Best and Cheapest Homeowners Insurance in New Mexico for 2024 (Save With These 10 Companies)
USAA, State Farm, and Progressive lead the market with the best and cheapest homeowners insurance in New Mexico, and their rates start at $23 per month. Many insurers offer unique benefits, from USAA's military-specific protections to State Farm's extensive local agent network and Progressive's smart home integration discounts.
New Mexico homeowners face unique challenges, including above-average property crime rates and frequent natural disasters. Since 1953, the state has experienced 50 fire-related federal disasters.
| Company | Rank | Monthly Rates | A.M. Best | Best For | Jump to Pros/Cons |
|---|---|---|---|---|---|
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#1 | $23 | A++ | Military Focus | USAA |
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#2 | $24 | B | Large Network | State Farm |
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#3 | $30 | A+ | Telematics Discounts | Progressive |
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#4 | $31 | A++ | Direct Sales | Geico |
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#5 | $32 | A++ | Bundling Options | Travelers |
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#6 | $36 | A | Customer Loyalty | American Family |
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#7 | $46 | A | Group Affiliation | Farmers |
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#8 | $55 | A+ | Usage-Based | Allstate |
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#9 | $56 | A | Custom Coverage | Liberty Mutual |
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#10 | $76 | A+ | Affinity Programs | Nationwide |
Important factors include claims processing methods, local agent availability, and special discounts for smart home devices or claim-free records. Protecting your home doesn’t have to be expensive. Enter your ZIP code into our free tool to find affordable homeowners insurance today.
What You Should Know
- The most notable discount is USAA's military-specific protections
- Progressive's smart home integration program reduces rates through device monitoring
- State Farm's extensive network of local agents provides personalized service
#1 – USAA: Top Overall Pick
Pros
- Military-Specific Coverage: Military homeowners insurance in New Mexico through USAA includes special discounts for active duty relocations and deployment considerations.
- Natural Disaster Protection: Our USAA car insurance review shows the same reliability in their New Mexico homeowners insurance coverage against regional risks like wildfires and storms.
- Claims-Free Rewards: Home insurance in New Mexico policyholders can earn significant discounts to maintain a claims-free record.
Cons
- Restricted Eligibility: New Mexico homeowners insurance coverage is only available to military members, veterans, and their immediate families.
- Limited Local Offices: Home insurance in New Mexico customers must primarily rely on digital or phone interactions rather than in-person service.
#2 – State Farm: Best for Large Network
Pros
- Extensive Agent Network: The company maintains the largest network of local agents for personalized New Mexico homeowners insurance assistance.
- Home Alert Discounts: Similar to findings in our State Farm car insurance review, their home insurance in New Mexico offers significant savings for security system installation.
- Local Market Expertise: Their agents provide specialized knowledge about the average cost of homeowners insurance in New Mexico based on specific neighborhood factors.
Cons
- Limited Online Tools: New Mexico home insurance claims require agent involvement for most processes.
- Stricter Qualification: Higher New Mexico condo insurance approval standards than other providers.
#3 – Progressive: Best for Telematics Discounts
Pros
- Smart Home Integration: New Mexico homeowners insurance rates can be reduced through smart device monitoring and automation.
- Flexible Payment Options: According to our Progressive car insurance review, their home insurance in New Mexico offers customizable payment schedules to fit any budget.
- Multiple Property Savings: Special discounts for insuring multiple properties under New Mexico home insurance policies.
Cons
- Third-Party Underwriting: Some New Mexico homeowners insurance policies are underwritten by partner companies.
- Complex Discount Structure: Qualifying for the best rates on homeowners insurance in New Mexico requires multiple policy combinations and monitoring devices.
#4 – Geico: Best for Direct Sales
Pros
- Online Price Comparison: Home insurance in New Mexico customers can easily compare rates across different coverage levels.
- Digital Claims Process: Homeowners insurance in New Mexico claims can be processed entirely through their mobile app.
- 24/7 Customer Service: Similar to their auto coverage highlighted in comprehensive reviews, New Mexico homeowners insurance support is available round-the-clock.
Cons
- No Local Agents: Central customer service manages New Mexico home insurance policies entirely.
- Limited Customization: Their HO-6 insurance policy in New Mexico offers fewer customization options than other providers.
#5 – Travelers: Best for Bundling Options
Pros
- Green Home Discounts: New Mexico homeowners insurance offers special rates for LEED-certified homes.
- Decreasing Deductible: Our Travelers car insurance review confirms their home insurance in New Mexico features declining deductibles over time.
- Multi-Policy Benefits: Strategic policy bundling can significantly reduce the average cost of homeowners insurance in New Mexico.
Cons
- Higher Base Rates: New Mexico home insurance premiums start higher before discounts.
- Complex Claims Process: Multiple steps are required to resolve the New Mexico homeowners insurance claim.
#6 – American Family: Best for Customer Loyalty
Pros
- Loyalty Rewards Program: The average cost of homeowners insurance in New Mexico decreases each year of continuous coverage.
- Diminishing Deductible: As our review of American Family car insurance highlights, their New Mexico homeowners insurance features an annually decreasing deductible benefit.
- Renovation Benefits: Home insurance in New Mexico includes special coverage during home improvements and upgrades.
Cons
- Regional Limitations: New Mexico home insurance coverage may vary by specific service areas within the state.
- Complex Qualification Process: New Mexico condo homeowners insurance requires detailed property assessment.
#7 – Farmers: Best for Group Affiliation
Pros
- Professional Group Discounts: Special rates on New Mexico homeowners insurance for members of qualifying professional organizations.
- Eco-Friendly Coverage: Our Farmers car insurance review shows similar green initiatives in their home insurance in New Mexico for sustainable homes.
- Claims Forgiveness: The average cost of homeowners insurance in New Mexico won't increase after the first claim.
Cons
- Age-Based Pricing: New Mexico home insurance rates vary significantly based on home age.
- Limited Online Features: Most New Mexico homeowners insurance policy changes require agent assistance.
#8 – Allstate: Best for Usage-Based
Pros
- Welcome Discount: New New Mexico homeowners insurance policyholders receive significant first-year savings.
- Usage Monitoring Benefits: Similar to findings in our Allstate car insurance review, home insurance in New Mexico offers smart-home monitoring discounts.
- Claim-Free Transfer: A previous claim-free history from other insurers reduces New Mexico's home insurance rates.
Cons
- High Deductibles: New Mexico homeowners insurance baseline deductibles start higher than competitors.
- Limited Bundling Options: Fewer combination possibilities for New Mexico condo insurance packages with homeowners insurance.
#9 – Liberty Mutual: Best for Custom Coverage
Pros
- Customizable Plans: Flexible New Mexico homeowners insurance allows selecting specific coverage elements.
- Emergency Repair Service: Our car insurance review of Liberty Mutual demonstrates their commitment to rapid home insurance in New Mexico emergency response.
- Inflation Protection: The average cost of homeowners insurance in New Mexico automatically adjusts for construction cost increases.
Cons
- Coverage Gaps: Some New Mexico home insurance add-ons are required for comprehensive coverage.
- Price Variations: New Mexico condo insurance rates for homeowners fluctuate significantly between renewal periods.
#10 – Nationwide: Best for Affinity Programs
Pros
- Organization Partnerships: Members of participating groups receive special New Mexico homeowners insurance discounts.
- Better Roof Replacement: Our Nationwide car insurance review shows similar quality in their home insurance in New Mexico roof replacement coverage.
- Personal Property Extension: The average cost of homeowners insurance in New Mexico includes expanded personal property coverage.
Cons
- Strict Documentation: New Mexico home insurance claims require extensive documentation.
- Limited Regional Offices: Few physical locations for New Mexico homeowners insurance service.
The Best New Mexico Homeowners Insurance Rates
Property crimes are a great challenge for the best home insurance companies in New Mexico. FBI data shows 81,931 property crimes, 17,281 burglaries, and 52,907 larceny thefts in 2016, all above the national average. Here's a comprehensive comparison of minimum and full coverage monthly rates from the top homeowners insurance in New Mexico providers:
| Insurance Company | Minimum Coverage | Full Coverage |
|---|---|---|
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$55 | $158 |
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$36 | $103 |
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$46 | $131 |
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$31 | $90 |
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$56 | $161 |
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$76 | $96 |
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$30 | $86 |
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$24 | $69 |
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$32 | $91 |
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$23 | $65 |
Given New Mexico's history of natural disasters, home insurance buyers in the state should know that, since 1953, there have been 50 fires, 19 floods, and 12 severe storms.
Read More: Top 5 Lessons Learned After A Natural Disaster
When comparing providers, consider these risks to find the cheapest home insurance in New Mexico.
Perils covered by home insurance in New Mexico vary depending on location-based risks. Though home insurance in New Mexico generally covers these perils, the coverage levels and rates differ.
To better understand insurance needs across New Mexico's major population centers, here's a breakdown of annual accidents and resulting claims:
| City | Accidents per Year | Claims per Year |
|---|---|---|
| Alamogordo | 800 | 600 |
| Albuquerque | 7,200 | 5,800 |
| Carlsbad | 850 | 650 |
| Clovis | 900 | 700 |
| Farmington | 1,400 | 1,100 |
| Hobbs | 1,200 | 950 |
| Las Cruces | 1,800 | 1,400 |
| Rio Rancho | 1,600 | 1,200 |
| Roswell | 1,100 | 850 |
| Santa Fe | 1,300 | 1,000 |
These statistics show the high-risk level in some cities compared to others, such as Albuquerque, Las Cruces, and Rio Rancho. Analysis of common insurance claims in New Mexico reveals the following patterns:
| Claim Type | Portion of Claims | Cost per Claim |
|---|---|---|
| Rear-End Collisions | 35% | $4500 |
| Single-Vehicle Accidents | 25% | $6200 |
| Uninsured Motorist Claims | 15% | $10000 |
| Weather-Related Damage | 15% | $5800 |
| Theft and Vandalism | 10% | $3200 |
The data indicated that most claims are related to collisions and that uninsured motorist claims have the highest average cost of $10,000 per incident.
Homeowners Insurance Discounts in New Mexico
The cheapest and best New Mexico homeowners insurance begins with understanding the available discounts. Multi-policy bundles can dramatically lower New Mexico home insurance rates, as State Farm offers up to 25% off when you bundle home and auto insurance.
USAA is the only source of exclusive military discounts for cheap homeowners insurance in New Mexico. In contrast, Progressive's exclusive Snapshot program allows you to get personalized rates for smart home monitoring. Here's a comprehensive look at available discounts from top providers:
| Insurance Company | Available Discount |
|---|---|
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Multi-Policy (bundling Auto and Homeowners), Anti-Theft Device, Safe Driver, Early Signing, Responsible Payer, New Car, Good Student, Anti-Lock Brakes, Full Pay |
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Multi-Policy, Loyalty Discount, Auto Safety Equipment, Defensive Driver, Steer Into Savings (switching Provider), Good Student |
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Multi-Policy, Good Driver, Good Student, Safety Features, Signal App, Homeowner Discount, Professional Group, Pay-In-Full, New Car, Electronic Payments |
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Multi-Policy, Defensive Driving, Anti-Theft Device, Good Driver, Good Student, Seatbelt Use, New Vehicle, Federal Employee, Military Discount, Multi-Car |
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Multi-Policy, New Vehicle, Multi-Car, Safety Features, Hybrid Car, Anti-Theft, Good Student, Homeowner Discount, Safe Driver |
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Multi-Policy, Safe Driver, Anti-Theft, Accident-Free, Defensive Driving, Good Student, Easy Pay Sign-Up, New Vehicle, Affinity Groups |
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Multi-Policy, Snapshot (telematics), Continuous Insurance, Good Student, Multi-Car, Homeowner, Pay-In-Full, Online Quote, Paperless Billing |
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Multi-Policy, Safe Vehicle, Good Student, Safe Driver, Drive Safe & Save, Anti-Theft Device, Accident-Free, Defensive Driving |
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Multi-Policy, New Car, Safe Driver, Hybrid or Electric Car, Anti-Theft Device, Multi-Car, Good Student, Continuous Insurance, Homeowner Discount |
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Multi-Policy, Safe Driver, New Vehicle, Defensive Driver, Multi-Car, Loyalty Discount, Good Student, Military Discount, Anti-Theft Device |
On top of discounts, how can a person get cheap home insurance in New Mexico? By adding additional deductibles or by installing a smart home security system that is eligible for reduced rates of up to 20 percent with Travelers and Liberty Mutual. A breakdown of major insurance discounts in New Mexico reveals their relative value and accessibility:
| Discount Name | Grade | Savings | Participating Providers |
|---|---|---|---|
| Military Discount | A+ | 15% | USAA, Geico, Armed Forces Insurance |
| Safe Driver Discount | A | 30% | Progressive, Geico, Nationwide |
| Multi-Policy Discount | A | 25% | State Farm, Allstate, Farmers |
| Vehicle Safety Features | A | 20% | USAA, Travelers, Nationwide |
| Paid-in-Full Discount | A | 10% | State Farm, Nationwide, Travelers |
| Defensive Driving Course | A- | 10% | Geico, Farmers, The Hartford |
| Good Student Discount | B+ | 20% | State Farm, Allstate, Liberty Mutual |
| Homeowner Discount | B+ | 10% | Liberty Mutual, Farmers, Progressive |
| Low Mileage Discount | B | 15% | Progressive, Safeco, Allstate |
| Early Renewal Discount | B | 8% | Progressive, Safeco, Allstate |
Military and safe driver discounts offer the most potential savings, and early renewal offers more modest but valuable reductions. Here's an overview of how certain factors impact New Mexico premiums:
| Category | Grade | Explanation |
|---|---|---|
| Discounts Availability | B | Moderate Discounts |
| Liability Coverage Cost | B | Affordable Minimum |
| Rate Stability | B- | Occasional Increases |
| Average Premium Cost | C+ | Slightly Above Average |
| Comprehensive & Collision Rates | C+ | Higher Costs |
| Affordability | C | Limited Affordability |
This evaluation gives New Mexico's insurance market a strong rating regarding the availability of discounts and liability coverage pricing. However, affordability continues to be challenging in some areas.
Finding Affordable New Mexico Homeowners Insurance
The best and cheapest New Mexico homeowners insurance providers include USAA (specialized military coverage and active duty discounts), State Farm (New Mexico's largest local agent network), and Progressive (smart home monitoring discounts).
New Mexico home insurance quotes can vary greatly depending on the value of the dwelling, the location, and the coverage needs, but minimum coverage home insurance quotes range from $23 per month up to $76 per month.
Far from home but never out of mind. We're grateful for our deployed service members and the loved ones supporting them back home. #NationalDayoftheDeployed pic.twitter.com/YdrUifqT7M
— USAA (@USAA) October 26, 2024
Don’t wait until it’s too late; check out our guide for understanding homeowners insurance and protect your home by using our free quote comparison tool to find affordable home insurance today.
Frequently Asked Questions
Who offers the best New Mexico homeowners insurance rates for a $200K home?
Of the five most popular homeowners insurance companies in New Mexico, USAA Insurance offers the cheapest home insurance rates for an average $200K New Mexico home.
Who offers the best New Mexico homeowners insurance rates for a $400K home?
On average, USAA also offers the cheapest homeowners insurance rates in New Mexico for a $400K home among the most popular companies.
Don’t settle for expensive home insurance premiums. Enter your ZIP code to find robust coverage for your dwelling at an affordable price.
Are wildfires covered by home insurance?
Wildfires are quite common in New Mexico, especially in mountainous areas with higher rates of tree cover. This kind of damage is usually covered by home insurance because fire is one of the named perils in the most basic type of home insurance.
Read More: Does Homeowners Insurance Cover Wildfires?
Is flooding covered by home insurance?
Floods aren't that common in New Mexico, but sometimes they happen. Flood damage is not covered by a homeowners insurance policy, so homeowners should consider a separate flood insurance policy.
How much is home insurance in New Mexico?
Home insurance in New Mexico costs between $23 and $76 monthly for minimum coverage. Expect to pay between $65 and $161 monthly for full coverage. Rates vary based on your home's value, location, and coverage needs, with USAA offering the lowest rates starting at $23 for military members.
Read More: Best and Cheapest Homeowners Insurance
Who has the cheapest home insurance?
In New Mexico, USAA offers the lowest rates at $23/month (military members only), followed by State Farm at $24/month and Progressive at $30/month. However, actual rates depend on factors like home value, location, and coverage limits chosen.
Is there flood insurance in New Mexico?
New Mexico homeowners can purchase flood insurance through the National Flood Insurance Program (NFIP) or private insurers. Given the state's 19 flood-related disasters since 1953, flood coverage is recommended as standard homeowners policies don't include flood damage.
Read More: Flood Insurance Guide: How To Get Flood Insurance
What is the cheapest home and auto insurance in New Mexico?
State Farm offers the most competitive bundle rates, with up to 25% savings when combining home and auto policies. USAA provides cheaper rates for military members at $23/month, while Progressive offers affordable bundles at $30/month with additional smart home monitoring discounts.
What is the best insurance for houses?
USAA, State Farm, and Progressive are New Mexico's top-rated home insurers. USAA excels in military benefits, State Farm offers extensive local agent support, and Progressive offers smart home discounts. Choose based on your specific needs and eligibility.
What is the cheapest homeowners insurance?
USAA offers the lowest rates for military members at $23/month, followed by State Farm at $24/month and Progressive at $30/month. However, rates vary based on your home's value, location, and coverage needs.
Protect your home with confidence. Use our free quote comparison tool to find a reputable company offering the comprehensive coverage you need at low rates.