The Best Home Insurance in New Mexico for 2024
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The average cost of homeowners insurance in New Mexico is $1,595 per year, or about $133 per month, according to a NerdWallet analysis. For comparison, the national average is $1,915 per year.
NerdWallet analyzed data from numerous insurance companies to help you find the best home insurance in New Mexico in the following categories:
Best for affordability: Travelers.
Best for coverage: Openly.
Best for consumer experience: Nationwide.
The rates in our analysis are estimates based on many factors, so your rate may differ.
Note: Some insurance companies included in this article may have made changes in their underwriting practices and no longer issue new policies in your state. Even if an insurer serves your state, it may not write policies for all homes in all areas.
Best affordable homeowners insurance in New Mexico: Travelers
Travelers
Coverage options
Discounts
NAIC complaints
Travelers
Coverage options
Discounts
NAIC complaints
In New Mexico, the average annual premium for Travelers is $1,580, which is less than the state average of $1,595.
Travelers offers a robust online experience. You can use the website to get a homeowners insurance quote, file and track claims, make payments and learn about insurance basics.
Its coverage offerings are similarly strong. For example, you may be able to add extra coverage in case the dwelling limit on your home isn’t enough to rebuild your house after a disaster. One unique option is Travelers’ green home coverage, which pays extra if you want to use eco-friendly materials when repairing or rebuilding your home after a covered claim.
Learn more in our Travelers homeowners insurance review.
Best homeowners insurance in New Mexico for coverage: Openly
Coverage options
Discounts
NAIC complaints
Openly
Coverage options
Discounts
NAIC complaints
Openly offers homeowners insurance with generous coverage. Its policies include guaranteed replacement cost coverage for the structure of your home, which means the company will pay whatever it takes to rebuild your home if it’s destroyed.
Unlike many other insurers, Openly doesn’t have dog breed restrictions that could affect your ability to get liability coverage. It may also be a good bet for homeowners with collections of jewelry or other valuables, with up to $100,000 of blanket coverage available for these items.
Learn more with our Openly home insurance review.
Best homeowners insurance in New Mexico for consumer experience: Nationwide
Nationwide
Coverage options
Discounts
NAIC complaints
Nationwide
Coverage options
Discounts
NAIC complaints
Nationwide offers a robust digital experience for its customers, including a website that makes it easy to manage policies, file and track claims, and set up automatic billing. It also has a highly rated app for Android and iOS that allows customers to file and track claims, review policy documents, and set up autopay.
In addition, Nationwide’s customers have several ways to get assistance, such as reaching out to their agent or calling the company’s customer service hotline. Outside of business hours, they can use the Nationwide website to get proof of insurance, pay bills and schedule callbacks. A chatbot is also available to answer basic questions.
Learn more with our Nationwide homeowners insurance review.
Full list of the best homeowners insurance in New Mexico
NerdWallet analyzed home insurance companies across the state to find the best home insurance in New Mexico. Here are all of the insurers that received a NerdWallet star rating of 4.5 or higher:
Company | NerdWallet star rating | Average annual rate |
|---|---|---|
Not available | ||
Not available | ||
Not available | ||
Not available | ||
Not available | ||
$1,590 | ||
$1,580 | ||
USAA* | Not available | |
*USAA homeowners policies are available only to active military, veterans and their families. | ||
How much does homeowners insurance cost in New Mexico?
The average annual cost of home insurance in New Mexico is $1,595. That’s 17% less than the national average of $1,915.
In most U.S. states, including New Mexico, many insurers use your credit-based insurance score to help set rates. Your insurance score is similar but not identical to your traditional credit score.
In New Mexico, those with poor credit pay an average of $3,575 per year for homeowners insurance, according to NerdWallet’s rate analysis. That’s 124% more than those with good credit.
Average cost of homeowners insurance in New Mexico by city
How much you pay for homeowners insurance in New Mexico depends on where you live. For instance, the average cost of home insurance in Albuquerque is $1,300 per year, while homeowners in Las Cruces pay $1,220 per year, on average.
City | Average annual rate | Average monthly rate |
|---|---|---|
Alamogordo | $1,645 | $137 |
Albuquerque | $1,595 | $133 |
Anthony | $1,590 | $133 |
Artesia | $4,485 | $374 |
Aztec | $1,590 | $133 |
Belen | $2,020 | $168 |
Bloomfield | $1,760 | $147 |
Carlsbad | $4,670 | $389 |
Chaparral | $2,015 | $168 |
Clovis | $4,835 | $403 |
Deming | $1,810 | $151 |
Espanola | $1,685 | $140 |
Farmington | $1,590 | $133 |
Gallup | $1,800 | $150 |
Hobbs | $5,445 | $454 |
Las Cruces | $1,415 | $118 |
Las Vegas | $2,505 | $209 |
Los Alamos | $1,590 | $133 |
Los Lunas | $2,020 | $168 |
Lovington | $5,125 | $427 |
Portales | $5,440 | $453 |
Rio Rancho | $1,530 | $128 |
Roswell | $3,690 | $308 |
Santa Fe | $1,530 | $128 |
Silver City | $1,590 | $133 |
The cheapest home insurance in New Mexico
Here are the insurers we found with average annual rates below the New Mexico average of $1,595.
Company | NerdWallet star rating | Average annual rate |
|---|---|---|
$1,580 | ||
$1,590 |
What to know about New Mexico homeowners insurance
You may face certain risks when living in New Mexico. Here are a few of the most common, along with steps you can take to insure your home properly against them.
Windstorms
Damage caused by extreme winds is typically covered in a standard home insurance policy. However, your policy may have a separate wind and hail deductible. (A deductible is the part of a claim that you’re responsible for paying.) These deductibles are often a percentage of your dwelling coverage, such as 1% or 2%. If your house has $250,000 worth of dwelling coverage and a 1% wind deductible, you’d have to pay for the first $2,500 of wind damage yourself.
Wildfire
Standard homeowners insurance typically covers damage caused by fire, but residents of high-risk areas should read their policies closely to make sure they understand any exclusions. Pay particular attention to the dwelling coverage limit, which is how much the insurance company will pay to rebuild your house. Check with your insurer to ensure you have enough coverage to rebuild if necessary. Learn more about wildfire insurance.
Flooding
Standard homeowners insurance policies typically do not cover flood damage. As a result, homeowners in flood-prone areas may need to purchase separate flood insurance.
To learn more about your flood risk, check out the Federal Emergency Management Agency's flood maps or visit RiskFactor.com, a website from the nonprofit First Street Foundation. Even if your property is deemed low risk, it may be worthwhile to purchase flood insurance for extra peace of mind.
You can purchase flood coverage at any time, but there’s typically a 30-day waiting period before the insurance takes effect. Here’s more information about flood insurance and waiting periods.
Earthquakes
Standard homeowners insurance policies do not typically cover structural damage due to an earthquake. For that, you’d need additional earthquake insurance. Be aware that earthquake insurance often has a separate deductible, which can be 10% to 20% of your dwelling coverage. For example, if you have a 20% earthquake deductible and $200,000 of dwelling coverage, you would need to pay $40,000 for earthquake damage before your insurance covers anything.
New Mexico insurance department
The New Mexico Office of Superintendent of Insurance oversees the state’s insurance industry and provides consumer information and protections. In addition to providing FAQs about the insurance industry, the office is a resource if you need to file a complaint against your insurer with an online complaint form. You can also contact the Consumer Assistance Bureau at 505-827-4549.
Amanda Shapland contributed to this story.
NerdWallet calculated median rates for 40-year-old homeowners from various insurance companies in every ZIP code across the state. All rates are rounded to the nearest $5.
Sample homeowners were nonsmokers with good credit living in a single-family, two-story home built in 1984. They had a $1,000 deductible and the following coverage limits:
$300,000 in dwelling coverage.
$30,000 in other structures coverage.
$150,000 in personal property coverage.
$60,000 in loss of use coverage.
$300,000 in liability coverage.
$1,000 in medical payments coverage.
We made minor changes to the sample policy in cases where rates for the above coverage limits or deductibles weren’t available.
We changed the credit tier from “good” to “poor,” as reported to the insurer, to see rates for homeowners with poor credit.
These are sample rates generated through Quadrant Information Services. Your own rates will be different.
Star rating methodology
NerdWallet’s homeowners insurance ratings reward companies for customer-first features and practices. Ratings are based on weighted averages of scores in several categories, including financial strength, consumer complaints, coverages, discounts and online experience. These ratings are a guide, but we encourage you to shop around and compare several insurance quotes to find the best rate for you. NerdWallet does not receive compensation for any reviews. Read our full homeowners insurance rating methodology.
Complaint methodology
NerdWallet examined complaints received by state insurance regulators and reported to the National Association of Insurance Commissioners in 2020-2022. To assess how insurers compare with one another, the NAIC calculates a complaint index each year for each subsidiary, measuring its share of total complaints relative to its size, or share of total premiums in the industry. To evaluate a company’s complaint history, NerdWallet calculated a similar index for each insurer, weighted by market shares of each subsidiary, over the three-year period. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC. Ratios are determined separately for auto, home (including renters and condo) and life insurance.
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