Who Has the Cheapest Homeowners Insurance Quotes in New Mexico?

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This article has been reviewed and deemed factual by our content auditor with 8 years of banking experience.

Article Approved By Banking Expert

This article has been reviewed and deemed factual by our content auditor with 8 years of banking experience.

New Mexico can be beautiful, but for some homeowners it can be a rough place to live. Whether it’s fires, crime, or other natural damage, homes are always at-risk, even if the odds are low. We don’t want you to have to worry about that and we don’t want you to deal with the aftermath of any disastrous event on your own, which is why we recommend you get a homeowners insurance policy to protect you. They are affordable in New Mexico, effective, and we found the cheapest and best providers so you don’t have to go digging for them.

Here are the three cheapest homeowners insurance providers operating in New Mexico:

The Three Cheapest Quotes:

New Mexico has a lot of land comprising the states, and while homes are mostly concentrated in a few areas, there are still homes everywhere. And due to different risks and different lifestyles among homeowners, rates and experience will vary from the averages listed below.

The number listed next to each provider is the average annual rate for a standard policy.

1) Farmers: $1,220

The cheapest, friendliest, and in most cases most customizable option on this list, Farmers is known for their homeowners insurance offerings, and they don’t disappoint the homeowners of New Mexico. From them, you will be able to get a policy that’s tailored to the needs of your home, no more and no less. And if you’re a new homeowner or just want the best service that can be had, that’s even better.

Yet despite all of this, there is still a contingent of customers that is not satisfied. The coverage might not be what they hoped for, so double-check any final paperwork. Also, make sure that your rate won’t change down the line, or at least make sure you’ll know about it if you still are interested in getting one of their policies.

You can expect the following working with Farmers:

  • An excellent loss of use policy.
  • Discounts for new homes, not smoking, using strong roofing materials, installing home safety systems, and more.
  • Three different base packages to choose from (and customization from there).

2) Allstate: $1,476 

A mostly standard and widespread provider that has plenty of different options for covering your home, Allstate is your best choice if you have an older home (they tend to be nicer on rates for older homes) or are looking to bundle several different types of insurance with them. And with the discounts they offer, for some of you Allstate will be the cheapest provider after all.

Yet while Farmers has excellent customer service for a lower cost, Allstate has average service at best. In fact, it’s the main negative mark against it. Agents can be hit or miss in quality, pushy about upgrades, and not as quick to respond as you would like.

You can expect the following working with Allstate:

  • Many different opportunities to get a significant discount on your annual rate.
  • A few special endorsements are available for expensive items in your home.
  • An excellent online experience, including modern apps and a library of tools and resources to help you.

3) State Farm: $1,683

Still not too expensive in New Mexico, State Farm runs itself on the basis of providing simple and understandable, if basic, insurance plans of all types to people across the country. To do so, they have a massive infrastructure and network of agents ready to help, paired with an excellent online quoting tool and online experience to make things quick and easy.

Yet for anyone that would like to do more customization or doesn’t want just a simple plan, any other company on this list would likely be better. There aren’t many special options, and discounts are few and far between. What you see at first glance is mostly what you’ll be working with.

You can expect the following working with State Farm:

  • An online quoting tool that gets you all the data points you need quickly and accurately.
  • Plenty of other online resources to help you better understand your insurance policy.
  • The benefits of working with one of the largest, most stable, and most experienced insurance companies in the industry.

Other Notable New Mexico Homeowners Insurance Providers

While we could not get a reliable average annual rate from every company, we would still like to note that there are other excellent companies that might serve you best. Here are two of the best:

4) Liberty Mutual:

A standard option across the country that provides millions with different types of insurance products, Liberty Mutual is a solid choice if you don’t know where else to go or simply want an average provider that doesn’t have too many standard weaknesses. Furthermore, Liberty Mutual offers customers plenty of different ways to save, meaning they might not be as expensive as your first glance, quote, or bit of research might suggest.

Yet this isn’t entirely true, as Liberty Mutual customers aren’t always happy with the claims process. Whether you’re worried about having your claim accepted at all or instead wonder how long it will take, Liberty Mutual seems most likely to disappoint you.

You can expect the following working with Liberty Mutual:

  • Plenty of different bundling options for all your insurance needs.
  • Many different customer support channels and options to best fit your preferred method of communication and lifestyle.
  • Optional coverages for water backup, identity fraud expenses, and valuables.

5) Travelers:

Travelers is an insurance provider that offers plenty of flexibility and options for homeowners while still allowing for relatively low rates, making them an affordable option for homeowners who know exactly what they want. It may require some extra time and effort to balance everything perfectly, but we know that some readers will take up that challenge.

Yet while they can offer plenty of different discounts and options, Travelers doesn’t always leave its customers satisfied for a myriad of reasons, which is something you might want to note. Don’t rush in based on what you first see.

You can expect the following working with Travelers:

  • Discount options for people who get multiple policies through travelers, install protective devices, owning a certified “green home”, remaining claim-free, or have bought a home recently.
  • Policy add-ons including jewelry coverage, personal article floaters, water backup and sump pump overflow, added replacement cost protection, green home coverage, and identity fraud coverage, among others.
  • A high level of support and financial stability.

Conclusion

Shopping for homeowners insurance is a lot like shopping for most personal items: while something might be great and affordable, it also might not fit you and your home. Only you can be certain of the best policy for your family, so we encourage you to list your priorities, do some comparison shopping, get some quotes, and take your time. That being noted, we hope that you soon get the extra layer of protection your home needs.