New Mexico Home Insurance Quotes Online
Are you looking for New Mexico home insurance rates?
At Insurance Geek, our knowledgeable team is ready to get homeowners the best possible home insurance in New Mexico at the best possible price while providing the best protection.
Before we get into the options you have and explain how to get and compare the quotes, let’s go over some key terms you should understand.
New Mexico Home Insurance: The Basics
What’s not to love about New Mexico?
From the food to the sights to the people, from Albuquerque and Las Cruces to Santa Fe, New Mexico is a desirable place to purchase a home and settle down. The number of owner-occupied homes is right around 67.9%, according to the last census, and it is higher than in the neighboring states of Arizona, Colorado, and Texas.
Crime rates in a given area also determine the average annual premium and what homeowners will pay for insurance in New Mexico.
In the past four years, violent crime has generally increased by 40% in New Mexico (similarly to North Carolina), which is a cause for concern in urban areas. Regardless, New Mexico ranks as the 49th most dangerous state – right there at the bottom – and most neighborhoods are generally safe.
What is a PERIL?
In the homeowner’s insurance world, a PERIL refers to anything that could damage your home. You will receive compensation for the damage that occurs as a result of a peril that is covered in your home insurance policy. The declarations page of a policy will contain a brief summary of covered perils.
As mentioned previously, crime is generally on the rise in New Mexico, which can always affect premiums.
Other potential perils include weather risks such as sandstorms, wind, thunderstorms, and in higher elevations, issues with snow and winter.
Some perils that are predominant in New Mexico are:
- property damage due to others, and
- sewer and drain backups.
Thus, to ensure you are getting adequate protection, your homeowners insurance in New Mexico should protect you against all those perils.
Another term we’d like to mention is the deductible.
It is the amount you ought to pay when it’s needed to file a claim. If you choose to go for a higher deductible, your premium will be lower, and vice versa – a lower deductible will mean a higher premium.
How are Premiums Determined in New Mexico?
Home insurance premiums depend on the state, but the matter is much more complicated than that.
Other factors that can affect how much you pay include:
Prior claims filed;
Insurance companies in New Mexico will want to know if claims have already been filed on the property that you wish to get home insurance for because it allows them to assess the probability that it will happen again. Prior claims may drive your rate up.
Your credit score;
A beneficial credit score will help you get a lower premium. So, if possible, improve it before you get home insurance by paying out your bills and loans punctually.
Value of dwelling;
To calculate the amount of coverage that you need, an insurance company will determine the value of the dwelling, which is similar to the replacement cost of your house. It is the sum of money needed to completely rebuild or repair your home.
Construction of dwelling;
Similarly to the previous factor, home insurance companies will assess the construction materials and the age of the house to get an estimate of its replacement cost.
The crime rate in your area and potential for peril;
As already noted, your personal home insurance rates will also depend on the state average rate. In the case of New Mexico, what increases your premium a bit is the potential for the crime that has generally been on the rise in recent years.
Insurance providers have different offers, and not all of them are going to be affordable or a good value for the money.
That’s why we are partnered with the best homeowners insurance companies, and our mission is to find the insurance company that has what you seek.
Auto credit and other discounts.
It is possible to lower the price for your home insurance in New Mexico by obtaining various types of discounts.
One of the most popular pathways to saving up is getting more kinds of policies with the same insurance company.
Another one is paying your policy in full or installing security alarms for theft and fire.
What is the Best Option for Home Insurance in New Mexico?
You’ll find that homeowners insurance companies offer many kinds of different insurance options and home insurance policies.
Bear in mind that, although we can find you the right policy for you, policy obligations of such insurance product are the sole responsibility of the issuing insurance carrier or the insurer underwriting, and insurer’s then-current criteria on the applicable insurance policy.
In general, you can get two types of homeowners insurance:
A named home insurance policy has those perils that are included explicitly stated.
As such, it is better suited for potential gaps in your existing policy, which we can also find if you share it with us! We can also help you get additional coverage or better rates.
ALL PERIL Policy
The best homeowners insurance in New Mexico is an all peril policy because all of the perils are covered in it unless one is explicitly omitted.
An ALL PERIL policy may be the next best step for you and your family. This type of homeowners policy will protect you from loss in all situations of peril similar to the ones noted above in New Mexico.
Get Home Insurance Quotes Today
As stated above, your coverage will be affected by your home’s current market value, insurance credit score, multiple lines within the household, claim history, auto credit ad discount, and other discounts.
Seems like a lot to take in, doesn’t it?
Insurance Geek is a licensed insurance producer resident in America, and we can connect you with the best homeowners insurance providers and homeowners insurance rates.
All you need to do to get the cheapest homeowners insurance policy is enter some personal information (your ZIP code and address) so that we can contact our carriers. All of our carriers have excellent J.D. Power financial strength ratings and a proven record of customer satisfaction.
Then, we will get you instant quotes for your homeowners insurance in New Mexico.
You can compare them and decide whether you want to purchase home insurance with us.
Insurance Geek agents work hand in hand with the insurance carriers via our Fat Agent app to provide you with the best possible prices on your homeowners insurance in all of New Mexico.
A variety of discounts are available for you!
If you get multiple policies with the same home insurance company (for example, home and life insurance), you can save up.
Fire and burglar alarms will also save you money, as well as paying your policy upfront.
Top Cities & Metro Suburbs in New Mexico for Homeowners
Homeowneres seeking New Mexico insurance come from all around the state, including the largest New Mexico cities:
- Rio Rancho
- Las Cruces
- Santa Fe
- South Valley
Insurance rates are a bit more affordable in the suburbs.
Here are the top metro suburbs in New Mexico at the time of this writing:
- Los Alamos
- White Rock
- Sandia Heights
- San Ysidro
- Santa Teresa
- North Valley
- El Cerro
- Los Lunas
- Bosque Farms
- Los Chaves
- Paradise Hills
We work with Nationwide, Safeco, and Progressive, all of which offer competitive homeowners insurance rates and coverage options so that we can pass the savings on to you. They have an excellent financial strength rating due to their professional approach and experience in the industry.
Who Should Get New Mexico Homeowners Insurance?
Is homeowners insurance required in New Mexico?
While a home insurance policy isn’t mandatory (though your mortgage lender will require it), the answer to who should get New Mexico home insurance is: Anyone.
Whether you are a new or an existing homeowner, you should have some type of homeowners insurance coverage in order to protect yourself.
We give quotes for homeowners in New Mexico who currently have policies or are shopping around. There’s always a better deal possible!
What Does Home Insurance Coverage Include?
Coverage options will vary, but most policies follow the structure outlined below.
Coverage details include:
- Coverage A – Dwelling Coverage
Dwelling coverage refers to the physical structure of the home itself and won’t cover any attached garages.
The dwelling coverage limits should be determined with the replacement cost of the house in mind to ensure that it can be entirely rebuilt.
- Coverage B – Separate Structures
Separate structures coverage can include mailboxes, attached garages, fences, sheds, gazebos, etc. – any property separate from the home itself that isn’t included in the dwelling coverage counts as a separate structure.
- Coverage C – Personal Property
Personal property refers to your personal belongings – heirlooms, furniture, dishes – any personal belonging you store in your home.
Sometimes, personal property policy limits for your high-value items might not be high enough. In that case, insurance companies offer you endorsements for additional coverage.
- Coverage D – Loss of Use Coverage
The loss of use portion of the policy accounts for the costs incurred if you’re unable to use your home for a period of time. These additional expenses are usually temporary housing and restaurant bills.
- Coverage E – Personal Liability Coverage
Personal liability insurance kicks in if you’re found liable for damages or a suit is brought against you or your family member due to a covered occurrence and can REALLY come in handy.
- Coverage F – Medical Payments
Coverage F accounts for the payment of medical bills for anyone injured on your property, whether inside or out.
What Isn’t Included in Your Home Policy?
While your home policy is one of the most comprehensive coverages out there, sometimes, you might still need some additional insurance products to protect every sphere of your life.
Here are some coverage options that our customers most frequently purchase in addition to home policies:
Auto Insurance (Car Insurance)
Auto insurance or car insurance is extremely important for protecting your vehicle and passengers.
We can generate the cheapest auto insurance quotes for you.
Flood coverage isn’t a part of a home insurance policy, and to get a standalone flood insurance policy, you’d have to obtain it through the National Flood Insurance Program.
However, Safeco, Nationwide, and Progressive offer excellent water backup policies. According to the Insurance Information Institute, water damages make up up 22% of all claims, so it is really something to consider.
Home Insurance in New Mexico: FAQ
Q: How much does homeowners insurance cost in New Mexico?
A: The average annual premium in New Mexico is $1,180, which is a bit lower than the national average cost in America. However, how much your home insurance costs depends on a variety of factors such as credit rating and discounts.
Q: What are the best homeowners insurance companies in New Mexico?
A: The best companies in New Mexico are Progressive, Nationwide, and Safeco, with an excellent financial strength customer satisfaction rating and a wide variety of affordable insurance products.
Insurance Geek can pair you up with the cheapest homeowners insurance in New Mexico and the right home insurance company for you.
To see what we can do for you, check out our pricing tool!