Best & Cheapest Homeowners Insurance in Santa Fe, NM 2024
Farmers provides the most affordable home insurance for Santa Fe residents, with an average annual premium of $1,268.
We’ve saved shoppers an average of $450 per year on their home insurance.
In our thorough evaluation of home insurance providers in Santa Fe, NM, Farmers emerges as the most budget-friendly option, with an average yearly cost of $1,268. However, it’s important to understand that the best insurer for you can vary depending on your specific circumstances and needs.
For example, if you have a lower credit score, Farmers remains the most economical choice, with an average annual premium of $2,117. If you own an older home, State Farm offers competitive rates of $1,652 per year along with comprehensive coverage.
On the other hand, if you have a history of claims, State Farm provides an affordable and accommodating solution at $1,864 per year.
Our comprehensive analysis at Insuranceopedia aims to help you find the ideal match for your home insurance requirements. By comparing customer ratings, evaluating personal experiences, and presenting comparison charts, we provide all the necessary information to assist you in making an informed decision.
How much is homeowners insurance in Santa Fe, NM?
In Santa Fe, Farmers provides the most affordable homeowners insurance, with an annual rate of $1,268.
As depicted below, homeowners insurance rates in Santa Fe are lower than the national average but slightly higher than the average rate for the state of New Mexico.
| Area | Average Monthly Rate |
| National | $1,820 |
| New Mexico | $1,419 |
| Santa Fe | $1,464 |
It’s crucial to recognize that insurance rates are not consistent and can vary significantly depending on various factors.
Cheapest Homeowners Insurance in Santa Fe, NM
Our Methodology
In our search for the most affordable home insurance rates in Santa Fe, we examined data from several home insurance review websites. Some of these websites obtained rates from public filings acquired from Quadrant Information Services. We calculated an average of these rates for this assessment. However, it's crucial to understand that each company's rates can change frequently and may differ based on your specific circumstances. Additionally, our overall rating incorporates my subjective opinion, drawn from fifteen years of experience as a licensed insurance agent and more than three decades of purchasing home insurance policies.
Quotes Analyzed
Years Of Industry Experience
Brands Reviewed
Research Hours
Cheapest homeowners insurance in Santa Fe, NM
In Santa Fe, NM, Farmers is acknowledged as the most economical option for homeowners insurance, boasting an average annual rate of $1,268.
| Company | Annual Premium |
| Farmers | $1,268 |
| State Farm | $1,650 |
Your insurance policy cost is influenced by factors such as your location, the value of your home, and your claims history. Farmers provides a well-rounded combination of affordability and comprehensive coverage.
Cheapest Homeowners Insurance In Santa Fe If You Have an Older Home
State Farm provides the most cost-effective rates for homeowners with older homes, averaging $1,652 per year.
| Insurance Company | Average Annual Premium |
| State Farm | $1,652 |
| Farmers | $1,872 |
Older homes often present unique risks and maintenance challenges, potentially resulting in increased insurance costs. However, State Farm offers competitive rates and comprehensive coverage specifically designed to address the needs of older homes.
Cheapest Homeowners Insurance If You Have Poor Credit
For individuals with a poor credit score, Farmers offers the most affordable solution, with an average annual rate of $2,117.
| Insurance Company | Average Annual Premium |
| Farmers | $2,117 |
| State Farm | $2,802 |
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 background or credit score.
Cheapest Home Insurance In Santa Fe for a History of Claims
Homeowners with a history of claims can find an affordable solution with State Farm, which offers an average annual rate of $1,864.
| Insurance Company | Average Annual Premium |
| State Farm | $1,864 |
| Farmers | $1,930 |
A history of claims can be a concern for insurers and often results in higher premiums. However, State Farm believes in giving second chances and offers reasonable rates for individuals with past claims.
Best Homeowners Insurance Companies in Santa Fe, NM
Selecting the right homeowners insurance isn’t just about fulfilling a requirement; it’s a strategic choice. With Santa Fe’s rich history, its homes are as unique as its residents. Thus, finding an insurance provider that offers comprehensive coverage at competitive rates is crucial.
To simplify your decision-making process, we’ve gathered a list of the top homeowners insurance companies in Santa Fe, NM. These companies were evaluated based on factors like annual premiums, coverage options, customer satisfaction ratings, and overall reliability. Check out our comparison chart below to discover the perfect fit for your home insurance requirements.
| Company | Annual Premium |
| Farmers | $1,268 |
| State Farm | $1,650 |
Average Home Insurance Rates by Zip Codes
Home insurance costs in Santa Fe, NM can differ widely based on the zip code. Here are tables showing rates for various zip codes in Santa Fe, including the least and most expensive ones for annual home insurance premiums.
| ZIP Code | Average Insurance Premium (Annual) |
| 87505 | $1,413 |
| 87507 | $1,414 |
| 87508 | $1,415 |
| 87501 | $1,538 |
| 87506 | $1,433 |
Cheapest Zip Codes
| ZIP Code | Average Insurance Premium (Annual) |
| 87505 | $1,413 |
| 87507 | $1,414 |
| 87508 | $1,415 |
Most Expensive Zip Codes
| ZIP Code | Average Insurance Premium (Annual) |
| 87501 | $1,538 |
| 87506 | $1,433 |
Average Home Insurance Rates in Santa Fe, NM by Deductible Amount
The deductible amount you choose for your homeowners insurance policy plays a major role in determining premium rates in Santa Fe, NM. Here’s a breakdown of how average home insurance rates vary based on different deductible amounts:
| Deductible Amount | Annual Rate |
| $500 | $1,252 |
| $1,000 | $1,051 |
| $1,500 | $996 |
| $2,000 | $947 |
| $4,000 | $912 |
Average Home Insurance Rates in Santa Fe, NM By Coverage Amount
An essential factor influencing your premium is the dwelling coverage amount, which signifies the maximum sum your insurer will pay to rebuild or repair your home in case of damage or destruction.
Let’s review a comparison chart illustrating the average annual premiums for homeowners insurance across different dwelling coverage amounts.
| Dwelling Coverage Amount | Average Annual Premium |
| $200,000 | $1,013 |
| $250,000 | $1,151 |
| $300,000 | $1,255 |
| $350,000 | $1,499 |
| $400,000 | $1,662 |
Average Home Insurance Rates in Santa Fe, NM by Company
Below is a table comparing the annual premiums offered by leading insurance providers in Santa Fe:
| Company | Annual Premium |
| Farmers | $1,268 |
| State Farm | $1,650 |
How Much is Homeowners Insurance for Other Cities in New Mexico?
Here’s a comprehensive comparison chart highlighting the most affordable insurance companies and their yearly premiums across different cities in New Mexico.
| City | Annual Premium |
| Albuquerque | $2,614 |
| Hobbs | $2,790 |
| Rio Rancho | $1,452 |
| Roswell | $2,680 |
Getting Online Homeowners Insurance Quotes in New Mexico
Websites like Insuranceopedia simplify the search for the right coverage tailored to your needs. They offer quick online quotes from top-rated insurers, streamlining the comparison process.
Simply input your information, and Insuranceopedia will generate a variety of options tailored to your needs. This enables you to confidently select a policy that provides the best value, balancing cost and comprehensive coverage effectively.
FAQs
Who has the cheapest home insurance in Santa Fe, NM?
Farmers offers the most affordable home insurance in Santa Fe, New Mexico, with an annual premium of $1,268.
What is the average cost of home insurance in Santa Fe, NM?
On average, homeowners insurance in Santa Fe, New Mexico, costs approximately $1,464 per year.
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