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Amica and Chubb are among the best home insurance companies in New Mexico, according to our analysis.
We analyzed data from more than 30 insurance companies to help you find the best home insurance in New Mexico. Below are the insurers that earned 4.5 stars or more in our analysis.
Rates are based on a sample homeowner with good credit, $300,000 of dwelling coverage, $300,000 of liability coverage and a $1,000 deductible.
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.
Company | NerdWallet star rating | Average annual rate |
|---|---|---|
Not available | ||
Not available | ||
$1,980 | ||
Not available | ||
Not available | ||
Not available | ||
Not available | ||
$1,720 | ||
$1,725 | ||
USAA* | Not available | |
*USAA homeowners policies are available only to active military, veterans and their families. | ||
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Answer a few questions to see custom quotes and find the right policy for you.The best home insurance companies in New Mexico
Here's more information about the best homeowners insurance companies in New Mexico.
Amica
Well-established insurer known for great customer service.- High customer satisfaction ratings and low consumer complaints.
- Platinum Choice package offers extra coverage.
- Simple online claims filing and tracking.
- You can start a quote online but have to finish the buying process by phone.
Amica stands out for its customer service and broad range of coverage options. The company has drawn far fewer consumer complaints to state regulators than expected for an insurer of its size, according to the National Association of Insurance Commissioners.
You can customize your policy with extra coverage above your dwelling limit, in case your house costs more to rebuild than expected. You may also want to add coverage for damage from water backups or recovery from identity theft.
» READ MORE: Amica homeowners insurance review
Chubb
Perks and high coverage limits for affluent homeowners.- Significantly fewer consumer complaints than expected for a company of its size.
- Standard coverage includes features that many companies offer only as extras.
- Large number of potential discounts.
- Most consumers aren't able to get a quote online and will instead need to contact a local agent.
Chubb generally serves affluent policyholders with high-value homes, offering lofty coverage limits and plenty of perks. For example, the company covers water damage from backed-up sewers and drains, and pays to bring your home up to the latest building codes during reconstruction after a claim. (Many insurers charge more for these types of coverage.)
New Mexico homeowners can also sign up for free Wildfire Defense Services. These services include personalized recommendations for protecting your home and deployment of firefighters to your house if a wildfire is approaching.
» READ MORE: Chubb homeowners insurance review
Allstate
Widely available across the U.S. with lots of ways to customize your policy.- Lots of discounts to help you save.
- Home-sharing coverage available.
- Many ways to customize your coverage.
- Ranked below average in J.D. Power’s 2024 U.S. Home Insurance Study.
Allstate is one of the largest home insurance companies in the U.S. The company offers many ways to customize your policy, including replacement cost coverage for your personal property and coverage for water damage caused by backed-up drains. Other, less common options may include home-sharing coverage and reimbursement for replacing damaged items with energy-efficient versions.
You may also be able to upgrade your policy with the Enhanced Package. One benefit of this package is Deductible Rewards, which takes $100 off your deductible for signing up, plus an additional $100 off for each year you go claim-free. And if you do file a claim, your rates won’t go up.
» READ MORE: Allstate homeowners insurance review
Cincinnati Insurance
Sells homeowners policies through local independent agents across the U.S.- Various coverage options.
- Far fewer complaints than expected for a company of its size.
- Has special coverage packages for higher-value homes.
- No online quotes.
Cincinnati Insurance sells homeowners policies through independent insurance agents, with various options for standard and high-value homes. You may be able to add coverage for things like identity theft, personal cyber attacks or certain types of water damage.
Cincinnati may offer you a discount for bundling home and auto insurance, having a newer home or installing a centrally monitored alarm system.
» READ MORE: Cincinnati Insurance homeowners insurance review
Farmers
Those seeking policy add-ons like diminishing deductibles and claims forgiveness may want to consider Farmers.- Several coverage options can help save money.
- Less common coverage options are available.
- Discounts for nonsmokers and members of certain professions.
- Tends to be more expensive than many competitors.
- Ranked below average for customer satisfaction in J.D. Power’s 2024 U.S. Home Insurance Study.
Farmers stands out for its lengthy list of discounts, including ones for installing protective systems like fire alarms and sprinklers, not smoking for the past two years, and paying your premium on time.
Add-on options include personal property replacement cost coverage, which will fully reimburse you for the cost of replacing a stolen, damaged or destroyed item. You may also want to buy water backup coverage, which applies if sewer lines or sump pumps back up and damage your home.
» READ MORE: Farmers homeowners insurance review
Nationwide
For shoppers seeking a broad range of coverage options, Nationwide may fit the bill.- Offers free smart device to prevent electrical fires in many states.
- Many discounts available.
- Website offers lots of useful features and information.
- Doesn't insure mobile or manufactured homes.
Nationwide’s standard homeowners policies include ordinance or law coverage, which pays to bring your home up to the latest building codes after a covered claim. They also include coverage for unauthorized credit or debit transactions. For an extra cost, you may be able to add coverage for things like water backup, identity theft and stronger materials to replace your roof.
Depending on how much personal assistance you need, you can get a quote for homeowners insurance on the Nationwide website or work with a local agent instead. You can also use the website to pay bills, file claims or check claim status.
» READ MORE: Nationwide homeowners insurance review
Openly
Premium coverage for high-end homes with no dog breed restrictions.- Policies typically include guaranteed replacement cost coverage for your home's structure.
- Broad coverage for personal belongings.
- No restricted dog breeds.
- No online quotes.
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.
» READ MORE: Openly homeowners insurance review
State Farm
Well-established insurer with a lengthy list of coverage options.- User-friendly website.
- Agents offer personalized service.
- Policies generally include extra coverage for your home’s structure.
- Advertises fewer discounts than some other insurers.
As America’s largest home insurer, State Farm stands out for its long list of coverage options. Its policies generally include extra dwelling coverage in case it costs more than expected to rebuild your home after a covered disaster. You may also be able to add coverage for things like identity theft, damage from backed-up drains and personal injury liability.
State Farm offers a free Ting device as a perk for home insurance policyholders. Ting is a smart plug that monitors your home’s electrical network to help prevent fires.
» READ MORE: State Farm homeowners insurance review
Travelers
Offers lots of coverage options, decent discounts and a strong online experience.- User-friendly features on website and app.
- Discounts for eco-friendly homeowners.
- Draws fewer consumer complaints than expected for a company of its size.
- Doesn’t insure mobile or manufactured homes.
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.
» READ MORE: Travelers homeowners insurance review
USAA
Offers perks and affordable rates for the military community.- Policies include standard coverage that often costs extra elsewhere.
- Far fewer customer complaints to state regulators than expected for a company of its size.
- Rates are below the national average, according to NerdWallet’s analysis.
- Available only to active military members, veterans and their families.
USAA sells homeowners insurance to veterans, active military members and their families. If that description fits you, you may want to consider a USAA policy. That’s because the company’s homeowners insurance has certain features that other insurers may charge extra for.
For example, USAA automatically covers your personal belongings on a replacement cost basis. Many companies pay out only what your items are worth at the time of the claim, which means you may not get much for older items. USAA pays enough for you to buy brand-new replacements for your stuff.
» READ MORE: USAA homeowners insurance review
How much does homeowners insurance cost in New Mexico?
The average annual cost of home insurance in New Mexico is $1,730. That’s 18% less than the national average of $2,110.
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 $4,230 per year for homeowners insurance, according to NerdWallet’s rate analysis. That’s 145% 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 $1,760 per year, while homeowners in Roswell pay $4,200 per year, on average.
City | Average annual rate | Average monthly rate |
|---|---|---|
Alamogordo | $1,720 | $143 |
Albuquerque | $1,760 | $147 |
Anthony | $1,720 | $143 |
Artesia | $5,095 | $425 |
Aztec | $1,720 | $143 |
Belen | $2,300 | $192 |
Bloomfield | $1,980 | $165 |
Carlsbad | $5,310 | $443 |
Chaparral | $2,255 | $188 |
Clovis | $5,505 | $459 |
Deming | $2,060 | $172 |
Espanola | $1,840 | $153 |
Farmington | $1,720 | $143 |
Gallup | $2,050 | $171 |
Hobbs | $5,310 | $443 |
Las Cruces | $1,720 | $143 |
Las Vegas | $2,845 | $237 |
Los Alamos | $1,720 | $143 |
Los Lunas | $2,300 | $192 |
Lovington | $5,095 | $425 |
Portales | $5,505 | $459 |
Rio Rancho | $1,720 | $143 |
Roswell | $4,200 | $350 |
Santa Fe | $1,720 | $143 |
Silver City | $1,720 | $143 |
The cheapest home insurance in New Mexico
Here are the insurers we found with average annual rates below the New Mexico average of $1,730.
Company | NerdWallet star rating | Average annual rate |
|---|---|---|
$1,720 | ||
$1,725 |
Common risks for New Mexico homeowners
Here are some of the most common risks New Mexico homeowners may face, along with steps you can take to insure your home against them.
Windstorms
Standard home insurance policies typically cover damage caused by extreme winds, but 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
Most homeowners insurance covers fire damage, but read your policy in case of 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 home insurance and wildfires.
Flooding
Flood damage is typically not covered by standard homeowners insurance policies. As a result, homeowners in at-risk areas may need to purchase separate flood insurance. You can get flood coverage at any time, but there’s often a 30-day waiting period before the insurance takes effect.
Not sure if you’re at risk for flooding? You can look up your address on the Federal Emergency Management Agency's flood maps. However, FEMA’s maps don’t always capture all types of flood risk, so you may also want to check the website of the nonprofit First Street Foundation, which models climate risks. Enter your address in the top left corner to see your home’s flood risk rating on a scale of 1 to 10.
Earthquakes
Homeowners insurance generally doesn’t cover damage caused by earthquakes. 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 limit. 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. Its website has information about insurance and disaster preparation, as well as answers to common questions. You can also file a complaint against your insurer on the department's site. If you have insurance questions, call the Consumer Assistance Bureau at 505-827-4549.
- Looking for more insurance in New Mexico?
- Find home insurance in other states
Amanda Shapland contributed to this story.
Frequently asked questions
Is homeowners insurance required in New Mexico?
Is homeowners insurance required in New Mexico?
Home insurance isn't required by New Mexico state law. However, your lender may require you to purchase home insurance. For more information, read Is Homeowners Insurance Required?
Does New Mexico home insurance cover wildfires?
Does New Mexico home insurance cover wildfires?
Insurers are increasingly hesitant to cover New Mexico homes in areas at high risk of wildfires. If you’re having trouble finding a company to insure your house, reach out to an independent insurance agent. They can help you investigate alternative insurance options, such as New Mexico’s Fair Access to Insurance Requirements (FAIR) plan.
How can I save money on homeowners insurance in New Mexico?
How can I save money on homeowners insurance in New Mexico?
There are several ways to save money on home insurance in New Mexico:
Shop around to make sure you’re getting the best rate.
Choose a higher deductible. In case of any claims, you’ll pay more out of pocket, but your premiums will be lower.
Bundle your home and auto insurance for a lower overall rate. See the best home and auto insurance bundles.
Ask your insurer if you qualify for any home insurance discounts.
Homeowners insurance rates methodology
NerdWallet calculated median rates for 40-year-old homeowners from various insurance companies in the 25 largest cities in each U.S. state by population. 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 2021-2023. 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.
