Average homeowners insurance cost in Albuquerque, New Mexico

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In Albuquerque, homeowners pay an average annual rate of $2,261 (for the coverage level of $300,000 for dwelling, $100,000 for liability protection, and $1,000 deductible). It’s $321 less than the national average of $2,582 .

Homeowners insurance rates change from one home to another. The home insurance premium in Albuquerque depends on various factors, such as:

Size of your home
Age of your home
Amount of coverage you need
Location
Your credit score

It’s crucial to compare quotes from multiple insurers to ensure you get the best homeowners insurance policy. This allows you to find the coverage that meets your specific needs.

Read our guide to discover the monthly homeowners insurance cost in Albuquerque, explore the insurance costs for different dwelling coverage, and find out which companies offer affordable home insurance in Albuquerque.

Key Takeaways

The cost of your homeowners insurance policy in Albuquerque can vary based on factors such as your location, the value of your home, and the coverage options you select.
State Farm is the cheapest homeowners insurance company in Albuquerque with an average annual premium of $1,435 .
If you increase your dwelling coverage from $200,000 to $300,000, you will pay $693 more annually for home insurance.

Average homeowners insurance cost per month

Residents of Albuquerque pay an average of $188 per month for homeowners insurance. This is $32 less than the state average of $220 and $27 less than the national average for home insurance across the United States. The cost of your homeowners insurance policy in Albuquerque can vary depending on your location, property value, and selected coverage options.

Average homeowners insurance cost for a $200,000 house

In Albuquerque, homeowners pay an average of $1,568 annually for a $200,000 home. The annual cost of home insurance is influenced by factors such as the risk of natural disasters in your area.

Regions more susceptible to natural disasters, such as floods, hurricanes, or tornadoes, typically face higher rebuilding costs, leading to increased insurance premiums. Keep in mind that standard insurance policies might not cover damages caused by floods or hurricanes. If you live in a flood-prone area, you should purchase flood insurance.

Average homeowners insurance cost for a $300,000 house

As per rate analysis by Insure.com, homeowners residing in Albuquerque typically pay an average of $2,261 annually to insure a home for coverage limits of $300,000 dwelling, $100,000 liability protection with a $1,000 deductible.

Your home insurance rates will be increased by $693 if you increase your dwelling coverage from $200,000 to $300,000. It is advisable to buy enough insurance to cover the entire cost of rebuilding your home. However, the amount of dwelling coverage you need may vary depending on the size of your home, the features in your home, and the cost of living in your area.

Average homeowners insurance cost in Albuquerque by company

Among the carriers we analyzed, State Farm is the most affordable homeowners insurance company in Albuquerque, offering an average annual rate of $1,435 , while Farmers ranks second.

Researching a company thoroughly before selecting a homeowners insurance policy is essential – and we can help with that. We took a close look at all the insurance companies serving Albuquerque and put together a list of the most affordable ones.

Here’s a look at the top home insurance companies in Albuquerque and what you can expect to pay with each one on average.

Home Insurance Company	Annual rate
State Farm	$1,435
Farmers	$2,674

Many insurance companies offer discounts to customers who bundle their policies. By combining your home insurance policy with other policies, such as auto insurance, you can lower your premiums and simplify your insurance management with one provider.

Natural disasters in New Mexico that can impact your home insurance

Living in New Mexico means facing the risk of natural disasters that can seriously damage your home and belongings. These events can lead to expensive repairs and major insurance claims. That’s why it’s so important to understand which disasters are most likely in your area before choosing a home insurance policy.

Being aware of your local risks helps you choose the right level of protection, from setting appropriate coverage limits to deciding on deductibles or adding extra coverage. Taking the time to tailor your policy to those risks can help you avoid being underinsured and give you peace of mind if you’re impacted by a natural disaster.

New Mexico is commonly affected by Drought, Riverine flooding, Wildfire and Winter weather.

How home insurance protects you against natural disasters

Home insurance can provide valuable protection against the financial impact of natural disasters. Standard home insurance policies typically cover damages from fire, windstorms, hail and lightning. However, events such as floods, earthquakes or landslides are excluded and require purchasing additional policies or endorsements. For example, flood insurance must be purchased separately, as it is not typically covered by a standard home insurance policy.

Home insurance pays for home repairs, replacement belongings and temporary living expenses if your dwelling becomes uninhabitable due to damage. The protection offered by home insurance can significantly reduce the financial impact of natural disasters.

Check for coverage gaps before it’s too late

Many homeowners find out too late that their insurance doesn’t cover certain natural disasters. Be proactive – review your policy, ask your insurer about disaster-specific exclusions, and explore additional protection if you’re in a high-risk zone.

Methodology

Insure.com, with the help of Quadrant Information Services, gathered data for homeowners insurance rates in Albuquerque for $300,000 dwelling coverage, $100,000 liability coverage with a $1,000 deductible. The data presented are those with a good credit tier alignment.

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Shivani Gite

Contributing Writer

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.