Cheapest Homeowners Insurance in New Mexico for 2022

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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 Takeaways

For 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 Mexico

Allstate, 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.

Company	Average annual premium	Average monthly premium
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

How much is home insurance in other states

Alaska$1,799/Year

Alabama$2,981/Year

Arkansas$3,439/Year

Arizona$1,976/Year

California$1,166/Year

Colorado$3,082/Year

Connecticut$1,961/Year

Washington D.C.$1,488/Year

Delaware$1,521/Year

Florida$3,439/Year

Georgia$2,555/Year

Hawaii$499/Year

Iowa$2,540/Year

Idaho$1,842/Year

Illinois$2,201/Year

Indiana$2,423/Year

Kansas$3,931/Year

Kentucky$2,862/Year

Louisiana$3,270/Year

Massachusetts$1,920/Year

Maryland$1,518/Year

Maine$1,833/Year

Michigan$2,153/Year

Minnesota$3,010/Year

Missouri$3,111/Year

Mississippi$3,340/Year

Montana$2,809/Year

North Carolina$2,009/Year

North Dakota$2,601/Year

Nebraska$3,133/Year

New Hampshire$1,455/Year

New Jersey$1,744/Year

Nevada$1,486/Year

New York$1,840/Year

Ohio$2,107/Year

Oklahoma$4,445/Year

Oregon$1,608/Year

Pennsylvania$1,720/Year

Rhode Island$2,125/Year

South Carolina$2,678/Year

South Dakota$3,172/Year

Tennessee$2,692/Year

Texas$3,429/Year

Utah$1,378/Year

Virginia$1,956/Year

Vermont$1,212/Year

Washington$1,514/Year

Wisconsin$1,732/Year

West Virginia$2,486/Year

Wyoming$2,083/Year

Les Masterson

Contributor

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.