Albuquerque Insurance Rates:

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.

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Cost of Homeowners Insurance in Albuquerque, NM

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.

Cost_of_Homeowners_Insurance_in_Albuquerque_NM

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 Best Albuquerque, NM, Home Insurance Companies

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.

the_best_albuquerque_nm_home_insurance_companies

State Farm

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

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.

USAA

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.

Liberty Mutual

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

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.

How To Choose The Cheapest Albuquerque, NM, Home Insurance Company

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.

Comparing Quotes

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.

Lifestyle Choices

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.

Providing Discounts

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.

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Albuquerque, NM Homeowners Insurance By Home Value

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

Top Home Insurance Agents Near Albuquerque, NM

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

Albuquerque, NM Home Insurance Agents for Top Companies


Cost Of Homeowners Insurance By Street Near Albuquerque, NM

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

Albuquerque, NM Home Insurance Savings For Senior Occupied Homes

PlaceSavings For Senior Occupied Homes
Albuquerque$104 to $106
Bernalillo County$104
Los Ranchos de Albuquerque$115
South Valley$102

Albuquerque, NM Auto & Homeowners Insurance Bundling Discounts

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

Albuquerque, NM Area Home Insurance as a % of Housing Cost

PlaceHome insurance as a % of housing cost for homes with mortgageHome insurance as a % of housing cost for homes without mortgage
Albuquerque, NM4.3%15.3%
Bernalillo County4.24%15.39%
Los Ranchos de Albuquerque3.29%13.18%
South Valley4.94%18.28%

Albuquerque Renters Insurance as a Percentage of Rent

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

Albuquerque, NM Homeowners Insurance by Zip Code

Zip Code Median Home Value Median Homeowners Insurance
87122 $466,700 $810
87113 $251,000 $730
87111 $249,600 $730
87106 $236,600 $730
87104 $232,900 $720
87109 $209,200 $710
87107 $198,700 $700
87120 $195,000 $700
87110 $187,900 $710
87112 $182,900 $700
87123 $170,200 $700
87108 $169,300 $700
87102 $136,700 $680
87105 $132,600 $680
87121 $132,600 $690

Albuquerque, NM Home Insurance Costs With Deductible Scenario

Low DeductibleHigh Deductible
Deductible$900$2,900
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

Albuquerque, NM Home Insurance Costs With Home Replacement Value Scenarios

Scenario Albuquerque, NM Home Replacement Value MORE than Home Value Albuquerque, NM Home Replacement Value LESS than Home Value
Replacement Value $166,500 $97,000
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

Example Albuquerque Homeowners Insurance Comparison Table to Compare The Cheapest Quotes

Insurance Company GEICO InsuranceTravelersAmica Mutual Insurance Company
Monthly Premium 564386
Year Built 200719611971
Home Details 3 Beds, 1 Baths4 Beds, 1 Baths5 Beds, 3 Baths
Coverage Amount $150000-$175000$150000-$175000$350000-$400000
Deductible $2500-$5000 Deductible$2500-$5000 Deductible> $10,000 Deductible

Sample Home Insurance Rates for Albuquerque, NM from Consumer Reviews & Surveys

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

Latest Home Insurance Reviews

Farm Bureau
I would recommend this company without hesitation I think I would share this information with anyone that asked about a good insurance company
State Farm
I would recommend State Farm to anyone. Especially my agent. I found that my insurance cost always goes down if things dont change.
Nationwide
I would recommend this company to anyone looking for good coverage and rates with even nice premium s and deductable s . Very good company to choose to work with .
Farmer's Insurance
I'm very satisfied with this insurance company including the premium and deductible, they are very affordable and reasonable.
Allstate
All State is a well-known and reputable home insurance company. Compared to my previous carrier, the representatives have been more responsive to my questions and friendlier to speak with over the phone.
Farm Bureau
Overall I'm happy with my coverage/the product offered. I'm happy with the price I pay and my options for deductibles. I'm also overall happy with the service that I have received from various members of the company.
State Farm
I would definitely reccomend the, to anyone. I have had nothing but pleasant experience whether in be customer service or claims.
Progressive
i will recommend this insurance to any one who looking for a low cost and good home insurance i will give it a rate of 5
Farm Bureau
I feel that my insurance company has a similar array of offerings as other companies. Every product I would be interested in they carry.
Farmer's Insurance
I would recommend Farmer's Insurance because it is easy to sign-up, cancel, and/or change policies to whatever you need. Their automated system and customizable coverage options save so much time and money.
The Hartford
They were easy to talk to and seemed like they really wanted to help. Though they are clearly still trying to run a business and made it hard in some cases to get through to the right person.
Farm Bureau
We have never had our home insurance through another company, but we have shopped around and no other companies came close.
Liberty Mutual
We spent three months out of our house, and liberty mutual contracted a company to try and find us suitable housing. the company they contracted with was from another state and found us a total of two options, neither one anywhere near where we needed them to be (there is a reason why we bought our house in the area we did--close to work, didn't have to take toll roads to get anywhere, etc.). liberty mutual accused us of stalling, when in fact we had only been given two bad options to choose from.
Allstate
Obtaining the policy was easy. put in your information online to receive a quote in just a few minutes time.
Farm Bureau
One of the things i like about my insurance company, farm bureau is the fact that they are a hometown company.
Allstate
I am still a bit annoyed that when I first signed up there were several pieces of information that were entered incorrectly. It only took a few calls but eventually, things were resolved.
State Farm
The communication is good and the interaction helps me understanding my policy better than some companies I tried to work with.
Progressive
The coverage is fair and covers what I need in case something were to happen to my house. I think it is good in comparison to other companies.
Progressive
Again, IÃḃ€™m satisfied because I so far haven't had to interact with anyone at progressive, which is exactly how I like it.
Farmer's Insurance
Generally, it's very good and responsive. Staff and agent seem very well trained to provide service under all circumstances/ contingencies.
Farmer's Insurance
A roof on a previous home was damaged by hurricane winds. The company would not replace the entire roof, only one half.
State Farm
I dislike that the company’s app is not very user-friendly. I have some trouble navigating the website and connecting with a real person when I try to use the website, so I often use the phone line instead.
Progressive
It is hands down the cheapest premium for that amount of coverage that I have ever seen. We have checked with every company that we have ever heard of, and none could beat this.
Farm Bureau
There is not too much to be said about how great they are. I really think they are the best insurance company hands down that I have ever dealt with.
Donegal Mutual Insurance Company
Overall I believe it's a great suit for my needs. They offer what people need and will guide you to what you actually need and not try to constantly upgrade or up-charge you for things you do not need. They seem like everyday people and not the pushy salesman you can come across through insurance agencies.
Farmer's Insurance
I would recommend this insurance company because I have had a good overall experience with them. They are friendly and helpful and their rates and coverage options are reasonable.
Allstate
The online options, including payments. The auto-pay options, the discounts offered. I like that all my policies can be with the same company and I am rewarded for being loyal over time.
Liberty Mutual
I like how fast they work and how responsible they are, they never let me down I would highly recommend them
Blue Cross Blue Shield
I think the website could be a little better. Also, when asking for a quote the insurance agent only sent me the quote and not all the applicable parties.

How To Make Your Albuquerque, NM Home Insurance Cheaper

How Much Does Albuquerque, NM Home Insurance Cost?