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If you own a condo, it is important to have the best condo insurance. This type of insurance will protect your home and belongings in case of a disaster or other events. In addition to protecting your belongings from damage or destruction, condo insurance also provides liability coverage that could provide protection in the event of an accident. It covers your condo's interior structure and your belongings that are not covered by your homeowners association (HOA) insurance policy.

This guide will help you know about the best condo insurance companies in New Mexico, also find out the least and most expensive zip codes for New Mexico residents. Use this resource to find the most affordable condo insurance company in New Mexico under your budget.

KEY TAKEAWAYS
  • Condo owners in New Mexico pay an average of $532 per year or $44 per month in condo(HO6) insurance.
  • Allstate is the cheapest condo insurance company in New Mexico at only $196 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 rating of all the major insurers across New Mexico. Below are the best condo insurance companies in New Mexico based on Insurance.com's analysis.

  • State Farm
  • Allstate
  • Farmers
  • Safeco
  • Liberty Mutual

Compare best condo insurance companies in New Mexico

State Farm is our top pick for the best condo insurance company in New Mexico. It has earned 835 scores out of 1000 from J.D. Power, the highest among the carriers surveyed. Apart from State Farm, Allstate can be your best bet for condo insurance in New Mexico. It has received 829 scores out of 1000 from J.D. Power and an A+ rating from AM Best.

Buying condo insurance is different from getting a standard homeowners insurance policy. Condo insurance and single-family homeowners insurance seem to be the same thing. Just like a traditional home insurance policy, condominium insurance covers -

  • Personal property coverage- This covers your personal belongings such as furniture, electronics, clothing, and jewelry.
  • Liability protection- This provides protection if someone is hurt or injured on your property, or you damage someone else's property.
  • Dwelling coverage- It protects the building itself and any structures in it.
CompanyJ.D. Power scoreAM Best rating
State Farm835A++
Allstate829A+
Farmers813A
Safeco810A
Liberty Mutual806A
Travelers800A++

Average cost of condo insurance in New Mexico

The average cost of condo insurance in New Mexico is $469 annually or $39 per month for $40,000 as personal property coverage with a $1,000 deductible and $100,000 in liability protection. However, rates can vary based on the insurance company you choose and the zip code you live in.

If you are looking to buy a condominium, condo insurance is an important consideration. Not only does it provide coverage for common areas and appliances in the building but also provides protection for personal belongings and the interior of the unit against damage caused by fire or theft, vandalism, or natural disasters.

Investing in a condo is one of the largest investments you'll make in your lifetime. Therefore, it makes sense to protect this investment with condo insurance.

Average annual premiumAverage monthly premium
$469$39

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 companies in New Mexico

Based on Insurance.com's rate analysis, Allstate is the cheapest condo insurance company among the carriers surveyed. Its average annual premium is $196---$273 less than the state average ($469). Apart from Allstate, State Farm and Travelers are the other two cheap insurance companies in New Mexico for condo insurance.

Condo insurance rates can vary based on where you live, how much liability protection you need and how comprehensive your condo insurance coverage is. To find the perfect condo insurance policy, it's important that you get price quotes from multiple insurers and compare their rates. This is one of the best ways to get a great condo insurance policy in New Mexico.

Below is the list of best condo insurance providers and their average annual premium for New Mexico residents.

CompanyAverage annual premium
Allstate$196
State Farm$392
Travelers$405
Farmers$475
Safeco$541
Liberty Mutual$806

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