You can save hundreds — if not thousands — of dollars each year if you shop around for homeowners insurance. Saving money on homeowners insurance in New Mexico can be challenging if you don’t know the facts.
Liberty Mutual has the lowest average homeowners insurance rates in New Mexico, with an average premium of $1,931 a year or $161 a month.
The good news is that Insure.com has simplified matters by carefully researching carriers and prices to find cheap homeowners insurance in New Mexico. We’ve ranked the most affordable homeowners insurance providers in New Mexico to help you in this process. Read further for our recommendations and for additional strategies designed to help you pay less for premiums.
Cheap homeowners insurance companies in New Mexico
Liberty Mutual, Allstate and Safeco have the cheapest homeowners insurance in New Mexico, on average.
There’s a large rate difference between home insurance companies. New Mexico homeowners could save more by shopping around and comparing insurance quotes.
Here are average annual and monthly New Mexico home insurance rates for a policy with $300,000 dwelling coverage and $300,000 liability protection with a $1,000 deductible.
| Company | Average annual premium | Average monthly premium |
|---|---|---|
| Liberty Mutual | $1,931 | $161 |
| Allstate | $2,245 | $187 |
| Safeco | $2,597 | $216 |
| State Farm | $3,410 | $284 |
| Farmers | $3,450 | $287 |
| Travelers | $3,999 | $333 |
Compare cheap homeowners insurance in New Mexico by ratings
Wondering how to choose the best insurance company among the options available? We have analyzed the cheapest homeowners insurance companies in New Mexico based on J.D. Power score and AM best rating. According to Insure.com’s survey, State Farm received the highest J.D. power score of 835 and A++ rating from AM best.
| Company | J.D. Power score | AM Best rating |
|---|---|---|
| State Farm | 835 | A++ |
| Allstate | 829 | A+ |
| Farmers | 813 | A |
| Safeco | 810 | A |
| Liberty Mutual | 806 | A |
| Travelers | 800 | A++ |
How much is home insurance in New Mexico
The average cost of homeowners insurance in New Mexico is $2,299 annually for $300,000 dwelling and $300,000 liability coverage with a $1,000 deductible.
One primary driver of home insurance cost is claims history. Here are the top average home insurance percentage premium increases based on claims:
- Filing a second fire claim — 60%
- Filing a second theft claim — 55%
- Filing a second liability claim — 52%
- Filing a second water damage claim — 50%
- Filing a second medical claim — 34%
| Average annual premium | Average monthly premium |
|---|---|
| $2,299 | $192 |
Cheapest homeowners insurance in New Mexico by ZIP code
Location is a crucial part of your home insurance rate. Areas with more claims pay higher rates than ones that don’t have many. Here are the average home insurance rates by ZIP codes in New Mexico:
| ZIP code | Average annual premium | Average monthly premium |
|---|---|---|
| 87547 | $1,572 | $131 |
| 87112 | $1,697 | $141 |
| 87122 | $1,700 | $142 |
| 87109 | $1,709 | $142 |
| 88005 | $1,712 | $143 |
| 88003 | $1,715 | $143 |
| 87111 | $1,719 | $143 |
| 87544 | $1,738 | $145 |
| 87123 | $1,749 | $146 |
| 88007 | $1,751 | $146 |
| 88021 | $1,754 | $146 |
| 87941 | $1,757 | $146 |
| 88414 | $1,760 | $147 |
| 87113 | $1,762 | $147 |
| 88047 | $1,767 | $147 |
