Condo insurance isn’t required by law in New Mexico, but your mortgage company likely requires it. Condo insurance is a home insurance policy that covers everything inside your condo, while the homeowners association’s insurance covers the outside of your building and common areas.
Depending on your HOA’s rules, your condo insurance may cover not only personal property, but also provides dwelling coverage known as building property coverage, for the interior of the structure. Make sure you know how much condo insurance you need before you buy condo insurance.
To find the best condo insurance in New Mexico, we’ve gathered data on the top companies. Below you’ll find a list of the best condo insurance companies in New Mexico with average annual rates.
Key takeaways
- The residents of New Mexico pay an average of $415 per year for condo insurance for a coverage level of $60,000 for personal property, $300,000 for liability protection with a $1,000 deductible.
- Based on the analysis by Insurance.com, State Farm is the top pick for the best condo insurance company in New Mexico.
- State Farm offers the cheapest condo insurance in New Mexico at an average of $342 per year.
Best condo insurance companies in New Mexico
In New Mexico, you have a lot of options when it comes to finding the best condo insurance company. To make your task easier, our insurance experts have analyzed premiums, coverage offerings, J.D Power score and customer satisfaction ratings of major insurers in New Mexico. Below are the best condo insurance companies in New Mexico based on Insurance.com’s analysis.
| Company | J.D. Power Score | AM Best Rating | Average rating (out of 5) |
|---|---|---|---|
| State Farm | 829 | A++ | |
| Farmers | 792 | A |
Average cost of condo insurance in New Mexico
The average cost of condo insurance in New Mexico is $415 a year or $35 a month with $1,000 as deductible, $60,000 in personal property coverage, and liability coverage of $300,000. Your average annual premium will vary depending on your location, the coverage limits you select, and the deductible amount among other factors.
To find the most affordable policy for your situation, compare quotes from multiple providers based on the coverage you need.
| Average Annual Premium | Average Monthly Premium |
|---|---|
| $415 | $35 |
CONDO INSURANCE CALCULATOR
Average condo insurance rates in NEW MEXICO
AVERAGE RATE: $503
Most & least expensive zip codes for condo insurance in New Mexico
Most Expensive
| Zip Code | City | Highest Rate |
|---|---|---|
| 87106 | Albuquerque | $557 |
| 87104 | Albuquerque | $557 |
| 87108 | Albuquerque | $557 |
| 87102 | Albuquerque | $557 |
Least Expensive
| Zip Code | City | Lowest Rate |
|---|---|---|
| 88312 | Alto | $416 |
| 88316 | Capitan | $416 |
| 88318 | Corona | $416 |
| 88301 | Carrizozo | $416 |
Condo insurance rates by company in New Mexico
Rates for condo insurance by company in New Mexico vary. It’s important to shop around and compare quotes to find the best price.
In the table given below, you’ll see condo insurance rates for major companies in New Mexico. The cheapest company for condo insurance in New Mexico is State Farm. Farmers, and , are the second and third cheapest options.
| Company | Average Annual Rate |
|---|---|
| State Farm | $342 |
| Farmers | $451 |
Compare condo insurance rates with other states
Methodology
Insurance.com compared condo insurance rates provided by Quadrant Data Solutions in 2022 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 2023.
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