Albuquerque, NM homeowners insurance is about $593 to $802, about $49-$66/month. Our detailed analysis indicates shoppers can save upto $278 by comparing different quotes. Enter your zipcode below and click “GO” to get multiple free quotes.
Homeowners in Albuquerque, NM pay an average of $912 for home insurance. However, the cost of your policy will vary based on a number of factors including coverage type and deductible amount as well as age of property or materials used to build it.Below is the summary of average home insurance costs available to Albuquerque Homeowners based on the deductible and other variables.
Albuquerque, Home Insurance Cost for different deductibles.
Homeowners are given discounts when they opt for higher deductibles which translates into cheaper monthly payments and affordable premiums over time. A high deductible policy is an easy way to benefit more while saving money. Albuquerque homeowners paying a high deductible of $2500 can avail of home insurance for $654.82.Homeowners receive insurance for $696.59and $767.36respectively, on deductibles $2000 and $1500.
The average cost of house insurance is directly proportional to the age of the home. Newly constructed Albuquerque homes can avail lower insurance of $666 since newly built homes have a lesser threat to damage. As a result, home insurance companies in Albuquerque offer substantial discounts to newly constructed homes. An older housing means higher rates since houses are more prone to damage and as a result, those with homes over 40 or 50 years old have an additional $936-$947 per year tacked onto their premiums.
Construction type is an integral factor in the cost of homeowners insurance. The more resistant your house to damage, the less expensive homeowners insurance will be for you. For instance, if a person lives in Albuquerque and has fire-resistant construction on their roof they can benefit from average rates at $803 per year.Insurance companies in Albuquerque offer home insurance for $866 for homes built with Masonry and Brick. Homes constructed with superior and hail resistant roofs attract a higher amount $821 and $ 885 respectively.
Apart from all these factors, homeowners can avail cheap home insurance costs from insurance companies based on the security features and senior citizens residing in the households. Senior occupied houses in Albuquerque can save upto $106 in home insurance.
The average cost of home insurance in Albuquerque, New Mexico, is $912. This is significantly lower than the national average premium of $1,438. Albuquerque homeowners choose home insurance companies based on how reasonably priced the quote offered is. quotes. However, homeowners should also consider other factors such as claims processing speed, customer service, and availability of discounts before choosing the home insurance company that best suits their coverage needs.
Below are the top 5 home insurance companies in New Mexico according to market share.
State Farm is the most prominent company in New Mexico, occupying the majority of the market share with 20.01%. The renowned home insurance company has written direct premiums worth $109,485. And, has earned direct premiums worth $106,033. State Farm holds a financial strength rating of A++ from A.M. Best for its superior financial capacity to grant potential claims of current Albuquerque policyholders. It also received a customer satisfaction score of 4/5 from J.D. Power based on the feedback collected from policyholders.
Farmers is another major player in the insurance segment holding a market share of 17.85% in New Mexico. The company has direct premiums written for a total value of $97,633. It has earned direct premiums worth $97,052. Farmers holds a financial strength rating of A+ for their superior financial ability to grant claims of current policyholders. According to customer feedback curated by J.D. Power, Farmers received a customer satisfaction rating of 3/5.
Even though USAA only offers its services to veterans, active, and retired military personnel, it has managed to hold a market share of 10.88%. It has direct premiums written worth $59,533, and direct premiums earned worth $54,800. USAA is the only home insurance company other than State Farm to receive a financial strength rating of A++ for its superior financial ability in granting claims of current Albuquerque policyholders. It also holds a perfect customer satisfaction score of 5/5 from J.D. Power.
According to NAIC, Liberty Mutual holds a market share of 10.56% in New Mexico. The home insurance company has direct premiums written worth $57,775, and direct premiums earned worth $56,112. A.M. Best rated Liberty Mutual with an A for its excellent ability to grant potential claims of current policyholders. In terms of overall customer satisfaction, Liberty Mutual received a score of 3/5 from J.D Power.
Allstate comes next to Liberty Mutual in terms of market share, occupying 8.53% of the home insurance market. Allstate has written direct premiums of $46,644, and earned direct premiums of $45,581. Allstate has the superior financial ability in granting potential claims of current Albuquerque policyholders and has been awarded a rating of A+ from A.M. Best. It received a customer satisfaction score of 3/5 from J.D. Power’s customer feedback survey.
The average home insurance rate of homeowners in Albuquerque is $912 per annum. Vhome’s in-depth analysis reveals that Albuquerque homeowners can save up to $278 by choosing the cheapest insurance provider that best suits their needs.
Home insurance companies take different features of homes into consideration before deciding on the quotes. The quotes provided to Albuquerque homeowners vary between one home insurance company to another. Albuquerque homeowners are advised to compare quotes from different home insurance companies in order to pick the cheapest home insurer.
Home insurance companies calculate home insurance rates based on the lifestyle choices of homeowners. Albuquerque homes with a swimming pool can increase home insurance rates by up to $55. Albuquerque homeowners who smoke, and have pets are also charged with additional insurance rates.
Home insurance companies tend to provide discounts to homes that are less prone to damage. Albuquerque homes can avail discounts of up to $109 based on the home construction type. Newly constructed Albuquerque homes can earn discounts of up to $246 on homeowners insurance.
Deductibles vs. Insurance Rates
Home insurance rates vary significantly based on the deductibles homeowners opt to pay. According to a study done by Vhome, Albuquerque homeowners can save up to $1,200 on a lock-in period of 8 years by paying a high deductible of $2,900 in place of $900. Albuquerque homeowners are recommended to choose home insurance companies that offer different deductible choices.
Post-Claim Insurance Rates
The claims history of homeowners has a significant impact on determining home insurance rates. Albuquerque homeowners who have a claims-free history can avail discounts from insurance companies. On the other hand, home insurance rates can increase by up to $383 based on the type, and number of claims. We caution Albuquerque homeowners to have prior knowledge about changes in post-claim insurance rates before choosing a home insurance company.
|Albuquerque, NM Home Value||Total Homes||% of Total||Average Albuquerque, NM Homeowners Insurance|
|Less than $50,000||9,823||6.0%||$90|
|$70,000 to $79,999||2,123||1.0%||$271|
|$80,000 to $89,999||2,648||1.0%||$313|
|$90,000 to $99,999||3,165||2.0%||$348|
|$100,000 to $124,999||14,419||10.0%||$404|
|$125,000 to $149,999||15,510||10.0%||$501|
|$150,000 to $174,999||21,002||14.0%||$599|
|$175,000 to $199,999||15,677||10.0%||$690|
|$200,000 to $249,999||25,827||18.0%||$829|
|$250,000 to $299,999||17,096||11.0%||$1010|
|$300,000 to $399,999||14,269||9.0%||$1289|
|Home Insurance Company Near Albuquerque, NM||Homeowners Insurance Agency Near Albuquerque, NM||Address|
|Allstate||Blue Star Insurance||400 W Hwy 60, Mountainair, NM, 87036|
|Farmers||Cathy Muse||4201 Central Ave NW # B7a, Albuquerque, NM, 87105|
|State Farm||Cynthia Bahling||12700 San Rafael Ave NE Ste 2, Albuquerque, NM, 87122-1143|
|Farmers||James Lucero||2015 Wyoming Blvd NE Ste D, Albuquerque, NM, 87112|
|Liberty Mutual Independent||Justice Insurance Specialists||211 S MAIN ST, BELEN, NM, 87002|
|Streets in Albuquerque Area||Homeowners Insurance Cost|
|Bentley Ct, Cam Cerrito SE, Bret Pl NE, Mirasol Ave NW, la Veta Ct, Cosmos Dr SW, San Nicholas Ave NW, Tuna Pl NW, Atrisco Pl NW, Rafael Rd SW||$680|
|Coal Ave SW, Ave Las Campanas NW, Cranbrook St NE, Thomas Ln NW, Malachite Dr SW, Sun Mountain Trl SW, Sherwood Dr NW, Larkspur Ln, la Condesa Ave NE, Vinton St SW||$679|
|Live Oak Ln NE, la Ronda Pl NE, Illinois St NE, Tower Rd SW, Kentucky St NE, Rock Point Pl NE, Faye Pl NE, Cletsoway Dr SW, Agnes Ct NE, del Rey Rd SW||$703|
|Scoria Dr NW, Placido Dr NE, Winchester Rd SW, Calla Lily Cir, Wellsburg Ave NW, Scarlet Pl NW, 60th St SW, Boliver Ln, Red Hawk Rd NE, Pso del Norte||$694|
|Zena Lona St, Brookstone Dr NW, Michael Hughes Dr NE, 11th St NW, Paseo Vis NE, Pojoaque Dr NW, Torpedo Pl NW, Cottonwood Pl, Contreras Pl NW, Terrace SE||$712|
|Tahoe Pl NE, Mead Rd SW, Um Rd NW, Hahn Ct NE, Cll de Vida NW, Roberta Pl NE, Pinon Ct NW, Westlake Dr NE, Galaxia Park Dr NW, Sarita Ave NW||$714|
|del Campo Pl NE, S Dale Dr SW, Daniel Rd NW, Fox Hill Pl SW, Juan Tabo Blvd SE, Maddux Pl NW, Major Ave NW, Signal Ave NE, Montclaire Dr SE, Arapahoe Ave NW||$718|
|14th St NW, Cameron St NW, Tulane Pl NE, Pueblo Verde NE, Eagle Ridge Ln, Georgetown Ave NW, Brookline Dr NW, Cll del Bosque NW, Bonita Plz NE, Cienega Ct NW||$727|
|Montego Pl NE, Glendale Pl NW, Summerlin Rd NW, Tramway Vista Dr NE, Canyon Hills Dr NE, Morrow Ave, Tres Vistas Rd NW, San Fidel Rd NW, Manzano Ct NW, Rio Canon Ct SW||$714|
|Carreta Dr NW, Quarterhorse Ln NW, Cairo Dr NE, Englewood Dr SE, William St SE, Brad Pl NW, Globe Willow Ave NE, Chesapeake Rd NW, Desert Rd, Crescent Dr NW||$709|
|Place||Savings For Senior Occupied Homes|
|Albuquerque||$104 to $106|
|Los Ranchos de Albuquerque||$115|
|Place||1 Car Bundle Savings On Insurance||2 Car Bundle Savings On Insurance||3 Car Bundle Savings On Insurance|
|Bernalillo County, New Mexico||$87||$116||$174|
|Los Ranchos de Albuquerque village, New Mexico||$97||$129||$193|
|South Valley CDP, New Mexico||$85||$113||$170|
|Place||Home insurance as a % of housing cost for homes with mortgage||Home insurance as a % of housing cost for homes without mortgage|
|Los Ranchos de Albuquerque||3.29%||13.18%|
|Albuquerque Home By Monthly Rent||Total Homes||% of Total||Estimated Monthly Income To Afford Rented House Including Renters Insurance|
|Less than $200||1,553||1.0%||$343|
|$200 to $299||2,246||2.0%||$793|
|$300 to $499||8,795||9.0%||$1243|
|$500 to $749||31,974||34.0%||$1918|
|$750 to $999||24,034||26.0%||$2668|
|$1,000 to $1,499||18,810||20.0%||$3793|
|$1,500 or more||4,245||4.0%||$5443|
|Zip Code||Median Home Value||Median Homeowners Insurance|
|Low Deductible||High Deductible|
|Yearly Albuquerque Homeowner Insurance Premium Example||$1,000||$600|
|Out of Pocket Expense During Claim||$900||$2,900|
|Total Home Insurance Premium for 8 years + Out of Pocket Expense for Claim||$8,900||$7,700|
|Net Savings to Albuquerque Home Owner from High Deductible Plan||$1,200|
|Scenario||Albuquerque, NM Home Replacement Value MORE than Home Value||Albuquerque, NM Home Replacement Value LESS than Home Value|
|Insurance Premium based on Replacement Value||$900||$525|
|Risk Exposure from Under Insuring Coverage||Unnecessary Home Insurance Coverage of $36,000||Risk Exposure from Under Insuring Coverage is $33,500|
|Premium Impact||Insurance cheaper by $175/year||Insurance costlier by $200/year|
|Insurance Company||GEICO Insurance||Travelers||Amica Mutual Insurance Company|
|Home Details||3 Beds, 1 Baths||4 Beds, 1 Baths||5 Beds, 3 Baths|
|Deductible||$2500-$5000 Deductible||$2500-$5000 Deductible||> $10,000 Deductible|
|Year Built||Home Value||Roof Type||Sqft||Number of Bedrooms||Deductible||Premium||Premium Months||Siding Type||Smoker/Non Smoker|
|1968||115,000||Tile Roof||1,020||2||$1000-$2500 Deductible||270||9||Fiber-Cement Siding||No|
|1964||150,000||Membrane Roof||1,660||3||$1000-$2500 Deductible||130||2||Wood siding||yes|
|2013||235,000||Membrane Roof||2,130||3||$2500-$5000 Deductible||490||8||Vinyl siding||yes|
|1977||150,000||Wood Shake Roof||1,410||2||$2500-$5000 Deductible||310||6||Vinyl siding||No|
|2009||205,000||Composition Roof||1,730||5||$1000-$2500 Deductible||180||3||Wood siding||No|
|2014||285,000||Composition Roof||2,260||4||$500- $1000 Deductible||370||3||Fiber-Cement Siding||yes|
|1961||245,000||Wood Shake Roof||2,120||4||$2500-$5000 Deductible||430||7||Stucco siding||yes|
|1984||165,000||Tile Roof||1,510||3||$500 Deductible||740||8||Vinyl siding||No|
|1973||265,000||Metal Roof||2,810||5||$1000-$2500 Deductible||980||8||Stucco siding||yes|
|1998||210,000||Asphalt Shingles Roof||1,620||3||$500 Deductible||780||9||Vinyl siding||No|
|1978||195,000||Tile Roof||1,620||3||$1000-$2500 Deductible||450||8||Brick siding||yes|
|1969||145,000||Asphalt Shingles Roof||1,630||3||$1000-$2500 Deductible||410||12||Fiber-Cement Siding||No|
|2012||130,000||Composition Roof||1,330||2||$500- $1000 Deductible||380||6||Fiber-Cement Siding||No|
|1970||250,000||Tile Roof||2,660||4||$5000 to $10,000 Deductible||890||12||Vinyl siding||yes|
|1960||345,000||Slate Shingles Roof||3,600||5||$500 Deductible||900||5||Wood siding||yes|
|1995||285,000||Metal Roof||2,210||3||$500 Deductible||1040||9||Stone Siding||No|
|1974||365,000||Shingles Roof||3,430||5||$500- $1000 Deductible||1510||12||Fiber-Cement Siding||yes|
|2014||150,000||Asphalt Shingles Roof||1,280||2||$1000-$2500 Deductible||400||10||Vinyl siding||yes|
|2011||525,000||Membrane Roof||4,240||5||$1000-$2500 Deductible||1820||10||Wood siding||yes|
|2002||290,000||Wood Shake Roof||2,390||4||$5000 to $10,000 Deductible||240||4||Stucco siding||No|
|1977||115,000||Tile Roof||990||2||$500 Deductible||610||12||Brick siding||No|
|2014||235,000||Tile Roof||1,880||3||$500- $1000 Deductible||890||9||Stone Siding||No|
|1971||215,000||Shingles Roof||1,710||5||$1000-$2500 Deductible||350||5||Brick siding||yes|
|1969||180,000||Slate Shingles Roof||2,070||4||$2500-$5000 Deductible||280||6||Vinyl siding||yes|
|1964||180,000||Slate Shingles Roof||1,420||3||$5000 to $10,000 Deductible||410||7||Fiber-Cement Siding||yes|
|1981||130,000||Shingles Roof||1,420||3||$500 Deductible||170||4||Wood siding||yes|
|2014||100,000||Wood Shake Roof||1,030||2||$500 Deductible||100||2||Brick siding||No|
|1976||540,000||Tile Roof||5,000||5||> $10,000 Deductible||860||6||Fiber-Cement Siding||No|
|2005||190,000||Asphalt Shingles Roof||1,590||3||$500- $1000 Deductible||660||8||Fiber-Cement Siding||No|
|1981||100,000||Metal Roof||1,050||2||$2500-$5000 Deductible||150||5||Brick siding||yes|