New Mexico Home Insurance

The American Dream is alive and well in New Mexico: over 70% of the state population owned a house in 2008. And while a home may be where the heart is, it’s where a lot of your money is. For many Americans, a house is their largest asset, so it needs to be protected. That’s why The Simple Dollar has assembled this collection of resources, rules and statistics on home insurance in New Mexico; so you can find everything you need to protect your home and finances.

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Stats in Your State

Take a look at the graphs below to see how New Mexico stacks up in the housing market versus the United States as a whole.

Homeowner Insurance Premiums

Unfortunately, home insurance premiums have been rocketing upward in New Mexico over the last decade, increasing by nearly 57% between 2001 and 2008. Home owners can still rest assured, however, that New Mexico’s rates are still well below the national average of of $791.

Renter Insurance Premiums

Unlike home insurance premiums, renter’s insurance rates have actually been trending downwards in New Mexico over the last decade, the average dropping a few dollars between 2001 and 2008.

Existing Home Sales

As with much of the country, home sales in New Mexico bulged in the middle of the last decade, reaching a high of 58,200 in 2006, only to come crashing down to 30,000 following the Great Recession in 2010.

Flood Insurance in Region

Floods are not a major concern in the Land of Enchantment, given that lakes and rivers make up only .002% of the state's total surface area. Just $27,000 was paid for flood damage claims between October 2011 and September 2012, less than any other state in the Union.

Homes Built

Like many SouthWestern Sunbelt states, New Mexico experienced it’s housing boom in the final quarter of the last century. Over half the state’s houses were built between 1970 and 2000, and under six percent date to 1939 or earlier.

Rules in Your State

Even with little chance of floods, earthquakes, tornados and other natural disasters, fires are a major concern in the state. To be as informed as possible, go straight to the source. The two legal documents below give you all the nitty gritty on laws governing insurance companies in the state.

Representatives & Resources in Your State

Your rights as a consumer are well protected in New Mexico. The same goes for homeowners and renters. Yet you need to know when you’re being cheated, and you need to know what to do about it. Below are some organizations for learning and enforcing your rights.

New Mexico Public Regulation Commission
Consumer Relations Division (CRD)
1120 Paseo De Peralta
P.O. Box 1269
Santa Fe, NM 87504
File a Complaint

The Homeownership Preservation Program
Villagra Building
408 Galisteo Street
Santa Fe, NM 87501
Get Directions
(505) 827-6000
If things go badly and you are at risk of losing your home to foreclosure, The New Mexico Homeownership Preservation Program can provide legal advice and counseling so you know your rights and choices.

New Mexico Attorney General Renters’ Guide
If you are planning on renting a place to live in New Mexico, give this guide a quick read. Produced by the Office of the Attorney General, it gives a rundown of everything you need to know, including all your rights and obligations.