Updated: January 15, 2025
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In Albuquerque, New Mexico, State Farm offers the best and cheapest home insurance. It's also the best for customer service.
Homeowners insurance companies address different needs, so choose based on what matters to you, like cost, customer service or coverage options.
Based on the information provided from the analysis of homeowners insurance in Albuquerque, here are the identified cheapest options for each category of dwelling coverage at $250,000 and $2 million:
For $250,000 in Dwelling Coverage:
There isn't explicit data for $250,000 in dwelling coverage in the provided content, but we can infer that the prices might be similar or slightly lower than the average for a smaller dwelling coverage. However, from the given data, we know:
- Travelers offers a policy with $250,000 in personal property coverage for $2,047 per year. Although this is not for $250,000 in dwelling coverage, it provides some insight into their pricing.
- Allstate is slightly more expensive for the same personal property coverage at $2,174 per year.
Since there is no direct data for $250,000 in dwelling coverage, a direct comparison is not possible, but Travelers seems to offer the cheaper average price where data was available, potentially indicating a competitive price point for lower dwelling coverage levels too.
For $2 Million in Dwelling Coverage:
For $2 million in dwelling coverage, the annual premiums are as follows:
- Allstate: $5,010 per year
- Travelers: $7,901 per year
Most Affordable Option: Allstate is clearly the cheaper option for $2 million in dwelling coverage, with a significantly lower annual premium of $5,010 compared to Travelers.
Conclusion:
- While exact figures for $250,000 in dwelling coverage aren't provided, Travelers appears to be competitive in pricing for personal property, which might indicate a cheaper option if seeking similarly lower dwelling coverage.
- For $2 million in dwelling coverage, Allstate is the most affordable option with an annual premium of $5,010.
The best homeowners insurance provider in Albuquerque, based on MoneyGeek’s analysis, is Allstate. Here’s why Allstate stands out, with a focus on affordability, financial stability, and unique coverage features:
Affordability
- Annual Premiums: Allstate offers competitive premiums across various coverage levels, particularly notable for:
- Baseline dwelling coverage of $500,000 at $1,922 per year, which is less expensive compared to Travelers at $2,047 per year.
- Higher dwelling coverage of $2 million at $5,010 per year, which is significantly lower than Travelers’ $7,901.
- New home coverage at $1,502 annually, showing reasonable rates for newly-constructed properties.
Financial Stability
- Allstate is considered financially stable, an essential factor when it comes to handling claims efficiently and fairly. Financial stability ensures the company can meet its obligations during widespread claims events.
Unique Coverage Features
- Customization and Flexibility: Allstate provides a range of coverage options and add-ons, allowing policyholders to tailor their insurance to meet specific needs. This includes personal property coverage, liability limits, and deductible choices.
- Innovative Discounts: Allstate offers discounts that can significantly lower overall premiums, such as bundling home and auto insurance, which benefits cost-conscious customers.
Customer Satisfaction
- Based on customer satisfaction surveys, Allstate often ranks highly, reflecting reliability in processing claims and providing customer support, which is crucial, especially during challenging times.
Overall, Allstate is regarded as the top choice for homeowners insurance in Albuquerque due to its combination of competitive pricing, robust financial backing, and comprehensive coverage options, making it an ideal choice for cost-conscious and service-oriented homeowners.
In Albuquerque, for homeowners with poor credit, the cheapest home insurance provider is Allstate, with an average annual premium of $3,324. Travelers follows with a premium of $4,149 per year. It's notable that individuals with poor credit scores often face higher premiums, averaging $4,488 annually in Albuquerque, compared to $2,602 for those with good credit.
Credit scores influence home insurance rates because insurers use them as an indicator of risk. Statistically, individuals with lower credit scores are perceived to be more likely to file claims. As a result, insurers often charge higher premiums to offset this perceived risk. Essentially, a lower credit score can lead to higher insurance premiums, whereas a higher credit score can help secure more affordable rates.
Why Trust MoneyGeek? We used data from New Mexico's Department of Insurance and Quadrant Information Services to find the top homeowners insurance in Albuquerque.
Home insurance premiums in Albuquerque are based on the most competitive estimates as of September 2024.
State Farm is the best home insurance option for $100K dwelling coverage in Albuquerque, NM, with a MoneyGeek score of 93 out of 100.
Albuquerque's home insurance companies have scores ranging from 40 to 93, according to MoneyGeek's scoring system. Scores vary based on factors like credit history and home age.
| State Farm | 93 | $887 |
| Foremost Insurance | 40 | $901 |
State Farm is the best home insurance company in Albuquerque, NM, for $100K dwelling coverage because it offers a balance of affordability and high customer satisfaction. The overall top providers are:
While cost is important, other factors like customer service are also crucial, especially when making claims.
State Farm scores high in affordability and customer satisfaction, making it a top choice for home insurance. Discounts on bundling policies or installing protective devices like fire or burglar alarms can help you save.
It provides comprehensive coverage options, including scheduled personal property to protect valuables like cameras and sports equipment. Building ordinance or law coverage helps cover costs to meet updated building codes.
State Farm offers the best customer service in home insurance for $100K dwelling coverage in Albuquerque, NM. It stands out for its high customer satisfaction and coverage scores. Here are the top two providers for this coverage:
Excellent service in home insurance means quick and easy assistance when something goes wrong at your home.
State Farm stands out for its high customer satisfaction and coverage scores. You can save with discounts on buying multiple policies.
It offers comprehensive home insurance with coverages like scheduled personal property and building ordinance or law. Scheduled personal property protects valuables like cameras and sports equipment. Building ordinance or law helps cover costs if you need to update your home to meet new building codes. Backup of sewer or drain protects against water damage from sewer backups.
State Farm is the best cheap home insurance company for $100K dwelling coverage in Albuquerque, NM, due to its high affordability and customer satisfaction scores. The top budget-friendly providers for this coverage amount are:
If saving on premiums is your goal, exploring the cheapest homeowner insurance companies can help.
While buying low-cost home insurance can save you money, it may not provide enough coverage if an accident occurs. The best cheap home insurance balances cost and adequate protection, unlike the most affordable options that may fall short in other areas.
State Farm is the best cheap company, with high affordability and customer satisfaction scores. Discounts like bundling policies and installing alarms can help you save.
State Farm's coverages ensure protection against common issues. Building ordinance or law coverage helps with the costs of meeting updated building codes, and mold coverage protects against mold damage.
MoneyGeek’s home insurance calculator will give you a ballpark estimate of your cost — it’s free, no personal information required, no spam.
Rates updated:
Jan 22, 2025
Several factors, including location, influence homeowners insurance in Albuquerque. To save money, compare insurance rates, though it can take over an hour for three companies. Use MoneyGeek's home insurance calculator to save time. Enter your age, dwelling coverage, credit score, deductible, liability coverage and other details to get a quick estimate.
State Farm offers the lowest home insurance premiums in Albuquerque, NM. Here are the cheapest rates for various coverage levels:
Your choice of dwelling coverage is crucial in determining home insurance premiums. State Farm earns the highest MoneyGeek scores for $100K, $250K and $500K coverages, making it the cheapest overall.
Opting for the cheapest homeowners insurance in New Mexico can help you manage your finances effectively.
| State Farm | $887 |
| Foremost Insurance | $901 |
State Farm is the cheapest option for high-value homes in Albuquerque, NM. High dwelling coverage is essential for properties that cost more to replace, and home insurance costs rise accordingly.
State Farm stands out for its affordability for high-value homeowners while maintaining a good service quality.
| State Farm | $2,953 |
| Foremost Insurance | $6,647 |
State Farm offers the cheapest home insurance for new homes in Albuquerque, NM.
With its low annual premiums, State Farm is the most budget-friendly option for insuring a new home and the best overall choice.
When selecting coverage, ensure it meets your needs.
| State Farm | $475 |
| Foremost Insurance | $630 |
The best cheap homeowners insurance providers balance quality and cost, offering excellent customer service and coverage at affordable premiums. The best option for you depends on your needs. Consider factors like coverage, customer service and deductibles.
Follow these steps to find the best cheap home insurance:
To determine how much home insurance coverage you need, assess your rebuilding costs, personal property value and liability coverage.
Look into insurance companies operating in Albuquerque, NM. Focus on those with strong financial stability, positive customer reviews and a history of reliable service.
Once you know your coverage needs, compare home insurance quotes. In Albuquerque, NM, average annual premiums for $100K dwelling coverage range from $887 to $901.
Inquire with each provider about discounts, such as for bundling policies, adding safety features or maintaining a claims-free record.
Opting for a higher home insurance deductible can lower your premium, but ensure it's an amount you can manage if a claim arises.
Enhancing your home's security with systems and sturdy locks can decrease its risk profile and potentially reduce insurance costs.
Keep a solid credit score, as it affects your insurance rates. Pay bills punctually and minimize outstanding debt.
Consider combining your homeowners insurance with other policies, like auto insurance to access discounts and savings.
The best cheap home insurance provider depends on your coverage needs and budget. Get answers to common questions about the best affordable insurance rates in Albuquerque, NM.
The average annual home insurance cost in Albuquerque, New Mexico, is $660.
State Farm is the cheapest home insurance company in Albuquerque, New Mexico, with an average annual premium of $887.
State Farm provides the best home insurance in New Mexico for Albuquerque residents, with a MoneyGeek score of 93 out of 100.
About Mark Fitzpatrick
Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's resident Personal Finance Expert. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.
Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He's also a 5-time Jeopardy champion!
He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.
