- Best condo insurance companies in New Mexico
- Average cost of condo insurance in New Mexico
- Condo insurance rates in New Mexico by coverage level
- Condo insurance rates by company in New Mexico
- Compare condo insurance rates by city in New Mexico
- Methodology
- Compare New Mexico condo insurance rates with other states
Best condo insurance companies in New Mexico
There are many companies offering condo insurance coverage in New Mexico. State Farm is the best condo insurance company in New Mexico based on our analysis. Our insurance experts reviewed prices and ratings from trusted sources like the National Association of Insurance Commissioners (NAIC) and AM Best.
Based on our research, here are the best condo insurance companies in New Mexico.
| Company | Annual premium | AM Best rating | NAIC | Insurance.com rating |
|---|---|---|---|---|
| State Farm | $323 | A++ | 0.95 | |
| Farmers | $451 | A | 0.54 |
Average cost of condo insurance in New Mexico
The average cost of condo insurance in New Mexico is $408 per year or $34 per month for $60,000 in personal property coverage, $300,000 in liability coverage and a $1,000 deductible. Your actual annual premium may be higher or lower depending on where you live, the coverage limits you choose, your deductible and other factors.
To find the cheapest company for you, compare quotes from multiple insurance providers and choose the coverage that fits your needs.
| Average annual premium | $408 |
| Average monthly premium | $34 |
Condo insurance rates in New Mexico by 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 $451 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 |
|---|---|---|---|---|---|---|---|---|
| Farmers | $388 | $396 | $443 | $451 | $487 | $495 | $529 | $538 |
| State Farm | $300 | $310 | $313 | $323 | $319 | $329 | $324 | $334 |
Condo insurance rates by company in New Mexico
The cheapest option is State Farm, followed by Farmers and as the second and third most affordable choices. 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 rate | Average monthly rate |
|---|---|---|
| State Farm | $323 | $27 |
| Farmers | $451 | $38 |
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 Data Solutions in 2023 for $60,000 of personal property coverage with a $1,000 deductible and $300,000 of liability coverage for all available ZIP codes and with a good credit score. The content was updated in 2024.
Compare New Mexico condo insurance rates with other states
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