Home Home insurance Average home insurance cost Cheapest homeowners insurance in New Mexico Cheapest homeowners insurance in New Mexico Written by: Les Masterson Les Masterson Les, a former managing editor, insurance, at QuinStreet, has more than 20 years of experience in journalism. In his career, he has covered everything from health insurance to presidential politics. | Reviewed by: Ashlee Tilford Ashlee Tilford Ashlee, a former managing editor, insurance, at QuinStreet, is a journalist and business professional. She earned an MBA in 2014 with a concentration in finance. She has more than 15 years of hands-on experience in the finance industry. | Updated on June 6, 2022 Why you should trust Insure.com Quality Verified At Insure.com, we are committed to providing honest and reliable information so that you can make the best financial decisions for you and your family. All of our content is written and reviewed by industry professionals and insurance experts. We maintain strict editorial independence from insurance companies to maintain editorial integrity, so our recommendations are unbiased and are based on a comprehensive list of criteria. 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.Allstate has the lowest average homeowners insurance rates in New Mexico, with an average premium of $2,245 a year or $187 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.Key TakeawaysFor homeowners insurance with $300,000 dwelling coverage, $300,000 liability protection and $1,000 deductible, Allstate offers the cheapest homeowners insurance in New Mexico at $2,245 per year.In New Mexico the homeowners insurance cost is $6 less than the national average.Amongst all the zip codes in New Mexico, the cheapest homeowners insurance is available at the 87547 zip code, with average annual premium of $1,572 per year.Cheap homeowners insurance companies in New MexicoAllstate, Safeco and State Farm 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.CompanyAverage annual premiumAverage monthly premiumAllstate$2,245$187Safeco$2,597$216State Farm$3,410$284Farmers$3,450$287Travelers$3,999$333Compare cheap homeowners insurance in New Mexico by ratingsWondering 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.CompanyJ.D. Power scoreAM Best ratingState Farm835A++Allstate829A+Farmers813ASafeco810ALiberty Mutual806ATravelers800A++How much is home insurance in New MexicoThe 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 premiumAverage monthly premium$2,299$192Cheapest homeowners insurance in New Mexico by ZIP codeLocation 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 codeAverage annual premiumAverage monthly premium87547$1,572$13187112$1,697$14187122$1,700$14287109$1,709$14288005$1,712$14388003$1,715$14387111$1,719$14387544$1,738$14587123$1,749$14688007$1,751$14688021$1,754$14687941$1,757$14688414$1,760$14787113$1,762$14788047$1,767$147 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 FeHow much is home insurance in other statesAlaska$1,799/YearAlabama$2,981/YearArkansas$3,439/YearArizona$1,976/YearCalifornia$1,166/YearColorado$3,082/YearConnecticut$1,961/YearWashington D.C.$1,488/YearDelaware$1,521/YearFlorida$3,439/YearGeorgia$2,555/YearHawaii$499/YearIowa$2,540/YearIdaho$1,842/YearIllinois$2,201/YearIndiana$2,423/YearKansas$3,931/YearKentucky$2,862/YearLouisiana$3,270/YearMassachusetts$1,920/YearMaryland$1,518/YearMaine$1,833/YearMichigan$2,153/YearMinnesota$3,010/YearMissouri$3,111/YearMississippi$3,340/YearMontana$2,809/YearNorth Carolina$2,009/YearNorth Dakota$2,601/YearNebraska$3,133/YearNew Hampshire$1,455/YearNew Jersey$1,744/YearNevada$1,486/YearNew York$1,840/YearOhio$2,107/YearOklahoma$4,445/YearOregon$1,608/YearPennsylvania$1,720/YearRhode Island$2,125/YearSouth Carolina$2,678/YearSouth Dakota$3,172/YearTennessee$2,692/YearTexas$3,429/YearUtah$1,378/YearVirginia$1,956/YearVermont$1,212/YearWashington$1,514/YearWisconsin$1,732/YearWest Virginia$2,486/YearWyoming$2,083/YearShow moreLes MastersonContributor  . .Les, a former managing editor, insurance, at QuinStreet, has more than 20 years of experience in journalism. In his career, he has covered everything from health insurance to presidential politics. In case you missed it What is HO-6 insurance? Average home insurance cost in 2023 What is dwelling coverage and how much do you need? Personal liability insurance: What it is and why you need it Renters insurance quotes: Compare rates Hurricanes and home insurance: 14 key questions answered Replacement cost policies for your home: Getting what you pay for How much do claims increase home insurance rates? Mobile home insurance: What does it cover and how much does it cost? Homeowners insurance basics Home Insurance Advisor The Best Cheap Homeowners Insurance of 2021: Guide How much flood insurance do I need? How to bundle home and auto insurance policies to save money The largest home insurance companies by market share Home Insurance Discounts Guide to dog liability insurance: cost and coverage Do you have an emergency go-bag? Most Americans don’t 1/1 Related Articles Personal liability insurance: What it is and why you need it By Barry Eitel Cost of living comparison by state By Chris Kissell How to find a homeowners insurance policy By Shivani Gite Home replacement cost calculator By Nupur Gambhir Renters insurance calculator: Estimate cost by state or city By Shivani Gite Mobile home insurance: What does it cover and how much does it cost? By Chris Kissell Table of contents Cheap homeowners insurance companies in New Mexico Compare cheap homeowners insurance in New Mexico by ratings How much is home insurance in New Mexico Cheapest homeowners insurance in New Mexico by ZIP code Get instant quotes now ! Please enter valid zip Get Quotes