Cheapest and Best Homeowners Insurance in New Mexico as Rated by Customers in 2022

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#1
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USAA
4.71 ★★★★★
4.71 ★★★★★
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#2
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4.45 ★★★★★
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#3
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4.40 ★★★★★
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#4
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4.19 ★★★★★
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#5
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4.15 ★★★★★
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#6
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4.14 ★★★★★
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#7
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4.08 ★★★★★
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#8
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4.07 ★★★★★
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#9
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AAA
4.06 ★★★★★
4.06 ★★★★★
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#10
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The Hartford
4.05 ★★★★★
4.05 ★★★★★
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#11
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MetLife, Inc.
4.04 ★★★★★
4.04 ★★★★★
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#12
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Esurance, Inc.
4.02 ★★★★★
4.02 ★★★★★
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#13
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4.01 ★★★★★
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#14
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4.01 ★★★★★
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#15
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3.97 ★★★★★
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#16
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Allstate
3.97 ★★★★★
3.97 ★★★★★
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#17
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3.96 ★★★★★
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#18
/56
3.96 ★★★★★
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#19
/56
3.95 ★★★★★
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#20
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Nationwide
3.94 ★★★★★
3.94 ★★★★★
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#21
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3.93 ★★★★★
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#22
/56
3.93 ★★★★★
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#23
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Allied Insurance
3.84 ★★★★★
3.84 ★★★★★
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#24
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3.83 ★★★★★
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#25
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3.71 ★★★★★
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#26
/56
3.67 ★★★★★
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#27
/56
3.65 ★★★★★
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#28
/56
3.64 ★★★★★
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#29
/56
3.62 ★★★★★
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#30
/56
3.60 ★★★★★
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#31
/56
3.57 ★★★★★
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#32
/56
PURE
3.50 ★★★★★
3.50 ★★★★★
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#33
/56
3.33 ★★★★★
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#34
/56
3.14 ★★★★★
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#35
/56
2.96 ★★★★★
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#36
/56
2.71 ★★★★★
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#37
/56
2.51 ★★★★★
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#38
/56
Assurant
2.40 ★★★★★
2.40 ★★★★★
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Excellent
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#39
/56
2.30 ★★★★★
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#40
/56
1.96 ★★★★★
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#41
/56
1.87 ★★★★★
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Rated Prices
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#42
/56
4.67 ★★★★★
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#43
/56
Vault Insurance
4.65 ★★★★★
4.65 ★★★★★
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Excellent
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#44
/56
3.83 ★★★★★
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#45
/56
Republic Group
3.66 ★★★★★
3.66 ★★★★★
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Excellent
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#46
/56
3.51 ★★★★★
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#47
/56
UFG Insurance
3.10 ★★★★★
3.10 ★★★★★
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Excellent
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#48
/56
2.40 ★★★★★
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#49
/56
2.17 ★★★★★
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#50
/56
1.53 ★★★★★
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#51
/56
0.00 ★★★★★
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#52
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0.00 ★★★★★
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#53
/56
0.00 ★★★★★
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#54
/56
Standard Casualty
0.00 ★★★★★
0.00 ★★★★★
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#55
/56
0.00 ★★★★★
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#56
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0.00 ★★★★★
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Excellent
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Whether it’s a water damage claim, an injury to a third party, a break-in or damage from a natural disaster, there are unfortunately plenty of potential reasons to file a claim with your homeowners insurance company. In the event that time comes, don’t you want to feel confident you’ve protected your home with one of the best New Mexico homeowners insurance companies?

To help you be more confident in your homeowners insurance company selection, we have reviews and rankings for hundreds of homeowners insurance companies so you can evaluate and compare the best New Mexico home insurance companies. In the table above, you can sort through every homeowners insurance company ranked on Clearsurance that’s available in New Mexico. Next to each insurer you’ll find the company’s rating, which is based exclusively on the reviews and ratings provided by customers. Note: Only those companies with at least 25 homeowners insurance reviews are eligible to appear in the best New Mexico homeowners insurance rankings.

If you’re looking for additional information on one of the best homeowners insurance companies in New Mexico, you can visit the company’s profile page where you’ll learn about the company, additional coverages and potential discounts offered. You can also read reviews to see what other policyholders have to say about the home insurance company.

On this page:

Who offers the best New Mexico homeowners insurance rates for a $200K home?

Of the five most popular homeowners insurance companies in New Mexico, Safeco Insurance offers the cheapest home insurance rates for a $200K New Mexico home, on average.

Interested in comparing the homeowners insurance rates in New Mexico? In the table below, you can see average New Mexico home insurance rates for the five most popular companies for a $200K home.

Company Average rates for $200K dwelling
Farm Bureau Property & Casualty Insurance Company (FBPCIC) $1,289
Farmers Insurance Group $1,553
Safeco Insurance $1,079
State Farm Insurance Company $1,328
USAA $1,112

These rates are based on a $200,000 dwelling with the following coverage limits: $100,000 personal property, $20,000 loss of use, $20,000 other structures, $300,000 liability and $5,000 medical. The policy has a $1,000 deductible. The house used for the profile was constructed in 2004 and the individual had a good insurance score. The rates displayed should only be used for comparative purposes as individual rates in New Mexico will differ. Rate data is provided by Quadrant Information Services.

Who offers the best New Mexico homeowners insurance rates for a $400K home?

On average, Safeco also offers the cheapest homeowners insurance rates in New Mexico for a $400K home among the most popular companies.

In the table below, you can see the average New Mexico homeowners insurance rates for Safeco and four other companies.

Company Average rates for $400K dwelling
Farm Bureau Property & Casualty Insurance Company (FBPCIC) $2,152
Farmers Insurance Group $2,832
Safeco Insurance $1,627
State Farm Insurance Company $2,091
USAA $1,724

These rates are based on a $400,000 dwelling with the following coverage limits: $200,000 personal property, $40,000 loss of use, $40,000 other structures, $300,000 liability and $5,000 medical. The policy has a $1,000 deductible. The house used for the profile was constructed in 2004 and the individual had a good insurance score. The rates displayed should only be used for comparative purposes as individual rates in New Mexico will differ. Rate data is provided by Quadrant Information Services.

What do New Mexico property crime statistics indicate?

Theft and vandalism or malicious mischief are among the 16 perils a standard homeowners insurance policy protects you from. So, how does crime in New Mexico compare to other states around the country? The FBI published the following statistics on crime in New Mexico for 2016:

  • Property crime - 81,931
  • Burglary - 17,281
  • Larceny theft - 52,907

When compared to the national average rate per 100,000 inhabitants, all three crime statistics for New Mexico rank above the national average.

What do New Mexico disaster statistics indicate?

Weather-related incidents are typically among the costliest homeowners insurance claims. FEMA has published statistics for each state since 1953. Data is updated through August 2018. Here’s a look at the New Mexico federally declared disasters since 1953:

  • Fire - 50
  • Flood - 19
  • Severe storm -12
  • Hurricane - 1

How are homeowners insurance rates calculated in New Mexico?

Ever wonder why you pay what you do for home insurance? Some things may be obvious, like the age of your home. But other factors that contribute to the price of homeowners insurance in New Mexico may not be as obvious. Here’s a list of some of the things homeowners insurance companies consider when quoting you a rate:

  • The level of coverage required
  • The size of your mortgage
  • Your credit score
  • The square footage of your home
  • The geographic location of your home in New Mexico
  • The condition of your home
  • The age of your home
  • The proximity of your home to a fire station
  • Your previous claims record
  • The amount of your deductible
  • Optional add-ons like umbrella insurance

Zillow estimates that homeowners can expect to pay approximately $35 each month for every $100,000 of your home's value.

The average cost of homeowners insurance in New Mexico is higher than the national average premium in the US. Compared to nearby states, the annual premium for home insurance in New Mexico is expensive due to the risk of wildfires and earthquakes. Although there are no severe weather risks in the state, certain weather events can cause damage to homes when they happen. A homeowners policy can protect your finances against some of the most common causes of damage.

The most common causes of loss in New Mexico are usually weather-related issues which include: wildfires, earthquakes, theft and other property crime, flooding. The coverage options included in a standard home policy offer dwelling coverage, personal property coverage, medical payments coverage and loss of use coverage. Homeowners may consider additional coverage such as: flood insurance, sump pump coverage, and yard and garden coverage.

How does Clearsurance rate and rank the best homeowners insurance companies in New Mexico?

Consistent with its mission towards greater transparency, Clearsurance does not keep its rating and ranking formulas in a black box. Our algorithm analyzes a range of inputs from our independent community of insurance customers, including:

  • Price
  • Customer Service
  • Claim service
  • Likelihood to renew

The algorithm also takes into account the percentage of what customers say the company does well vs. the percentage of what customers say the company could do better.

The Clearsurance customer ratings and rankings are derived entirely from customer reviews and ratings.

Homeowners Insurance Guide

Your home is likely your most valuable asset, making it that much more important that you insure your home with one of the best New Mexico homeowners insurance companies. But beyond just picking a company, it’s crucial to have the right coverage and to understand that coverage. Did you know that a standard homeowners insurance policy has six types of coverage? And did you know that there are usually 16 types of perils found in a homeowners insurance policy?

At Clearsurance, we want to make sure you have a strong understanding of your homeowners insurance coverage and what it all means. Check out our homeowners insurance guide to become a smarter insurance customer. And for more educational content on other homeowners insurance topics, check out our homeowners insurance blog!

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, Safeco Insurance offers the cheapest home insurance rates for a $200K New Mexico home, on average.

Who offers the best New Mexico homeowners insurance rates for a $400K home?

On average, Safeco also offers the cheapest homeowners insurance rates in New Mexico for a $400K home among the most popular companies.

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.

Is flooding covered by home insurance?

Floods aren't that common in New Mexico, but sometimes they do happen. However, flood damage is not covered by a homeowners insurance policy, so homeowners should consider a separate flood insurance policy. 

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