Average homeowners insurance cost in Santa Fe, New Mexico

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Our data shows that the average cost of homeowners insurance in Santa Fe is $1,963 per year (for the coverage level of $300,000 for dwelling, $100,000 for liability protection and $1,000 deductible). It’s $619 less than the national average of $2,582 .

Homeowners insurance rates differ significantly from one home to another. Home insurance rates in Santa Fe depend on several factors, including:

Size of your home
Age of your home
Amount of coverage required
Location
Your credit score

To ensure you secure the best homeowners insurance policy, compare quotes from multiple insurers. This will enable you to find the coverage that aligns with your specific requirements.

Read this guide to learn how much homeowners insurance costs monthly in Santa Fe, what home insurance costs for different dwelling coverage, and which companies offer cheap home insurance in Santa Fe.

Key Takeaways

The average cost of homeowners insurance in Santa Fe is $1,963 per year.
State Farm is the cheapest homeowners insurance company in Santa Fe with an average annual premium of $1,464 .
If you increase your dwelling coverage from $200,000 to $300,000, you will just have to pay $621 more a year for home insurance.

Average homeowners insurance cost per month

How much you pay for a homeowners insurance policy depends on the value of your home, your location, and the coverage options you select.

Homeowners in Santa Fe pay an average of $164 per month. It’s $56 less than the state average of $220 and $51 less than the national average for home insurance across the nation.

Average homeowners insurance cost for a $200,000 house

Homeowners insurance with $200,000 in dwelling coverage and $100,000 in liability protection costs about $1,342 per year in Santa Fe. Your rate can vary based on a number of factors, especially the risk of natural disasters in your area. Places more prone to floods, hurricanes, or tornadoes often face higher rebuilding costs, which leads to higher insurance premiums.

It is important to note that your insurance plan may not cover flood or hurricane damage. So, if you live in an area prone to flooding, consider buying flood insurance coverage.

Average homeowners insurance cost for a $300,000 house

Homeowners in Santa Fe typically pay an average of $1,963 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 $621 . You should 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 Santa Fe by company

Among the carriers we analyzed, State Farm is the most affordable homeowners insurance company in Santa Fe, offering an average annual rate of $1,464 , 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 Santa Fe and put together a list of the most affordable ones.

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

Home Insurance Company	Annual rate
State Farm	$1,464
Farmers	$2,213

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

Natural disasters are a part of life in New Mexico, often leading to expensive 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.

When you’re aware of the specific risks in your region, you can tailor your coverage to match – whether that means increasing your policy limits, choosing a deductible you’re comfortable with, or adding extra protection for uncovered events. Taking these steps now can help you avoid being underinsured and give you more financial security if a natural disaster hits your area.

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

How home insurance protects you against natural disasters

Home insurance protects your property and belongings from the financial impact of natural disasters. Home insurance can help pay for structural damage repairs, replace lost or damaged items, and provide funds for temporary housing if you can’t live in your home. This coverage provides financial relief, making it easier for homeowners to recover quickly from the effects of natural disasters.

While standard policies generally cover damage from windstorms, hail and lightning, additional coverage is required for disasters like floods, earthquakes and wildfires.

These types of damage are usually not covered by homeowners insurance, so homeowners need to buy separate flood or earthquake insurance to ensure complete protection.

Keep in mind: Standard policies may not cover everything

While homeowners insurance typically protects against common hazards, some natural disasters – like floods and earthquakes – require separate policies. Don’t assume you’re fully covered. Check your policy details and consider endorsements or supplemental coverage if you live in a high-risk area.

Methodology

Insure.com, with the help of Quadrant Information Services, gathered data for homeowners insurance rates in Santa Fe 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.