Average condo insurance cost in New Mexico
The average cost of condo insurance in New Mexico is $392 per year or $33 per month for $60,000 in personal property coverage, $300,000 in liability coverage and a $1,000 deductible. Your actual annual premium will vary depending on:
- Where you live
- Coverage limits and deductible
- Age of the building and construction materials
- Your claims history and credit score
To find the cheapest company for you, compare quotes from multiple insurance providers and choose the coverage that fits your needs.
| Average annual premium | $392 |
| Average monthly premium | $33 |
Condo insurance rates in New Mexico by company and coverage level
State Farm offers the lowest condo insurance rates in New Mexico for coverage limits of $60,000 for personal property and $300,000 for liability with a $1,000 deductible.
The second most affordable option is Farmers at $426 per year. However, prices will vary depending on the coverage level you choose.
The table below shows condo insurance rates from top companies at different coverage levels.
| Company | $40,000 contents/$100,000 liability | $40,000 contents/$300,000 liability | $60,000 contents/$100,000 liability | $60,000 contents/$300,000 liability | $80,000 contents/$100,000 liability | $80,000 contents/$300,000 liability | $100,000 contents/$100,000 liability | $100,000 contents/$300,000 liability |
|---|---|---|---|---|---|---|---|---|
| State Farm | $301 | $311 | $315 | $325 | $322 | $332 | $328 | $338 |
| Farmers | $364 | $373 | $417 | $426 | $462 | $471 | $506 | $514 |
Condo insurance rates by company in New Mexico
The cheapest option is State Farm, followed by Farmers as the second most affordable choice. However, condo insurance rates in New Mexico vary by company, so it’s a good idea to shop around and compare quotes.
The table below shows condo insurance rates from major companies in New Mexico.
| Company | Average annual premium | Average monthly premium |
|---|---|---|
| State Farm | $325 | $27 |
| Farmers | $426 | $35 |
Compare condo insurance rates by city in New Mexico
Condo insurance rates vary by city. Factors like weather, crime rates and property values all play a role in pricing. To find the cheapest and best condo insurance in your city in New Mexico, consider these factors and compare quotes from different insurance companies.
City Annual insurance premium
Methodology
Insurance.com compared condo insurance rates provided by Quadrant Information Services across all 50 states and Washington, D.C.
Average condo insurance rates are based on:
- $60,000 in personal property coverage
- $300,000 in liability coverage
- $1,000 deductible
- Good credit
Rates were also fielded at varying personal property and liability coverage levels for comparison.
FAQ
Is condo insurance required in New Mexico?
No, condo insurance is not require by law in New Mexico, but your mortgage company will require it.
What does condo insurance typically cover in New Mexico?
Condo insurance covers your personal property, the interior of your unit, loss of use and personal liability.
How can I lower my condo insurance premium in New Mexico?
To lower your rates, shop around, ask about discounts and bundle your condo and auto insurance.