The average Albuquerque homeowner pays $1513 per year for homeowners insurance coverage on a $250,000 home. Affordable home insurance coverage is important for many, with about 58% of residents owning homes.
The Albuquerque insurance industry editorial team at Bankrate evaluated each insurance company by looking at several aspects. Understanding the details of each company, their coverages, and discounts can help you make an informed decision when shopping for Albuquerque home insurance.
Albuquerque’s best home insurance company
Based on the average annual premiums, third-party customer service ratings, financial strength ratings, available coverages, and discounts, we reviewed Albuquerque’s insurance companies.
You might be interested in getting quotes from these companies if you’re looking for the best affordable home insurance in Albuquerque:
Allstate
Allstate is a well-known name in the insurance industry. The company has the lowest average premium, and it offers many optional coverages. These endorsement options include water backup, identity theft restoration, water backup and scheduled personal property. They also cover sports equipment, music instruments, electronic data recovery, green improvement reimbursement, and yard and garden equipment coverage.
Allstate offers many discounts to make its coverage more affordable. Multi-policy, responsible payments, claims-free, loyalty, protective devices, early signing, and welcome and loyalty are some of the homeowners insurance discounts.
State Farm
State Farm is the biggest home insurance company in the area, accounting for more 17% market share. You may be able to purchase additional coverage for jewelry and collectibles as well as cameras, music instruments, tools, and other items.
State Farm doesn’t offer the same discounts that Allstate. However, you might be able to save money by having more than one policy, having an alert system at home, or replacing your roof. State Farm offers banking products. This is a great option if you are looking to consolidate multiple products into one place.
Travelers
The average traveler’s premium is $200 more than the average city. The company does offer coverage options that can make up the difference. You might be able to add endorsements such as special personal property coverage, contents substitution cost and jewelry and valuable item coverage.
Travelers offers many savings opportunities to its customers, despite the premium being higher than average. Multi-policy, new homeowner, loss-free, protective device, and green home discounts are all available.
Farmers
The average home premium for Farmers is the highest among all the companies that were reviewed. There are three levels of home insurance from Farmers: enhanced, premier . You can also add additional coverages such as declining deductible or claim forgiveness to these levels.
Farmers’ premium is more expensive than other carriers, but it does offer discounts to help lower your cost.
Albuquerque home insurance options
Although homeowners insurance is not required by law in New Mexico for homeowners, your mortgage lender may require that you have one. Albuquerque residents may be interested in certain coverages. Everyone has different needs.
- Contents replacement cost: This coverage covers the replacement cost of all your belongings. It does not include depreciation.
- Identity theft protection This coverage helps to cover the cost of restoring your identity if it is stolen.
- Water backup Heavy storms can be common in New Mexico. Water backup coverage can help cover the cost of damages caused by heavy rains. Water backup coverage may also be helpful if water backs-up from another drain line.
- Roof replacement cost Strong storms can also cause roof damage by hail and wind. It may be beneficial to get replacement cost coverage for your roof if you are eligible.
Talking to an agent can be helpful if you don’t know where to begin when choosing home insurance coverages.
Albuquerque home insurance discounts
Albuquerque’s average home insurance cost is $1,513 annually, while New Mexico homeowners pay an average of $2.024 annually. Albuquerque homeowners spend less than in other parts of the state on average, but homeowners insurance companies often offer discounts that can help you save even more. These are some of the most common Albuquerque discounts:
- Multi-policy discount: You might be able to save money if you buy home insurance and an auto policy from the same company. This discount is also available for other insurance products, such as boat, life, and pet insurance.
- You may be eligible for a discount if you have not filed a claim on your homeowner’s insurance.
- Home security discount: A home security system could save you money on your home insurance.
To save money, consider raising your deductible. Higher deductibles often result in lower premiums. However, you should choose a level that you can afford to pay if there is a need to file a claim.
Questions frequently asked
Which is the best company for home insurance?
There is no one-size-fits all approach to home insurance. Therefore, the best home insurance company will vary from person-to-person. To get the best coverage, features, and discounts it is a good idea to shop around with different companies.
What is the cost of Albuquerque home insurance?
For a home worth $250,000, the average cost of Albuquerque’s home insurance is $1513. Policyholders might be able to get lower rates by looking for cheaper providers and taking advantage any discounts that may be available.
What amount of Albuquerque home insurance do you need?
There is no mandatory state-mandated level of home insurance coverage, unlike car insurance. Insurance professionals advise that you have sufficient coverage to cover your home’s rebuilding costs. You can discuss your needs with an agent or licensed professional to help you determine the right amount of coverage.