general rule of thumb, the lower your deductible, the higher your premiums.

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    Liability

    Liability insurance covers the damage to third parties and their property while they are in your home. Legal fees, replacement costs, medical charges, pain and suffering costs and death benefits are all covered.

    Purchase enough liability insurance to safeguard your assets. It should only cost you a few dollars each month to increase your liability limits by tens of thousands of dollars.

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    Personal Property

    Apart from the structure of your home, the items you keep in it are covered by personal property insurance. This can include protecting your clothing, electronics, furniture and other personal belongings from loss or theft.

    It's critical to have enough protection for your personal possessions. Use the calculator below to determine how much personal property insurance you require.

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    Credit Score

    In New Mexico, your credit score is taken into account when determining insurance rates. Homeowners with poor credit scores are more likely to submit a claim. Because of this, insurers consider them to be a riskier customer. If you have a bad credit score, your homeowners insurance in New Mexico will cost more.

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Insurance Rates

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Average Cost of Home Insurance in New Mexico

New Mexico ranks 17th among the states where home insurance is most affordable. The average New Mexico homeowner should expect to pay roughly $1,634 per year for $250K dwelling coverage. Compared to the national average, that is 32% less.

Refer to the table below, which shows the state's average cost by coverage level if you need more or less dwelling coverage.

Average Annual Premium in New Mexico for Homeowners Insurance

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  • Dwelling Coverage Amount
    Average Annual Premium
  • $100,000
    $978
  • $250,000
    $1,634
  • $500,000
    $3,545
  • $750,000
    $5,100
  • $1,000,000
    $6,627
  • $2,000,000
    $13,201
  • $3,000,000
    $19,937
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You must acquire enough dwelling insurance to pay for rebuilding your home. Therefore, when purchasing homeowners insurance, you must consider how much dwelling coverage you need.

Several factors, such as height, building materials and more, affect the overall replacement cost of your home. You can seek the assistance of a specialist to estimate prospective rebuilding costs.

Keep in mind that your main concern should be the amount of money needed to completely restore your home in the event of a catastrophic loss.

Frequently Asked Questions About Home Insurance in New Mexico

MoneyGeek has provided answers to some of the most frequently asked questions about homeowners insurance in New Mexico to help you make an informed decision.

Methodology

To determine the average cost of homeowners insurance in New Mexico, MoneyGeek sourced pricing data from Quadrant Information Services.

MoneyGeek chose a standard home profile to provide the most reliable and relevant data for developing a thorough analysis of homeowners insurance. This standard home profile consists of the following attributes:

  • Construction year: 2000
  • Construction type: Frame
  • Composition roof
  • Three-mile radius from the fire department
  • Assumed value of other structures on the property: 10% of the dwelling coverage
  • Personal property coverage: 40% of the dwelling coverage
  • Liability limit: $100,000
  • Deductible: $1,000

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.