New Mexico’s climate is mild and there are few severe weather events. However, it is important to have the best homeowners insurance in New Mexico to protect your investment. The median home value is $248,670.
According to a Bankrate study on home insurance quotes, the average cost of New Mexico home insurance is $2,024 annually for $250,000 in dwelling coverage. The top New Mexico homeowners insurance companies offer low premiums, great discounts, and outstanding customer service reviews. These are the 2021’s top New Mexico homeowners insurance providers based on extensive research.
New Mexico’s best home insurance companies
New Mexico has several options for the best home insurance. These are the top-rated companies that we found. They were chosen based on average 2021 rates sourced from Quadrant Information Services. Other factors include accessibility, website, coverage options and J.D. Scores of customer satisfaction are high.
Allstate
Allstate is rated above average for overall customer satisfaction by J.D. Power, and it has an A+ rating from AM Best for financial strength. Allstate offers generous discounts as well as a variety of coverage options. This provider is a great choice for homeowners because of its home buyer discounts and protection device discounts. Rate Guard may be an option to protect your rates for a longer time. Ask your Allstate agent.
Farmers
Farmers home insurance policies offer unique coverage options. They have three levels of coverage. Farmers offers options to reduce deductibles, forgive claims and offer policyholders a claim-free discount. Public safety officers and professional organizations may also be eligible for savings. It is worth checking if your employer is eligible.
State Farm
State Farm home insurance is affordable with an average premium cost of $1,502 per annual. However, this provider offers fewer discounts and endorsements than its competitors. State Farm offers several policy options, including roof and safe home discounts. State Farm is known for its digital tools. They offer many online resources, calculators, and other tools.
Travelers
AM Best has rated Travelers as top-rated with an A++ (Superior), financial stability rating to provide additional security for claims. Travelers provides comprehensive coverage, with options for personal liability coverage and special property coverage. You may be interested in additional protection for high-value items and additional living expenses coverage (also known as loss of usage coverage).
What is the cost of homeowners insurance in New Mexico
For homeowners insurance with $250k coverage, New Mexico averages $2,024 per annum. New Mexico home insurance is more expensive than the average premium in the United States, which is $1,312 per year.
New Mexico’s home insurance is more expensive than those in neighboring states. For example, the average annual home insurance premium in Arizona is $1,189, and in Colorado, the average premium is $1,659 per year. New Mexico does not typically experience extreme weather, but the risk of wildfires and earthquakes may make the price of insurance above average.
New Mexico home insurance
New Mexico residents should be aware that there are certain weather risks. Even though severe weather events are not common, they can cause significant damage to homes. A home insurance policy can help protect your financial assets against the most common causes for home damage.
New Mexico Common Loss Causes
Weather-related losses are common for New Mexico homeowners. These are the top causes of loss in New Mexico.
- WildfiresNew Mexico has many homes that are vulnerable to fire damage, particularly during the dry months. Wildfires are now a common occurrence.more prevalentIn recent years.
- EarthquakesAlthough earthquakes aren’t a frequent occurrence in New Mexico they can happen and cause serious home damage.
- Theft and other property crime:The state’s theft rate may be higher than the national median of nearly 10%
- FloodingFlooding can occur after severe thunderstorms. Flooding can cause damage to your home’s foundation and electrical systems. Flooding is not covered by a New Mexico homeowners policy. You will need to purchase separate coverage.
New Mexico offers a variety of home insurance options
A standard home insurance policy will typically cover dwelling, personal property and liability. It also covers medical payments and loss-of-use coverage. New Mexico residents may want to look into the following endorsements.
- Flood insuranceFlood coverage is not included in standard home insurance policies. Some consumers opt to buy a separate flood insurance policy.National Flood Insurance Program(NFIP) and through a private insurer.
- Sump pump coverageSump pump coverage covers the cost of repairing clogged sump pumps or pipes. It also covers accidental water damage due to backups. Although sump pump and water backup coverage are not usually included in a home insurance policy, many insurance companies offer them as an optional endorsement.
- Coverage for your garden and yard:If your garden, trees, shrubs, or lawn are damaged by a covered peril (including fires), yard and garden coverage can help you pay to re-landscape your yard. Standard homeowner’s policies provide coverage up to 5% of the dwelling value (but not more than $500 per tree, shrub or bush), but consumers who have extensive landscaping may wish to add coverage.
Questions frequently asked
What is the best New Mexico homeowners insurance?
It all depends on the homeowner’s needs to find the best New Mexico home insurance. Some homeowners need only the minimum coverage while others may require more comprehensive or higher coverage.
How can I obtain New Mexico homeowners insurance?
New Mexican residents must first get a quote to be eligible for homeowners insurance. You can get a quote by calling an agent or asking. In some cases, the provider may offer an online tool that will allow you to obtain the information.
What information is required to obtain New Mexico home insurance
Homeowners will need to provide information about their home, such as the year it was built, the materials used and personal information such as claims history and credit rating, in order to get a home insurance quote.
New Mexico homeowners insurance: Is it required?
Although the state doesn’t legally require homeowners to have home insurance, many mortgage lenders require that they do so in order to allow borrowers to obtain and keep a mortgage. Your mortgage company may charge you for choosing an insurance provider if you stop paying your premiums or drop your home insurance.
How do I learn more about New Mexico’s home insurance?
People interested in finding out more about home insurance in New Mexico can check out the Rocky Mountain Insurance Information Institute. This organization offers a variety of useful information for homeowners in the U.S. Southwest.
