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The 3 Best New Mexico Homeowners Insurance Companies
New Mexico’s arid climate can make the state prone to drought and fire, keeping homeowners insurance hovering close to the national average. The average annual premium in the Land of Enchantment is $1,197, only $31 less than the national average, according to Insurance.com.
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Although homeowners in New Mexico don’t have to worry too much about property damage due to the elements, other threats such as theft and vandalism continue to pervade. In order to ensure that you’re receiving the optimal policy to protect your most valuable asset, shop around and compare coverage options and prices.
To help you narrow your search for high-quality, affordable New Mexico homeowners insurance, we’ve outlined our top picks for the state. We’ve also included an online quote tool so you can easily obtain accurate estimates for policies in your area.
Our Top Picks for Best Homeowners Insurance in New Mexico
State Farm
Backed by an A++ rating from A.M. Best and boasting one of the largest claims networks in the world, State Farm is a good insurer to have if disaster strikes.
Filing with State Farm is hassle-free. You can call the company’s 24-hour claims hotline, go online, meet with one of its many local New Mexico homeowners insurance agents, or use the handy PocketAgent mobile app. Claims support tools like State Farm HomeIndex, which allows you to keep a running inventory of your covered possessions and their respective worth, remove the guesswork and help you file claims with accuracy and efficiency.
Should your home sustain pipe damage or flooding and require water mitigation or flood repairs, State Farm’s Premiere Service Program can connect you with a vetted contractor in your area to carry out the repairs necessary to return your home to safe living conditions.
State Farm offers standard insurance policies to nearly every type of New Mexico dwelling, including single-family homes, condominiums, mobile homes and farms/ranches. Policies can be customized with add-on coverages to protect against personal liability and injury, identity theft, burglary and damage made to home offices and work studios. Burglary coverage is particularly important because FBI crime statistics say New Mexico has more burglaries than any other state in the United States.
State Farm also helps New Mexico residents save on their policies by offering a Discount Double Check feature, which ensures that any premium deductions you are eligible for are automatically applied. You can have the peace of mind that you are receiving quality coverage for the lowest price possible.
In J.D. Power’s 2018 survey, State Farm ranked well in overall satisfaction, claims and policy offerings.
Farmers Insurance
Farmer Insurance extends multiple discount opportunities and superior claims management tools to New Mexico residents, making it a popular option for cheap homeowners insurance in the state.
Farmers offers standard premium deductions like those for policy bundles and installing protective devices, as well as those for policyholders who have made green home-efficiency renovations or have recently had an inspection of their home, and homes with non-smokers. Farmers also provides additional savings to homeowners who have recently replaced their roofs, so if it’s time for you to do so, keep this discount in mind when selecting a provider.
In the event that you have to file a claim, Farmers has among the best claims management tools in the industry. You can report your claim over the phone, in person, online, or by using its iClaim mobile app. Once your claim is received, it is assigned to a specialist and can easily be tracked until its resolution using Farmers’ online Claims Tracker tool.
Farmers Insurance is also one of the only homeowners insurance companies to provide claim forgiveness. This ensures that your surcharge is waived if you go five or more years without filing a claim.
Liberty Mutual
Liberty Mutual vast affiliate network offers many discounts and benefits to customers, making the company a great option for New Mexico homeowners looking to save on their insurance premium.
The company’s affinity network includes over 14,000 partnered organizations, employers and alumni associations around the country, and provides exclusive group discounts and policy rates to members.
Liberty Mutual’s already affordable rates can be lowered further with savings opportunities like premium deductions for home and auto insurance bundles, installing security devices, opting for 100 percent replacement coverage, and obtaining a quote from Liberty Mutual before your current homeowners insurance policy expires.
Liberty Mutual’s affiliate network is also a good resource to have on your side if your home suffers a loss. While many companies offer 24-hour phone claim support services, Liberty Mutual does you one better by offering emergency repair services 24 hours a day, 365 days a year. After getting in touch with a Liberty Mutual representative, the company will connect you with a reputable contractor to perform any maintenance necessary to make your home livable and safe. Liberty Mutual guarantees the work done on your home for one calendar year, so you can feel confident in the quality you receive.
Liberty Mutual is the third-largest homeowners insurance provider on the market, which means it’s a pretty stable and reliable company.
How much is homeowners insurance in New Mexico?
The average homeowners insurance is $1,197, slightly below the national average of $1,228. As New Mexico is a rather large state, this cost can vary from city to city, depending on the rate factors listed below.
New Mexico Rate Factors
New Mexico’s desert climate does put some of its cities at risk for fires. Floods during the winter are also a problem.
For example, Los Alamos has experienced wildfires, and the town of Hatch has had flooding during monsoon season.
The 3 Best New Mexico Homeowners Insurance Companies
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Methodology
The SimpleScore is a proprietary scoring metric we use to objectively compare products and services at The Simple Dollar.
For every review, our editorial team:
- Identifies five measurable aspects to compare across each brand
- Determines the rating criteria for each aspect score
- Averages the five aspect scores to produce a single SimpleScore
Here’s a breakdown of the five aspect scores and their rating criteria for our review of the best credit monitoring services of 2020.
Why do some brands have different SimpleScores on different pages?
To ensure the SimpleScore is as helpful and accurate as possible, we developed unique criteria for every category we compare at The Simple Dollar. Since most brands offer a variety of financial solutions, their products and services will score differently depending on what we’re scoring on a given page.
However, it’s also possible for brands to have different SimpleScores across multiple pages on The Simple Dollar. For instance, if we compare Experian’s ID theft monitoring services using SimpleScore, it scores a 4 out of 5. However, if we apply our SimpleScore methodology for credit monitoring services, Experian scores a 4.4 out of 5. Each unique criteria results in separate SimpleScores for multiple brands based on what we’re comparing.
Questions about our methodology?
Email Hayley Armstrong at hayley@thesimpledollar.com.
Basic plan price
We award brands who have lower monthly costs for credit monitoring services with higher scores in our methodology.
Premium plan price
We award brands who have lower monthly costs for credit monitoring services with higher scores in our methodology.
Perks
Who doesn’t like a nice perk? We awarded brands with higher scores if they offered perks to customers, such as free trials, family plans, discounts for annual billing and more than two pricing tiers.
Customer support
The SimpleScore system rewards brands that have multiple channels of support so customers can contact representatives in a variety of way.
Mobile app rating
We compared brands based on their mobile app ratings as an average of Google Play and iOS App Store ratings.
