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New Mexico
Home Insurance Quotes and Analysis

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New Mexico Home Insurance - What's Happening

Homeowners in New Mexico like to save money, especially when it comes to home insurance. In fact, average premiums for New Mexico home insurance totaled only $710 in Q2 of 2014 – compared with the U.S. average of $829. This Southwestern state doesn’t have many natural threats, which might be one reason premiums are low.

New Mexico is a very hot, dry state and doesn’t experience frequent severe weather. Due to its naturally dry climate, the state can be prone to flash flooding whenever it does rain. While standard home insurance policies cover a wide variety of weather perils, flooding is not included. New Mexico homeowners should consider working with a licensed agent to make sure there aren’t holes in their home insurance coverage.

Call today and one of our licensed agents will get you started with a New Mexico home insurance quote.

Curious about car insurance? Click here to learn more about auto insurance in New Mexico.

New Mexico Home Insurance Report Card

We get that buying home insurance is complicated. We've demystified it by assigning each state grades based on information collected from customers about their houses. It's a coloring-outside-the-lines approach that shows how factors about a home can affect what you pay for coverage.


Home Grade

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Property Grade

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Bonus Grade

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Overall Grade

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Home (Grades related to the house itself)

New Mexico homes are 2 years newer than the national average and also a tad smaller. From an insurance stand point, both factors make for lower average premiums. Lower average building costs were another win for the state, which comes into play in the event of a total loss. Sump pumps were the only factor in this category where the state missed the mark.


Average year built

Average New Mexico home, built in 1982, is 2 years newer than the average U.S. home.


Average home size

At 1,833 square feet, the average NM home is a bit smaller than the national average of 1,971 sq. ft.


Average replacement cost

Replacing your house after a total loss in New Mexico will cost an average of $230,686, compared with the U.S. average of $278,576.


% of homes with sump pump

Only 1% of NM homes have a sump pump, in part because few have basements.

Property (Factors related to the property and location)

New Mexico didn’t disappoint in the property factors section, especially when it came to the insured cost of other structures. In New Mexico, the average insured cost of other structures (detached garages, sheds and fences, for example) on property belonging to homeowners was only $15,167 – more than 40% lower than the national average of $26,165.

New Mexico homeowners also managed to sidestep potential liability risks such as swimming pools and ATVs. Only 3.6% of New Mexico homeowners reported having swimming pools – smaller than the national average of 5.1%. When it came to ATVs, NM residents who bought policies through during the quarter evaded them all together.

Bonus (Other factors that influence your home insurance premiums)


% of homes with fire extinguishers

93% of NM homes have fire extinguishers, compared with the U.S. average of 91.4%.


% of homes with dead bolt locks on exterior doors

Deadbolt locks are an easy way to boost home safety and 96% of homes in the state have them.


% of homes with smoke detectors

100% of NM homeowners who bought policies through us also have smoke detectors while the rest of the country averages at 98.3%.


% of homes with security alarms

26% of NM homes have security alarms, which is impressive since only 19.7% of homes have them nationwide.

Overall Grade - A+ (the right turn in Albuquerque)

Between mild weather and low home insurance premiums, New Mexico truly is a Land of Enchantment. NM homes are newer and smaller on average, which are both home insurance benefits. NM residents score the state points by avoiding potential liability risks like swimming pools and ATVs. NM homeowners also installed helpful home safety features for added protection. In the end, New Mexico reigns supreme in the world of home insurance.

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