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State Farm is the best homeowners insurance company in New Mexico, based on a 2023 analysis by Insurance.com, with an overall rating of 3.95. Farmers is the second-best home insurance company in New Mexico, with an overall rating of 3.3.  

State Farm offers the cheapest home insurance in New Mexico at $2,127 a year. 

With so many options out there, it is not easy to choose a homeowners insurance company in New Mexico. You need a reliable company that will provide you with quality service at an affordable price. If this is what you're looking for, read on.

Key takeaways

  • The average cost of homeowners insurance in New Mexico is $2,542 a year or $212 a month.
  • The cheapest homeowners insurance company in New Mexico is State Farm, which offers home insurance at an average of $2,127 a year.
  • State Farm ranked as the best insurance company in New Mexico based on rates, complaints, and financial stability.

Average home insurance cost in New Mexico

The average cost of homeowners insurance in New Mexico is $2,542 a year or $212 a month. This is based on coverage of:

  • $300,000 dwelling
  • $300,000 liability
  • $1,000 deductible.

However, the average annual premium varies by the insurance company, your ZIP code, coverage type, your home's age, among other factors. It’s a good idea to compare price quotes from different New Mexico homeowners insurance companies to get the best deal.

Best home insurance companies in New Mexico 

The best home insurance company in New Mexico for 2023 is State Farm, followed by Farmers

Below is a full list of the top New Mexico insurance companies based on price, NAIC complaints, and AM Best financial ratings. The total Insurance.com score is calculated out of five using these factors.

Best home insurance companies in New Mexico 
Insurance companyAM BestAverage annual rateNAIC Complaint ratioInsurance.com score
State FarmA++$ 2,1271.073.95
FarmersA$ 2,7500.333.3

Cheapest home insurance companies in New Mexico 

Below are New Mexico home insurance rates by company for six different levels of dwelling coverage, each with $300,000 in liability and a $1,000 deductible. Based on our rate analysis, you’ll see State Farm has the most affordable rates in every category. 

Cheapest home insurance rates in New Mexico by coverage level
Company$200,000$300,000$400,000$500,000$600,000
State Farm$ 1,652$ 2,127$ 2,601$ 3,001$ 3,301
Farmers$ 1,818$ 2,750$ 3,718$ 4,315$ 4,742

New Mexico home insurance rates by ZIP code

Home insurance rates can vary widely depending on where the home is located. We compared home insurance rates by ZIP code in New Mexico to see which areas are the most and least expensive.

Enter your ZIP code and desired coverage level in the search box to see the average home insurance rate for that area. You will also see the highest and lowest premiums from major home insurers. This will give you an idea of how much you can save by comparing home insurance rates. The difference between the highest rate and the lowest rate is how much you could save by shopping around.

HOME INSURANCE CALCULATOR

Average home insurance rates in CALIFORNIA

$200,000
$1,000
$100,000
94404 - Foster City
Dwelling $200,000, Deductible $1,000 and Liability $100,000.

AVERAGE RATE: $797

HIGHEST RATE: $1,179 LOWEST RATE: $496

Most & least expensive zip codes for homeowners insurance in California

Most Expensive

Zip CodeCityHighest Rate
92325Crestline$1,450
92391Twin Peaks$1,426
92321Cedar Glen$1,425
92352Lake Arrowhead$1,423

Least Expensive

Zip CodeCityLowest Rate
94086Sunnyvale$742
94085Sunnyvale$743
94087Sunnyvale$743
95051Santa Clara$743

The most expensive ZIP codes in New Mexico for home insurance 

New Mexico homeowners insurance rates are the most expensive for ZIP code 88135 with an average annual cost of $5,790

The most expensive ZIP codes in New Mexico are:

ZIP codeAverage annual rates
88135$ 5,790
88132$ 5,636
88130$ 5,559
88101$ 5,489
88242$ 5,415
88411$ 5,393

The least expensive ZIP codes in New Mexico for home insurance

The cheapest ZIP codes for home insurance in New Mexico are:

ZIP codeAverage annual rates
87544$ 1,722
88001$ 1,735
88005$ 1,738
88003$ 1,741
88012$ 1,762
88021$ 1,763
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