Best home insurance companies in New Mexico: State Farm
The best home insurance company in New Mexico for 2024 is State Farm. Farmers is the other best home insurance company in New Mexico based on price, NAIC complaints, and AM Best financial ratings.
The total Insurance.com score is calculated out of five using these factors.
| Company | AM Best | NAIC complaint ratio | Insurance.com score | Average annual rate |
|---|---|---|---|---|
| State Farm | A++ | 0.83 | 4.17 | $1,775 |
| Farmers | A | 0.67 | 2.83 | $3,083 |
Cheapest home insurance companies in New Mexico: State Farm
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 analysis, State Farm offers the cheapest home insurance for all five dwelling coverage limits. The home insurance rate for $300,000 dwelling coverage is $1,775 per year.
| Company | $200,000 | $300,000 | $400,000 | $600,000 | $1,000,000 |
|---|---|---|---|---|---|
| State Farm | $1,415 | $1,775 | $2,109 | $2,736 | $3,820 |
| Farmers | $2,036 | $3,083 | $4,179 | $6,340 | $10,598 |
Average home insurance cost in New Mexico
The average cost of homeowners insurance in New Mexico is $2,647 a year or $221 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.
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 TexasMost & least expensive ZIP codes for homeowners insurance in Texas
| ZIP code | City | Highest rate |
|---|---|---|
| 77550 | Galveston | $10,164 |
| 77586 | El Lago | $9,906 |
| 77551 | Galveston | $9,536 |
| 77554 | Galveston | $9,358 |
| ZIP code | City | Lowest rate |
|---|---|---|
| 78559 | Iglesia Antigua | $1,956 |
| 78593 | Santa Rosa | $1,999 |
| 79915 | El Paso | $2,008 |
| 79905 | El Paso | $2,009 |
The New Mexico Office of the Superintendent of Insurance says...
Some companies offer discounts when you "bundle" automobile and homeowner's insurance with them. The company may cover the house, auto, boat, etc., all under one policy. However, there may be situations where you can save money by spreading your coverage among several companies. It is your choice. Please shop carefully for all of your insurance needs.
- The New Mexico Office of the Superintendent of InsuranceThe 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 $5,552.
The most expensive ZIP codes in New Mexico are:
| ZIP code | Average annual rate |
|---|---|
| 88135 | $5,552 |
| 88132 | $5,432 |
| 88130 | $5,373 |
| 88101 | $5,320 |
| 88242 | $5,233 |
| 88411 | $5,230 |
The least expensive ZIP codes in New Mexico for home insurance
The cheapest ZIP codes for home insurance in New Mexico are:
| ZIP code | Average annual rate |
|---|---|
| 88021 | $1,738 |
| 88008 | $1,775 |
| 88063 | $1,776 |
| 88002 | $1,781 |
| 88081 | $1,789 |
| 88024 | $1,827 |
Compare New Mexico homeowners insurance rates with other states
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