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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.

CompanyJ.D. Power ScoreAM Best RatingAverage rating (out of 5)
State Farm829A++
5.0
Farmers792A
2.0

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 PremiumAverage Monthly Premium
$415$35

CONDO INSURANCE CALCULATOR

Average condo insurance rates in NEW MEXICO

$60,000
$1,000
$100,000
87105 - Albuquerque
Personal Property Coverage $60,000, Deductible $1,000 and Liability $100,000.

AVERAGE RATE: $503

HIGHEST RATE: $749 LOWEST RATE: $275

Most & least expensive zip codes for condo insurance in New Mexico

Most Expensive

Zip CodeCityHighest Rate
87106Albuquerque$557
87104Albuquerque$557
87108Albuquerque$557
87102Albuquerque$557

Least Expensive

Zip CodeCityLowest Rate
88312Alto$416
88316Capitan$416
88318Corona$416
88301Carrizozo$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.

CompanyAverage Annual Rate
State Farm$342
Farmers$451

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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