Best & Cheapest Homeowners Insurance in Albuquerque, NM 2024
Allstate provides the most affordable homeowners insurance for homeowners in Albuquerque, with an average annual quote of $1,932.
We’ve saved shoppers an average of $450 per year on their home insurance.
In our thorough evaluation of homeowners insurance providers in Albuquerque, NM, Allstate emerges as the most budget-friendly option, offering average annual rates of $1,932. However, it’s essential to consider that the best insurer for you may vary depending on your individual circumstances and needs.
For example, if your credit score has suffered, Farmers stands out as the most economical choice, with an average annual premium of $2,371. If you own an older home, State Farm rises to the top with competitive rates of $1,598 per year and comprehensive coverage.
Conversely, if you’ve recently purchased a newly constructed home, Travelers provides the most cost-effective solution at $1,458 per year. And for those with a history of claims, State Farm once again offers an affordable and accommodating solution at $1,807 per annum.
Finally, if you have a significant amount of personal property that requires protection, Travelers once again proves to be the best option, offering extensive coverage at a reasonable rate of $2,054 per year.
Our detailed analysis at Insuranceopedia aims to guide you towards the perfect fit for your homeowners insurance needs. By comparing customer ratings, evaluating personal experiences, and presenting comparison charts, we provide you with all the information necessary to make an informed decision.
How much is homeowners insurance in Albuquerque, NM?
Allstate provides the most affordable homeowners insurance rate in Albuquerque, priced at $1,932 annually.
As evident below, rates in Albuquerque are higher than both the national average and the average rate for the state of New Mexico.
| Area | Average Monthly Rate |
| National | $1,820 |
| New Mexico | $1,419 |
| Albuquerque | $2,614 |
It’s crucial to recognize that insurance rates are not uniform; they can vary significantly based on various factors.
Cheapest Homeowners Insurance in Albuquerque, NM
Our Methodology
To uncover the most affordable home insurance rates in Albuquerque, we conducted an analysis of findings from various home insurance review sites. Some of these sites examined rates sourced from public filings obtained by Quadrant Information Services. We've utilized an average of these rates for this review, but it's important to note that each company's rates fluctuate regularly and may differ based on your unique circumstances. Additionally, our overall rating incorporates my subjective opinion, drawing upon fifteen years of experience as a licensed insurance agent and over three decades of purchasing home insurance.
Quotes Analyzed
Years Of Industry Experience
Brands Reviewed
Research Hours
Cheapest homeowners insurance in Albuquerque, NM
Allstate stands out as the most budget-friendly option for homeowners insurance in Albuquerque, NM, boasting an average annual rate of $1,932.
| Company | Annual Premium |
| Allstate | $1,932 |
| Travelers | $2,057 |
| Farmers | $2,499 |
| Liberty Mutual | $2,675 |
| State Farm | $3,990 |
The cost of your policy is influenced by various factors, including your location, the value of your home, and your claims history. Allstate provides a balanced combination of affordability and comprehensive coverage.
Cheapest Homeowners Insurance In Albuquerque If You Have an Older Home
State Farm provides the most budget-friendly rates for homeowners with older homes, averaging $1,598 per year.
| Insurance Company | Average Annual Premium |
| State Farm | $1,598 |
| Farmers | $1,672 |
| Allstate | $2,420 |
| Travelers | $2,819 |
Older homes often entail unique risks and maintenance challenges, potentially increasing insurance costs. However, State Farm offers competitive rates and comprehensive coverage specifically tailored to address the needs of older homes.
Cheapest Homeowners Insurance for Newly Constructed Homes
If you’re the owner of a newly constructed home, Travelers provides the most cost-effective solution, with an average annual rate of $1,458.
| Insurance Company | Average Annual Premium |
| Travelers | $1,458 |
| Liberty Mutual | $1,487 |
| Allstate | $1,510 |
| State Farm | $1,817 |
| Farmer | $3,764 |
Newly constructed homes often demand distinct coverage compared to older properties, and Travelers excels in offering affordable policies customized to meet these particular requirements.
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Cheapest Homeowners Insurance If You Have Poor Credit
For individuals with poor credit scores, Farmers offers the most affordable solution, with an average annual rate of $2,371.
| Insurance Company | Average Annual Premium |
| Farmers | $2,371 |
| Travelers | $3,340 |
| Allstate | $4,150 |
| State Farm | $5,530 |
Your credit score plays a significant role in determining your insurance rates, as insurers use it to assess risk. Farmers recognizes the importance of providing fair coverage to everyone, irrespective of their financial history.
Cheapest Home Insurance In Albuquerque for a History of Claims
For homeowners with a history of claims, State Farm offers an affordable solution, with an average annual rate of $1,807.
| Insurance Company | Average Annual Premium |
| State Farm | $1,807 |
| Farmers | $1,930 |
| Allstate | $2,067 |
| Travelers | $2,720 |
A history of claims can indeed raise concerns for insurers, often resulting in higher premiums. However, State Farm believes in giving individuals second chances and provides reasonable rates for those with past claims.
Cheapest Home Insurance Rates for Lots of Personal Property
If you possess a wealth of personal property, Travelers provides the most affordable rates, with an average annual rate of $2,054.
| Insurance Company | Average Annual Premium |
| Travelers | $2,054 |
| State Farm | $2,182 |
| Farmers | $2,530 |
| Allstate | $4,291 |
The more personal property you own, the higher your coverage needs, which can lead to increased premiums. However, Travelers offers extensive coverage at reasonable rates, ensuring that all your belongings are adequately protected.
Best Homeowners Insurance Companies in Albuquerque, NM
Selecting the right homeowners insurance isn’t just about necessity; it’s a strategic decision. With a rich history, Albuquerque’s homes are as unique as its residents. Therefore, finding an insurance provider that offers comprehensive coverage at competitive rates becomes essential.
To simplify your decision-making process, we’ve curated a list of the top homeowners insurance companies in Albuquerque, NM. These companies have been evaluated based on their annual premiums, coverage options, customer satisfaction ratings, and overall reliability. Take a glance at our comparison chart below to identify the perfect fit for your home insurance needs.
| Company | Annual Premium |
| State Farm | $1,598 |
| Farmers | $1,672 |
| Allstate | $2,420 |
| Travelers | $2,819 |
| Safeco | $871 |
| Liberty Mutual | $936 |
Average Home Insurance Rates by Zip Codes
The cost of homeowners insurance in Albuquerque, NM can vary significantly based on the zip code. Below are tables showcasing rates for different zip codes in Albuquerque, along with the the cheapest and most expensive zip codes in the area for annual home insurance premiums.
| ZIP Code | Average Insurance Premium (Annual) |
| 87112 | $1,460 |
| 87109 | $1,452 |
| 87121 | $1,548 |
| 87123 | $1,457 |
| 87111 | $1,460 |
| 87120 | $1,512 |
Cheapest Zip Codes
| ZIP Code | Average Insurance Premium (Annual) |
| 87106 | $1,464 |
| 87122 | $1,451 |
| 87108 | $1,447 |
| 87114 | $1,470 |
| 87113 | $1,463 |
Most Expensive Zip Codes
| ZIP Code | Average Insurance Premium (Annual) |
| 87101 | $1,603 |
| 87120 | $1,512 |
| 87104 | $1,484 |
| 87107 | $1,478 |
| 87102 | $1,482 |
Average Home Insurance Rates in Albuquerque, NM by Deductible Amount
The deductible amount chosen for a homeowners insurance policy significantly affects the premium rates in Albuquerque, NM. Here’s how the average home insurance rates fluctuate for different deductible amounts:
| Deductible Amount | Annual Rate |
| $500 | $1,222 |
| $1,000 | $1,141 |
| $1,500 | $1,096 |
| $2,000 | $997 |
| $4,000 | $910 |
Average Home Insurance Rates in Albuquerque, NM By Coverage Amount
One of the key components that influences your premium is the dwelling coverage amount. This is the maximum amount your insurance company will pay to rebuild or repair your home if it’s damaged or destroyed.
Let’s take a closer look at a comparison chart that outlines the average annual homeowners insurance premiums for different dwelling coverage amounts.
| Dwelling Coverage Amount | Average Annual Premium |
| $200,000 | $1,003 |
| $250,000 | $1,141 |
| $300,000 | $1,235 |
| $350,000 | $1,489 |
| $400,000 | $1,632 |
Average Home Insurance Rates in Albuquerque, NM by Company
Here’s a comparison table showcasing annual premiums from some of the top providers in Albuquerque:
| Company | Annual Premium |
| State Farm | $1,598 |
| Farmers | $1,672 |
| Allstate | $2,420 |
| Travelers | $2,819 |
| Safeco | $871 |
| Liberty Mutual | $936 |
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How Much is Homeowners Insurance for Other Cities in New Mexico?
The following is a detailed comparison chart that showcases the cheapest companies and their annual premiums across various cities in New Mexico.
| City | Annual Premium |
| Santa Fe | $1,446 |
| Hobbs | $2,790 |
| Rio Rancho | $1,452 |
| Roswell | $2,680 |
Getting Online Homeowners Insurance Quotes in New Mexico
With informative platforms like Insuranceopedia, finding the best coverage for your unique needs is just a few clicks away. By offering quick online quotes from a variety of top-rated insurers, Insuranceopedia helps you compare rates easily.
Simply input your details, and let us handle the hard work, presenting you with a range of options tailored to your requirements. This way, you can confidently select a policy that provides the best value, striking the ideal balance between cost and comprehensive coverage.
FAQs
Who has the cheapest home insurance in Albuquerque, NM?
The cheapest home insurance in Albuquerque, New Mexico, is provided by Allstate with an annual premium of $1,932.
What is the average cost of home insurance in Albuquerque, NM?
The average cost of homeowners insurance in Albuquerque, New Mexico, is approximately $2,614 per year.
Sources
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