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.