Insurance
New Mexico Homeowners Insurance Calculator: Free Cost Estimator (2024)
Updated: November 21, 2024
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MoneyGeek’s home insurance calculator will give you a ballpark estimate of your cost — it’s free, no personal information required, no spam.
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Rates updated:
Dec 24, 2024
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MONEYGEEK EXPERT TIP
We identified the most affordable New Mexico homeowners insurance providers after an analysis of the state's various insurance providers. If the cost of home insurance is your primary concern, this is a good place to start.
Meanwhile, we also put together a list of the top homeowners insurance providers in New Mexico if you're searching for a good mix between service and cost.
How to Estimate the Cost of Your Homeowners Insurance Policy in New Mexico
You must consider a variety of factors if you want to find out how much New Mexico homeowners insurance costs. Your premium will be influenced by your location, deductible, credit score and other factors.
Get a customized estimate of the cost of your policy by entering your information into the MoneyGeek calculator for New Mexico home insurance below.
New Mexico
Depending on where you live, your homeowners insurance costs will vary. Your premium will probably be higher than someone who lives in a state with fewer theft occurrences, natural disasters, fires, etc.
Dwelling Coverage
The sum needed to replace your home is the dwelling coverage. The cost of homeowners insurance may differ depending on the amount of dwelling coverage you have in your policy.
The replacement value of your home can be ascertained by hiring a professional home appraiser. You can also ask your insurance provider for assistance in calculating the amount.
Keep in mind that $250k is the typical amount of dwelling coverage in New Mexico.
Deductible
Your deductible is the sum of money you are required to contribute toward a covered claim.
For instance, if your insurance claim is worth $10,000 and your coverage has a $500 deductible, you will receive $9,500 after shelling out $500.
As a general rule of thumb, the lower your deductible, the higher your premiums.
Liability
Liability insurance covers the damage to third parties and their property while they are in your home. Legal fees, replacement costs, medical charges, pain and suffering costs and death benefits are all covered.
Purchase enough liability insurance to safeguard your assets. It should only cost you a few dollars each month to increase your liability limits by tens of thousands of dollars.
Personal Property
Apart from the structure of your home, the items you keep in it are covered by personal property insurance. This can include protecting your clothing, electronics, furniture and other personal belongings from loss or theft.
It's critical to have enough protection for your personal possessions. Use the calculator below to determine how much personal property insurance you require.
Credit Score
In New Mexico, your credit score is taken into account when determining insurance rates. Homeowners with poor credit scores are more likely to submit a claim. Because of this, insurers consider them to be a riskier customer. If you have a bad credit score, your homeowners insurance in New Mexico will cost more.
Personal Property Coverage Calculator
When figuring out how much renters insurance you need, experts recommend the standard $100,000 in liability insurance and enough personal property protection to cover your possessions. Use MoneyGeek's calculator to estimate the value of your possessions so you know how much personal property coverage to buy.
clothing & accessories
Clothes, shoes, bags, belts, hats, gloves, etc.
Average Cost of Home Insurance in New Mexico
New Mexico ranks 17th among the states where home insurance is most affordable. The average New Mexico homeowner should expect to pay roughly $1,634 per year for $250K dwelling coverage. Compared to the national average, that is 32% less.
Refer to the table below, which shows the state's average cost by coverage level if you need more or less dwelling coverage.
Average Annual Premium in New Mexico for Homeowners Insurance
| $100,000 | $978 |
| $250,000 | $1,634 |
| $500,000 | $3,545 |
| $750,000 | $5,100 |
| $1,000,000 | $6,627 |
| $2,000,000 | $13,201 |
| $3,000,000 | $19,937 |
MONEYGEEK EXPERT TIP
You must acquire enough dwelling insurance to pay for rebuilding your home. Therefore, when purchasing homeowners insurance, you must consider how much dwelling coverage you need.
Several factors, such as height, building materials and more, affect the overall replacement cost of your home. You can seek the assistance of a specialist to estimate prospective rebuilding costs.
Keep in mind that your main concern should be the amount of money needed to completely restore your home in the event of a catastrophic loss.
Frequently Asked Questions About Home Insurance in New Mexico
MoneyGeek has provided answers to some of the most frequently asked questions about homeowners insurance in New Mexico to help you make an informed decision.
How much does homeowners insurance cost in New Mexico?
In New Mexico, homeowners insurance typically costs $1,634. According to our data, New Mexico has the 17th-cheapest premiums in the nation for $250K dwelling coverage, costing 32% less than the national average.
How do I know how much dwelling coverage to get?
While the average dwelling coverage in New Mexico is $250,000, your unique home's characteristics, such as its age, materials, design, size, etc., may necessitate a different amount. You can either work with your insurance company or enlist the aid of a professional assessor to determine how much dwelling coverage you actually need for your property.
Insurance
Methodology
To determine the average cost of homeowners insurance in New Mexico, MoneyGeek sourced pricing data from Quadrant Information Services.
MoneyGeek chose a standard home profile to provide the most reliable and relevant data for developing a thorough analysis of homeowners insurance. This standard home profile consists of the following attributes:
- Construction year: 2000
- Construction type: Frame
- Composition roof
- Three-mile radius from the fire department
- Assumed value of other structures on the property: 10% of the dwelling coverage
- Personal property coverage: 40% of the dwelling coverage
- Liability limit: $100,000
- Deductible: $1,000
About Mark Fitzpatrick
Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. 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 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.