Average homeowners insurance cost in Albuquerque, NM

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The average cost of homeowners insurance in Albuquerque is $2,261 per year (for the coverage level of $300,000 for dwelling, $100,000 for liability protection and $1000 deductible), based on Insure.com’s rate data analysis. It’s $321 less than the national average of $2,582.

However, homeowners insurance rates can vary drastically from one home to another. Home insurance rates in Albuquerque depend on a number of factors, including:

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

To make sure you are getting the best deal on home insurance, it is important to get quotes from multiple insurers to find the right coverage for your needs. Read this guide to know how much homeowners insurance cost per month in Albuquerque, home insurance cost for different dwelling coverage, also know which companies offer cheap home insurance in Albuquerque.

In this guide, we will explain everything from what coverage options are available to which companies have the cheapest rates for homeowners insurance in Albuquerque.

Key Takeaways

Homeowners insurance costs $2,261 per year in Albuquerque.
At $1,435 per year, State Farm offers the cheapest homeowners insurance in Albuquerque.
Your home insurance rates increase by $693 more annually if you increase your dwelling coverage from $200,000 to $300,000.

Average homeowners insurance cost in Albuquerque per month

Residents of Albuquerque pay an average of $188 a month for homeowners insurance, as per Insure.com’s rate analysis. It’s $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 may change based on location, property value, and selected coverage options.

Average homeowners insurance cost for a $200,000 house in Albuquerque

In Albuquerque, NM, homeowners pay an average of $1,568 annually for a $200,000 house. The amount you pay for home insurance each year depends on factors such as – natural disasters or events within your locality.

Some regions are more at risk for natural disasters, like floods, hurricanes, or tornadoes, implying higher rebuilding rates in these areas are higher, resulting in higher insurance premiums. It’s essential to note that your insurance policy might not cover damages caused by floods or hurricanes. If you reside in an area prone to flooding, consider buying flood insurance.

Average homeowners insurance cost for a $300,000 house in Albuquerque

According to Insure.com’s rate analysis, homeowners in Albuquerque typically pay an average of $2,261 annually for a home insurance policy with $300,000 in dwelling coverage, $100,000 in liability protection, and a $1,000 deductible.

If you increase your dwelling coverage from $200,000 to $300,000, your home insurance rates will rise by $693. It is advisable to purchase enough insurance to cover the entire cost of rebuilding your home. The required amount of dwelling coverage can vary based on factors such as the size of your home, its features, and the cost of living in your area.

Average homeowners insurance cost in Albuquerque by company

Among the carriers analyzed, State Farm is the most affordable homeowners insurance company in Albuquerque. It’s average annual rate for homeowners in Albuquerque is $1,435, while Farmers ranks second.

Research on the company is essential before selecting a homeowners insurance policy. Insure.com has thoroughly examined all insurance companies operating in Albuquerque and compiled a list of the most affordable home insurance companies.

Below are details of Albuquerque home insurance companies and their average annual premiums.

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

How home insurance protects you against natural disasters

Home insurance plays a crucial role in protecting your home and belongings in case of natural disasters. Events such as hurricanes, floods, earthquakes and wildfires can cause significant damage, and home insurance helps by covering the costs of repairs or replacement of your property. Depending on your policy, it may also provide coverage for temporary living expenses if your home becomes uninhabitable.

In addition to physical damage, home insurance typically covers liability costs if someone is injured on your property. This added protection gives homeowners peace of mind, knowing they have financial support during difficult times.

A standard home insurance policy may not cover all-natural disasters. Review your policy carefully to ensure you’re covered for the specific risks.

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.