New Mexico Homeowners Insurance
There are a lot of things to get excited about in New Mexico. Home to a diverse landscape, plenty of outdoor activities, wine country and a variety of thriving cultures, it’s easy to see why New Mexico is nicknamed the Land of Enchantment. And we’re excited to add to this enchantment with Hippo home insurance, now available in New Mexico.
Whether you own a Hacienda or a Pueblo Revival style home, Hippo has a policy catered to you. Need to know the basics of home insurance before you start customizing your policy? We’ve got you covered with our guide to New Mexico homeowners insurance below.
What is the average cost of homeowners insurance in New Mexico?
Homeowners insurance in New Mexico costs an average of $1,143 per year, or about what you’d pay for a Signature Piñon Latte every day for 285 days at Piñon Coffee House. If you’ve never heard of Piñon and are trying to get to know NM better, you better visit ASAP, as Piñon Coffee is the largest coffee roaster in New Mexico and a staple in the state.
What factors affect my home insurance rate?
Another staple in New Mexico is low-cost home insurance policies, as the average premium is about 5% less than the nationwide average of $1,200. Though what you’ll actually pay will vary by provider. Your home’s size, age and location, as well as your credit and insurance scores, all affect your premium.
New Mexico Home Insurance Premiums
What does New Mexico homeowners insurance cover?
New Mexico home insurance will cover your dwelling, belongings, and personal liability like most home insurance policies across the nation. But your protection options don’t stop at a basic home insurance policy.
There are a few special considerations New Mexico homeowners need to take into account, such as protection for natural disasters common in the area, such as wildfires. Extended replacement cost insurance might be a good idea as well — it will ensure you have enough assistance to get your home back to its former condition if it is damaged.
However, the risks of the three biggest natural disasters (tornados, hurricanes and earthquakes) are low in the state, meaning you don’t have to worry too much about extreme weather.
New Mexico Insurance Coverage Options
Traditional coverage
Physical Structure
Living Expenses
Liability Protection
Additional Structures
Personal Possessions
Supplemental coverage
Fire
Earthquake
Flood
How to lower your home insurance premium
Even though New Mexico holds the title of the most PhD residents per capita, even doctors could use a little help from the experts to save money on home insurance premiums. So grab a notebook and a pen, because Hippo’s class is in session.
Saving money on your premium takes some work, but it’s not impossible. First, you should chat with your insurance provider to see what changes you can make to your home to make it less risky to insure. They may suggest you update your roof (especially if it is over 20 years old), replace your windows or clean out your HVAC vents. While these changes may cost more upfront, you’ll get your money back (and then some) through lower premiums.
Some providers even offer discounts for installing smart home devices throughout your home, whether they be security systems, water leak detectors or automatic locks (we even offer a smart home kit when you sign a policy with us). Finally, if you still aren’t seeing the savings you want, consider switching providers.
New Mexico home insurance resources
Albuquerque Isotopes and New Mexico Ice Wolves fans alike looking to learn more about protecting their homes have several options. In addition to the NFIP for proper flood coverage and FAIR plans for last-resort policies, homeowners can also turn to The Office of Superintendent of Insurance for more information and resources.
National Flood Insurance Program
Denver, Colorado, may be the Mile High City, but Santa Fe is actually the highest capital city in the United States. That being said, flooding is still an issue throughout the state of New Mexico, so it's a good idea to get flood insurance. The government program NFIP is set up to help homeowners across the nation get financial assistance should their homes or belongings be damaged from flooding.
New Mexico FAIR plan
Also known as the NMPIP, the New Mexico Property Insurance Pool, New Mexico’s FAIR plan will make sure you get the coverage you need for your home. However, the coverage FAIR plans provide is minimal, so they should be considered a last resort option for home insurance coverage.
A state with the motto Crescit Eundo, Latin for “it grows as it goes,” is committed to changing with the times. So don’t they deserve a home insurance company that will do the same? We certainly think so. That’s why we not only offer modern policies, but other great perks that focus on what homeowners truly need (such as our home repair service, Hippo Home Care). To see what we’re all about, and what our plans are for the future of home insurance, jusrtgive us a call.
