Home Insurance in Albuquerque, NM

How to find affordable homeowners insurance in Albuquerque

Home insurance is an important consideration for every homeowner. Homeowners insurance provides financial protection against fire, wind damage, and theft for your home and the contents inside it. Given the relatively frequent occurrence of these incidents and the substantial cost of replacing a home, having a home insurance policy is a solid investment. The typical homeowners insurance policy in Albuqerque, New Mexico costs $105 per month. This is less than what the average American pays for home insurance.

The cost of home insurance depends on myriad factors, including the value of the dwelling, the value of your personal items, and the materials used to construct the home. The location of your dwelling can also play a large role in how much you pay for home insurance. Some geographic areas are susceptible to perils such as hail, wildfires, pipe freezes, volcanoes, and other hazards. These perils can lead to more expensive insurance rates. Learn more information about what is covered by a homeowners insurance policy.

Finding affordable home insurance in Albuquerque starts with shopping around and comparing policies. Have a look at the summary below comparing average homeowners insurance rates in Albuquerque to begin your home insurance search with as much knowledge as possible. It's important to remember that the cost of your insurance is often based on the coverage limits you choose as well as a variety of other factors.

Table of contents:

1. Rates by insurer
2. Rates by coverage amount
3. Rates by ZIP code
4. Rates by deductible amount
5. Policy bundling savings

 

Albuquerque home insurance by company

Albuquerque homeowners insurance rates will vary depending on which insurance company you choose. Safeco offers the most affordable home insurance in Albuquerque, at just $841 per year. This compares favorably to the city’s average premium of $1,253.

Take a look at the cheapest insurance companies in Albuquerque, New Mexico to find the right homeowners policy for you. Then, see our list discusssing which home insurance carriers ranked best for customer satisfaction. 

AFFORDABLE HOME INSURERS IN ALBUQUERQUE

Company	Average Annual Rate
Safeco	$841
Liberty Mutual	$909
Allstate	$997
State Farm	$1,057
Travelers	$1,650

 

Albuquerque homeowners insurance prices by coverage level

The level of home coverage you select has an impact on your insurance premiums. In Albuquerque, carrying $200K dwelling coverage costs an average of $933, while carrying additional coverage up to $400K costs $1,621 per year.

POPULAR COVERAGE LIMITS IN ALBUQUERQUE

Coverage Level	Average Annual Rate
$100K Dwelling	$623
$200K Dwelling	$933
$250K Dwelling	$1,131
$400K Dwelling	$1,621

 

Albuquerque home insurance rates by ZIP code

Homeowners insurance costs vary depending on the area of Albuquerque you call home. One of the factors that insurers use when pricing your coverage is the number of claims filed in your surrounding area. As such, your neighborhood's location can drastically affect your home insurance rates.

To find the cheapest home insurance premiums in Albuquerque, look no further than 87109. In the 87109 ZIP, home insurance policies typically cost just $1,077 per year — a full $176 less than the Albuquerque average. If you’re looking for the areas with the most affordable homeowners insurance rates in Albuquerque, have a look at the table below.

AFFORDABLE HOME INSURANCE AREAS IN ALBUQUERQUE

ZIP Code	Average Annual Home Insurance Rate
87109	$1,077
87111	$1,078
87122	$1,080

On the other hand, some areas of Albuquerque face higher insurance costs, on average. Crime rates, fire risk, and even your proximity to emergency services could lead insurance companies to see certain neighborhoods as higher risk, which could drive up area rates. One of the costliest ZIP codes for home insurance in Albuquerque is 87131, with an annual average rate of $3,156.

EXPENSIVE HOME INSURANCE AREAS IN ALBUQUERQUE

ZIP Code	Average Annual Home Insurance Rate
87131	$3,156
87115	$1,264
87102	$1,244

 

Albuquerque homeowners insurance deductibles

Among the many choices faced by homeowners when buying insurance is the level at which to set their deductible. A deductible is the amount for which a homeowner is responsible before an insurance company steps in to cover costs. Choosing where to set your deductible impacts how much you pay for insurance.

When considering your homeowners deductible, a good rule of thumb is that the lower your deductible, the higher your premiums. This means that those seeking lower rates will want to seriously consider a higher homeowners deductible. Bear in mind that your deductible should not be set at an amount that you would have difficulty paying in the event of a loss.

Have a look at the typical deductibles offered by insurers and an approximation of average homeowners insurance rates.

HOME INSURANCE PREMIUMS BY DEDUCTIBLE LEVEL IN ALBUQUERQUE

Deductible Level	Average Annual Homeowners Insurance Rate
$500	$1,212
$1,000	$1,131
$1,500	$1,086
$2,000	$987
$5,000	$901

 

Home and auto insurance bundling in Albuquerque

To save money, you might think about bundling your homeowners and auto insurance policies through the same company. Bundling homeowners and auto insurance is one way to save substantially on your monthly car insurance premiums. Bundling policies in Albuquerque could lead to average annual savings of 13%.

CHEAPEST CAR INSURANCE RATES WITH HOME BUNDLE IN ALBUQUERQUE

Company	Avg. Annual Auto Insurance Rate (With Bundle)
GEICO	$893
USAA	$1,074
State Farm	$1,108
Farmers	$1,441
Progressive	$1,580