A well-made home is a great investment, and one of the best ways to protect that investment is by purchasing the right homeowners insurance policy.
USAA tops the list of best homeowners insurance companies in New Mexico with an overall score of 5. It has earned 882 scores out of 1000 from J.D. Power and A.M. Best rated it A++, which is the highest ratings they offer.
Whereas Liberty is the cheapest homeowners insurance company in New Mexico, its average rate is $1,931 a year.
With all these different options, it's no wonder that many people are left feeling confused. But don't worry, we have got you covered. In this guide, you will find everything you need to know about homeowners insurance in New Mexico. Along with the best home insurance companies, you will also find a list of the least and most expensive ZIP codes. All this information will help you make an informed decision when buying insurance for your home.
- The average cost of homeowners insurance in New Mexico is $2,299 a year, or $192 a month.
- The most expensive ZIP code for homeowners insurance in New Mexico is 88125
- Liberty, Allstate, and Safeco are the top three cheapest homeowners insurance companies in New Mexico.
- Best home insurance companies in New Mexico
- Compare best homeowners insurance companies in New Mexico
- Average cost of homeowners insurance in New Mexico
- 10 Most expensive zip codes in New Mexico for homeowners insurance
- 10 Least expensive zip codes in New Mexico for homeowners insurance
- Cheap homeowners insurance in New Mexico
- Home and auto bundle discounts in New Mexico
Best home insurance companies in New Mexico
If you're looking for the best homeowners insurance company in New Mexico, we've got you covered. We've compiled a list of some of the top-rated insurers in the state and compared their rates, their customer satisfaction rating, J.D. Power score, claims handling and AM Best rating to help make your decision easier. Here is the list of best home insurance companies in New Mexico:
- USAA
- Farmers
- Chubb
- Travelers
- Progressive
Compare best homeowners insurance companies in New Mexico
There are many great home insurance companies in New Mexico, but not all of them offer the same benefits. We have compared rates from top insurance providers and selected the best companies for you based on insurance.com's analysis. These leading providers offer competitive prices and provide excellent customer service, also you can find their J.D Power scores and A.M Best ratings in the table below.
| Company | Overall rating | J.D. Power score | AM Best rating |
|---|---|---|---|
| USAA | 5 | 882 | A++ |
| Farmers | 4 | 813 | A |
| Chubb | 2 | 801 | A++ |
| Travelers | 2 | 800 | A++ |
| Progressive | 1 | 821 | A+ |
Average cost of homeowners insurance in New Mexico
The average cost of homeowners insurance in New Mexico is $2,299 a year, or $192 a month. Many factors go into determining the home insurance rates in New Mexico. ZIP code, home's size and construction, and the amount of coverage you need are some of the factors that an insurance company takes into account when calculating your insurance premium.
| Average annual premium | Average monthly premium |
|---|---|
| $2,299 | $192 |
10 Most expensive zip codes in New Mexico for homeowners insurance
Factors like your home's value, local crime rate, and weather risks such as floods affect your home insurance rates in New Mexico. If you live in an area with high crime rates or your area is at risk of severe weather conditions, then your insurance rates may be high.
For instance, the most expensive ZIP code for homeowners insurance in New Mexico is 88125; its average insurance rate is $3,559--- $1,260 more than the state average
We have compared rates from all the major insurance providers across all the ZIP codes and put together a list of the 10 most expensive ZIP codes for homeowners insurance in New Mexico.
| ZIP code | Average annual rate |
|---|---|
| 88125 | $3,559 |
| 88123 | $3,436 |
| 88113 | $3,386 |
| 88116 | $3,287 |
| 88118 | $3,282 |
| 88132 | $3,278 |
| 88130 | $3,273 |
| 88126 | $3,266 |
| 88135 | $3,234 |
| 88213 | $3,233 |
10 Least expensive zip codes in New Mexico for homeowners insurance
The least expensive ZIP code for home insurance in New Mexico is 87547; its average insurance rate is $1,191--- that's $1,108 less than the state average.
Below are the ten least expensive ZIP codes in New Mexico for homeowners insurance, based on Insurance.com's rate analysis.
| ZIP code | Average annual rate |
|---|---|
| 87547 | $1,191 |
| 87112 | $1,273 |
| 88001 | $1,276 |
| 88003 | $1,280 |
| 87109 | $1,281 |
| 87111 | $1,288 |
| 88063 | $1,299 |
| 88007 | $1,303 |
| 87123 | $1,310 |
| 88048 | $1,314 |
Cheap homeowners insurance in New Mexico
Liberty, Allstate, and Safeco are the top three cheapest homeowners insurance companies in New Mexico. This data is collected from major insurers for nearly every ZIP code in the state and averaged by coverage level and company.
The first thing to know about home insurance is that it's different for every homeowner. Your home insurance premium depends on factors like the construction materials used in your house, its age and location, etc. Therefore, it's important to compare rates from different insurers before making a decision. Comparison shopping can help you save hundreds of dollars annually.
Based on Insurance.com's rate analysis, these are some of the cheapest homeowners insurance companies in New Mexico.
| Company name | Average annual premium |
|---|---|
| Liberty | $1,931 |
| Allstate | $2,245 |
| Safeco | $2,597 |
| State Farm | $3,410 |
| Farmers | $3,450 |
| Travelers | $3,999 |
Home and auto bundle discounts in New Mexico
One of the best ways to save on your homeowners insurance cost is by bundling home-auto policies. If you purchase your auto and home insurance policies from the same company, you can save an average of $548 a year or 19%, based on insurance.com's rate analysis.
Know how major carriers in Michigan compare when it comes to home-auto bundle discount savings in the table below.
| Company | $ Bundle average saving | % Bundle average saving |
|---|---|---|
| State Farm | $929 | 35% |
| Farmers | $776 | 22% |
| Allstate | $522 | 23% |
| Travelers | $407 | 12% |
| Foremost Insurance | $108 | 4% |
