New Mexico Homeowners Insurance Coverage

Whether you live in a Southwest contemporary in Albuquerque or a traditional ranch outside Santa Fe, a Farmers FlexSM Personal Home policy offers coverage you can tailor to your home and your lifestyle, with many ways to help you save.

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Is homeowners insurance required in New Mexico?

No, New Mexico state law does not require homeowners insurance. However, in order to get a home loan, your lender will likely require you to obtain a certain amount of insurance coverage.

What does homeowners insurance typically cover in New Mexico?

Every policy is different, but home insurance policies in New Mexico typically come with several standard coverages

  • Dwelling (Coverage A). This coverage helps you pay for damage to your home from a covered event, such as a fire, windstorm, lightning or hail.

  • Other structures (Coverage B). This coverage is intended to cover structures that aren’t connected to your home, like a fence or shed.

  • Personal property (Coverage C). This coverage helps you repair or replace your personal belongings if they are stolen or damaged.

  • Loss of use or additional living expense coverage (Coverage D). This coverage can help you pay to stay somewhere else if your home is uninhabitable due to covered damage.

  • Personal liability (Coverage E). This coverage helps pay for accidental property damage or injuries caused through negligence. 

Typical homeowners insurance policies in New Mexico cover damage caused by:

  • Fire 
  • Vandalism and theft 
  • Windstorms 
  • Hail
  • Lightning strikes 
  • Explosions 
  • Falling objects 
  • Vehicles 
  • The weight of snow or ice

Flooding, including flash flooding, a common hazard in New Mexico, is not covered, but special flood insurance through the National Flood Insurance Program (NFIP) may be available. 

Farmers Flex Personal Home coverage in New Mexico

Beyond the basic coverages, Farmers Flex Personal Home offers a wide range of options that let you customize your policy, such as:

  • Guaranteed Replacement Cost
  • Water Backup and Sump Overflow
  • Emergency Mortgage Assistance
  • Declining Deductibles®
  • Claim Forgiveness

Learn more about Farmers Flex Personal Home policies

New Mexico home insurance discounts

Farmers® also offers a variety of savings opportunities for eligible home insurance customers in New Mexico, including:

  • Welcome Discount
  • Home Buyer Discount
  • Multi-Policy Discount
  • Loyalty Discount
  • Claim Free Discount

See more information and additional discounts that may be available in New Mexico.

How much does homeowners insurance generally cost in New Mexico?

The average premium for home insurance was $1,126 per year in New Mexico in 2019, according to the most recent data available from the National Association of Insurance Commissioners (NAIC). Keep in mind that insurance premiums in most states have changed since then. Also, your own cost will vary depending on the value and condition of your home, construction costs in your area, the level of coverage and deductibles you choose and the risks brought by extreme weather in your location.

The Greater Roadrunner

New Mexico’s state bird really can run — up to 15 miles per hour, with faster spurts when it’s chasing dinner. It can also jump straight up into the air to catch bugs and birds. — National Audubon Society

More coverage options in New Mexico

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New Mexico car insurance

Find out minimum state requirements for auto insurance in New Mexico, available discounts and more.

View car insurance details and discounts for New Mexico

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New Mexico renters insurance

Renters insurance can help cover what your landlord’s insurance policy doesn’t, such as furniture, electronics and other personal belongings.

View renters insurance details and discounts for New Mexico

Learn From Experience

Read more about home maintenance, home safety and insurance questions to help you plan and prepare to protect what matters most.

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The most common type of water damage to homes isn’t caused by hurricanes or floods. It’s caused by the dishwasher, hot water heater and other appliances or plumbing. Read real stories of epic water damage — and what homeowners, their plumbers and restoration experts say about reducing the risk of water leaks.

What Does an Umbrella Insurance Policy Cover?

Think of umbrella insurance as an extra layer of liability coverage on top of your existing home and auto insurance — a personal umbrella over you and your assets. It’s additional coverage over your existing insurance limits, and it can be an affordable way to help you protect your home, cars, boats and other possessions if you’re sued.

When Would a Homeowner Want to Consider Vacant Home Insurance?

If you move out of a home before it’s sold, inherit a property or are a landlord between tenants, you may have a vacant property.

1 Based on the average premium for HO-3  open perils homeowners policies.