Home Home insurance Average home insurance cost Homeowners insurance rates by state Average homeowners insurance cost in New Mexico Average homeowners insurance cost in New Mexico Homeowners insurance in New Mexico costs $2,638 per year or $220 monthly, according to Insure.com’s data analysis. View Carriers Please enter valid zip Compare top carriers in your area Written by Shivani Gite Shivani Gite Shivani Gite is a personal finance and insurance writer with a degree in journalism and mass communication. She is passionate about making insurance topics easy to understand for people and helping them make better financial decisions. | Reviewed by Nupur Gambhir Nupur Gambhir Nupur Gambhir is a content editor and licensed life, health, and disability insurance expert. She has extensive experience bringing brands to life and has built award-nominated campaigns for travel and tech. Her insurance expertise has been featured in Bloomberg News, Forbes Advisor, CNET, Fortune, Slate, Real Simple, Lifehacker, The Financial Gym, and the end-of-life planning service. | Updated on: November 21, 2024 Why you can trust Insure.com Quality Verified At Insure.com, we are committed to providing the timely, accurate and expert information consumers need to make smart insurance decisions. All our content is written and reviewed by industry professionals and insurance experts. Our team carefully vets our rate data to ensure we only provide reliable and up-to-date insurance pricing. We follow the highest editorial standards. Our content is based solely on objective research and data gathering. We maintain strict editorial independence to ensure unbiased coverage of the insurance industry. Whether you’re buying a new home or want to protect the property you currently own, it’s important to have sufficient homeowners insurance coverage in place. However, home insurance policies can get expensive, depending on your insurer and the coverage level you choose. On average, New Mexico homeowners insurance costs $2,638 a year, based on Insure.com’s data. Learn more about the average homeowners insurance rates by company and ZIP code in New Mexico. Key Takeaways Homeowners insurance costs an average of $2,638 a year, based on Insure.com analysis. Of all the ZIP codes in New Mexico, 88021 has the most affordable home insurance rates at around $1,729 annually. In New Mexico, State Farm provides the most affordable home insurance at an average annual premium of $1,775. Average home insurance cost in New Mexico by coverage level In New Mexico, the annual homeowners insurance cost is $2,638, on average for the limits of $100,000 in liability, $300,000 in dwelling coverage and a $1000 deductible. Increasing your dwelling coverage from $300,000 to $400,000 will raise your annual homeowners insurance premium to $3,069 in New Mexico, with $100,000 in liability protection and a $1,000 deductible. Below are the average costs for homeowners insurance in New Mexico based on dwelling coverage limits of $300,000, $400,000, and $500,000. Coverage Average annual rate Average monthly rate200000 with 1000 Deductible and 100000 Liability and None Deductible$1,820$152200000 with 1000 Deductible and 300000 Liability and None Deductible$1,829$152300000 with 1000 Deductible and 100000 Liability and None Deductible$2,638$220300000 with 1000 Deductible and 300000 Liability and None Deductible$2,647$221400000 with 1000 Deductible and 100000 Liability and None Deductible$3,480$290400000 with 1000 Deductible and 300000 Liability and None Deductible$3,489$291600000 with 1000 Deductible and 100000 Liability and None Deductible$5,129$427600000 with 1000 Deductible and 300000 Liability and None Deductible$5,138$4281000000 with 1000 Deductible and 100000 Liability and None Deductible$8,330$6941000000 with 1000 Deductible and 300000 Liability and None Deductible$8,339$695 In New Mexico, homeowners insurance companies set rates by assessing various risk factors. Your location, claims history and coverage limit all affect your premium. If multiple claims have been filed in your neighborhood over the past few years, you’ll likely face higher home insurance rates than areas with fewer claims. According to S&P Global Market Intelligence’s RateWatch application, the average homeowners insurance premium for owner-occupied homes nationwide increased by over 11% in 2023. Best homeowners insurance companies in New Mexico Before purchasing homeowners insurance, it’s important to compare rates and explore your options. Several factors play a role in choosing the best homeowners insurance company for your specific needs. We evaluated insurance companies in New Mexico based on their NAIC scores and AM Best ratings to create a list of the top homeowners insurance providers in the state. Our findings show that Farmers received the lowest NAIC score and A rating from AM Best. A lower NAIC score indicates fewer complaints relative to the company’s size, suggesting higher customer satisfaction. Company Average annual premiumAM Best Rating NAIC Complaint IndexOverall scoreFarmers$3,069A0.545State Farm$1,775A++0.954.95 Average homeowners insurance cost by company in New Mexico State Farm offers the most affordable homeowners insurance in New Mexico, at an average annual premium of $1,775, followed by Farmers. You can save hundreds — if not thousands — of dollars each year if you shop around for homeowners insurance. Here are the average annual and monthly insurance rates for New Mexico homeowners for a policy with $300,000 dwelling coverage and $100,000 liability protection with a $1,000 deductible. Company Average annual rate Average monthly rateState Farm$1,775$148Farmers$3,069$256 New Mexico homeowners insurance rates by ZIP code Insurance companies in New Mexico assess the risk associated with a specific location. ZIP codes prone to higher crime rates or frequent natural disasters are often classified as high-risk areas, which can lead to increased insurance premiums. The cost of rebuilding or repairing homes in a specific ZIP code can also impact how much you pay for a homeowners insurance policy. Make sure you shop around and compare quotes from various insurance companies to get the best deal on homeowners insurance rates in New Mexico. Don’t forget to ask about any available discounts, such as bundling policies or a smart home discount. Most affordable ZIP codes for home insurance rates in New Mexico Homeowners insurance costs in New Mexico can vary widely by location, with your ZIP code being a key factor in determining your rate. Based on our data, the the 88021 area has the most affordable insurance rates, at $1,729 annually or $144 monthly. Below are the homeowners insurance rates for the most affordable ZIP codes in New Mexico. ZIP codeAverage annual rateAverage monthly rate88021$1,729$14488008$1,766$14788063$1,767$14788002$1,772$14888081$1,780$14888024$1,818$15288001$1,856$15588005$1,858$15588003$1,861$15587544$1,873$156 Most expensive ZIP codes for home insurance rates in New Mexico Your ZIP code is a key factor in determining the cost of your homeowners insurance coverage. In New Mexico, certain areas have higher insurance premiums due to elevated crime rates, increased risk of natural disasters, and higher living costs. 88135 has the most expensive homeowners insurance rates in New Mexico at an average annual cost of $5,543. Below, we’ve highlighted some of the most expensive ZIP codes in New Mexico for home insurance: ZIP codeAverage annual rateAverage monthly rate88135$5,543$46288132$5,424$45288130$5,365$44788101$5,311$44388242$5,225$43588411$5,222$43588118$5,218$43588124$5,208$43488240$5,204$43488267$5,188$432 Home insurance rates vary from one city to another. But with Insure.com, finding the right home insurance policy is easy. Learn more about homeowners insurance costs for different cities below.Home insurance rates in New Mexico by cityAlbuquerqueLas CrucesRio RanchoRoswellSanta FeHome insurance rate trend in New Mexico We analyzed home insurance rate trends in New Mexico and found that homeowners insurance rates experienced an overall increase of 4% or $108, from 2022 to 2023. The data below shows how much homeowners insurance rates have changed since 2019. 2019 rates2022 rates2023 rates$2,202$2,530$2,638 To choose the right homeowners insurance, it’s important to conduct thorough research and compare rates from various insurers, as each evaluates risk differently. Comparing quotes from at least three companies can help you secure the most affordable coverage in New Mexico. Resources & methodology Source S&P Global. “US homeowners insurance rates jump by double digits in 2023.” Accessed September 2024. Methodology Insure.com worked with Quadrant Information Service to get homeowners insurance data. We analyzed 20,739,560 insurance quotes from 82 national and regional insurance companies across 34,588 ZIP codes to determine the average premiums. The insurance rates are based on a sample profile of a homeowner with good credit and the following coverage level: $300,000 dwelling coverage $100,000 liability protection $1000 deductible We have taken into account 3 important factors such as average annual cost, NAIC score and AM Best rating, to determine the list of best homeowners insurance companies. The quoted insurance rates are for comparison purposes, and your individual rates may vary. Explore other insurance options in New-Mexico Average renters insurance cost in New Mexico Average car insurance cost in New Mexico Non-owner car insurance in New Mexico How much is home insurance in other statesAlaska$1,695/YearAlabama$3,131/YearArkansas$3,948/YearArizona$2,468/YearCalifornia$1,386/YearColorado$4,086/YearConnecticut$2,205/YearWashington, D.C.$1,327/YearDelaware$1,366/YearFlorida$4,405/YearGeorgia$2,286/YearHawaii$593/YearIowa$2,642/YearIdaho$1,950/YearIllinois$3,044/YearIndiana$2,969/YearKansas$4,826/YearKentucky$3,314/YearLouisiana$3,576/YearMassachusetts$1,622/YearMaryland$1,707/YearMaine$1,375/YearMichigan$2,396/YearMinnesota$2,399/YearMissouri$3,528/YearMississippi$3,369/YearMontana$3,265/YearNorth Carolina$2,933/YearNorth Dakota$3,134/YearNebraska$4,785/YearNew Hampshire$1,209/YearNew Jersey$1,506/YearNevada$1,444/YearNew York$1,777/YearOhio$2,144/YearOklahoma$5,749/YearOregon$1,741/YearPennsylvania$1,886/YearRhode Island$1,932/YearSouth Carolina$2,668/YearSouth Dakota$3,374/YearTennessee$3,045/YearTexas$3,844/YearUtah$1,792/YearVirginia$2,135/YearVermont$1,247/YearWashington$1,596/YearWisconsin$1,648/YearWest Virginia$1,886/YearWyoming$1,885/YearShow moreShivani GiteContributing Writer | . .Shivani Gite is a personal finance and insurance writer with a degree in journalism and mass communication. 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