New Mexico state law does not require homeowners insurance. If you have a mortgage, however, the lender is likely to require it to protect its investment. And, homeowners with home insurance in New Mexico can benefit from knowing that they will have coverage for damage from severe storms, which can bring heavy rain, lightning, hail, strong winds and even snow in some parts of the state. Homeowners insurance can also help you protect your assets in case you’re sued.
Whether you live in busy Albuquerque or Santa Fe or own a home in quiet Tucumcari or Roswell, homeowners insurance typically offers four main types of coverage.
Flash floods after thunderstorms or during monsoon rains are a common desert-state hazard, but flooding is typically not covered by any homeowners insurance policy in New Mexico. Separate flood insurance is available through the National Flood Insurance Program partnership with Farmers®. A Farmers agent can walk you through the options.
Special home features, including swimming pools and expensive items such as jewelry and art, typically require additional insurance. Ask your Farmers agent about these limitations and exclusions and how to add items that require higher coverage limits separately to your policy.
The cost of New Mexico home insurance varies depending on the value of your home, the level of coverage you want and the risks brought by extreme weather in different regions.
Other things that might affect the cost of your homeowners insurance policy include:
Farmers builds value into every home policy with:
We offer a variety of discounts for our home insurance customers in New Mexico. For example:
See a list of potential home insurance discounts. Not all listed discounts are available in New Mexico.
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.
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.
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.