Find the Cheapest Homeowners Insurance Quotes in Your Area
We evaluated insurance quotes for a sample 2,000 square foot home in 32 cities in the state of New Mexico. Our study profiled the ten most populous cities in the state to determine which cities had the highest and lowest annual home insurance rates and show the costs that go into owning a home in New Mexico. Based on our research, New Mexico homeowners pay on average $1,454 per year for home insurance. Read more about our findings below, or use our quote tool above to start finding homeowners insurance quotes in your area.
- Cheapest Home Insurance Companies
- Homeowners Insurance Rates in New Mexico's Largest Cities
- Top 5 Least Expensive Cities for Home Insurance in New Mexico
- Top 5 Most Expensive Cities for Home Insurance in New Mexico
Cheapest Home Insurance Companies in New Mexico
We gathered rates for our sample home from State Farm, Farmers and Allstate across 32 cities in New Mexico. Quotes from each company were averaged across the cities to find which insurance companies had the most affordable home insurance rates in New Mexico. The graph below shows the average annual costs to insure our sample home by company:
Find the Cheapest Homeowners Insurance Quotes in Your Area
Homeowners Insurance Rates in New Mexico's Largest Cities
We collected homeowners insurance quotes across the ten largest cities in New Mexico. Our study applied control variables to gather quotes and compare each city. On average, the homeowners in the ten largest cities pay 9% more than the state mean for homeowners insurance. The cost for home insurance in these cities was an average of $1,588 per year.
Albuquerque, known for the Annual Albuquerque International Balloon Festival, is the most populous city in the state of New Mexico and the 32nd largest city in the United States. It is located in the north central part of the state and surrounds the Rio Grande. The average cost of home insurance in Albuquerque was $890 per year according to our study, which is 39% less expensive than the state mean.
Allstate offered the most expensive home insurance quote in Albuquerque at $986 annually. Farmers, the most affordable insurer in the state, quoted our sample home an annual cost of $754, or $232 less than Allstate. Albuquerque ranked as the most affordable city for homeowners insurance of all the 32 cities in our study.
Las Cruces, NM
Las Cruces is the second largest city in New Mexico. It is known as "The City of the Crosses," but the origin is unknown. Las Cruces is home to New Mexico State University, one of the largest employers in the city. Residents of Las Cruces pay an average of $968 for homeowners insurance annually. Home insurance rates in Las Cruces are 33% lower than the average in New Mexico.
Home insurance rates in Las Cruces vary by as much as $548. The most affordable rate in the area was offered by Farmers at $730. State Farm had the second least expensive premium at $895 per year, or $383 less than Allstate's quote of $1,278. Our research found that Las Cruces has the fourth least expensive homeowners insurance rates in New Mexico.
Rio Rancho, NM
Rio Rancho is the third largest city in New Mexico and is bordered by the largest city in the state, Albuquerque. One of the biggest employers is the Intel Corporation, which employs over 1,200 people in the city. Based on our research, the average homeowners insurance quote in the city was $958. Rio Rancho residents pay 34% less for their homeowners insurance than the state mean.
If you’re looking for affordable home insurance rates in Rio Rancho, we suggest starting with Farmers which quoted our sample home $786 annually. State Farm offered the most expensive rate at $1,135 per year, which is $183 more than Allstate's quote of $952. Rio Rancho ranks third, out of the 32 cities, for the least expensive home insurance quotes in New Mexico.
Santa Fe, NM
Santa Fe, the capital of New Mexico, is the fourth largest city in the state. In fact, it is the oldest city in the state as well as the oldest capital city in the United States. The average annual homeowners insurance quote for our sample home in Santa Fe was $1,091 per year, which is $363 less than the state mean.
Farmers quoted the most expensive rate in Santa Fe at $1,259 annually, which is $288 more expensive than the quote of $971 provided by State Farm. Homeowners in the city save 25% on their home insurance when compared to the state mean. Santa Fe ranks near the middle for affordable home insurance rates in New Mexico, landing at the 15th most affordable city in our study.
Roswell is the fifth largest city in the state of New Mexico and is a popular town for tourists because of the alleged UFO sighting in 1947. Roswell is located in the southeastern part of the state and is home to the New Mexico Military Institute (NMMI). The mean home insurance rate in Roswell was $1,866, which is $412 more than the state average.
According to our study, Farmers offers the most affordable rate in Roswell at $1,543 per year. Allstate quoted the most expensive rate at $2,148 annually, which is $240 more than the quote of $1,908 provided by Farmers. Residents in Roswell spend 28% more on their home insurance than the state mean, making it the fourth most expensive city out of the top ten most populous areas in New Mexico.
Farmington is the sixth most populous city within the state. The city is known throughout New Mexico and the southwest for its baseball tournaments at Ricketts Park. Our study found that the average home insurance quote for our sample home in Farmington was $987, which is 32% more affordable than the state mean.
State Farm and Allstate quoted rates within $48 of each other for our sample home. The two insurance companies quoted annual costs of $1,108 and $1,060, respectively. Farmers offered a rate of $794, which was the most affordable rate offered. Based on our findings, Farmington is the fifth least expensive city in New Mexico.
Clovis, known for rodeo events and the Clovis Music Festival, is the seventh largest city in the state. It is located on the eastern edge of New Mexico, approximately seven miles from the Cannon Air Force Base. Our research found that the average home insurance premium in Clovis was $2,473, which is $1,020 more than the average in the state of New Mexico.
Farmers and Allstate offered home insurance rates of $1,786 and $1,974 for our sample home. State Farm’s quote of $3,660 was over twice the amount quoted by Farmers and $1,686 more than the quote offered by Allstate. Clovis' mean home insurance rate represent a 70% premium compared to the average rate in New Mexico.
Hobbs is the eighth largest city in New Mexico. In 1942, the U.S. Army built the Hobbs Army Air Base that was used in World War II, which now serves as a park that is used for soaring competitions. We found the mean annual home insurance cost in Hobbs to be $2,500. On average, residents of Hobbs pay 72% more for their home insurance than the state mean.
Farmers quoted the cheapest home insurance rate in the area at $1,842. State Farm offered the most expensive home insurance quote at $3,632, which is $1,606 more expensive than Allstate’s quote. Hobbs is the second most expensive city for home insurance of the ten largest cities in New Mexico.
Alamogordo is the ninth most populous city in the state of New Mexico. It is bordered by the Sacramento Mountains and is near the White Sands National Monument. The city has an average of 287 days of sunshine a year. Alamogordo's average homeowners insurance rate is 19% lower than the state mean. Residents pay an average of $1,180 a year for homeowners insurance.
Our study found that State Farm offered the lowest quote in the city at a cost of $964. The second most affordable homeowners insurance quote gathered was offered by Farmers at $1,032. Allstate offered the most expensive quote at $1,545 per year, which is $581 more than State Farm.
Carlsbad is the tenth largest city in the state of New Mexico. The city is located in the Chihuahuan Desert and sits at an elevation of 3,295 feet. Carlsbad is a center for potash mining and petroleum production. The average homeowners insurance rate in Carlsbad in our study was $2,966. This rate is $1,512 higher than the state average, which represents an 104% premium.
Allstate quoted the cheapest home insurance quote in the area at $2,415. State Farm offered the most expensive home insurance quote at $4,032, which was the highest quote for our sample home in all of New Mexico. Carlsbad is the most expensive city for home insurance of all 32 cities in our study.
Least Expensive Homeowners Insurance in New Mexico: by City
The graph below shows the five most affordable cities of the 32 cities in our study, which includes four of the ten most populous cities in New Mexico. The cities are listed in order of average price starting with the lowest mean home insurance quote and ascending. The figures listed in the graph represent the average home insurance rate in each city. Albuquerque is the cheapest city in New Mexico for homeowners insurance. Residents pay $890 annually on average, which is $564 lower than the state average.
As previously mentioned, Albuquerque is the most affordable city in the state of New Mexico for homeowners insurance. On average, residents pay $1 less for their homeowners insurance policy than they would in the next most affordable city in New Mexico, Bloomfield. Farmers offered the least expensive quote at $754.
Bloomfield, located in the northwestern section of New Mexico, offers the second most affordable rates for home insurance of the 32 cities sample in New Mexico. The mean home insurance quote in the city was $891, which is 39% cheaper than the state average. The most affordable quote in Bloomfield was offered by Farmers at $646 annually.
Rio Rancho, NM
Rio Rancho ranks as the third least expensive city in New Mexico for homeowners insurance. The average home insurance quote gathered for the city of Rio Rancho was $958, which is $496 less than the state mean. On a percentage basis, this represents a 34% discount. The most affordable quote, offered by Farmers, was $786 per year.
Las Cruces, NM
Las Cruces offers the fourth most affordable home insurance rates in the state of New Mexico. Residents pay on average $968 per year, which is $486 less than the state average. The lowest rate in the city was offered by Farmers at $730 per year, while the highest rate was $1,278, quoted by Allstate.
Farmington is ranked the fifth least expensive city in New Mexico for home insurance. On average, residents pay $987 for home insurance, which represents a 32% lower rate when compared to the state mean. On an annual basis, residents save $467 on homeowners insurance versus the state average.
Most Expensive Homeowners Insurance in New Mexico: by City
The graph below shows the five least affordable places of all 32 cities in this study. The figures listed represent the average home insurance rate in each city. The cities are listed in order of price starting with the highest average rate and descending. The most expensive city for homeowners insurance was Carlsbad, where our research found an average annual rate of $2,966, which is $1,512 higher than the state average.
We studied 32 cities, spread out geographically throughout the state of New Mexico. The sample home we used had 2,000 square feet and was built in the year 2000. The property cost $200,000 and had an attached garage. Quotes for this home were obtained from State Farm, Farmers, and Allstate insurance companies. The rates were then averaged to arrive at a mean value for each city. Below is an alphabetical list of all the cities included in the comparison analysis. We've displayed all cities from Alamogordo to Tucumcari with the average annual cost of insurance for the benchmark property and how much each city costs relative to the statewide average.
|Rank||City||Average Insurance Rate||Cost Compared to State Average|
|13||Truth Or Consequences||1,075||-26%|