Homeowners are not required by law to insure their property. However, if you still have a mortgage or are taking out a home equity loan, your lender will require you to have a home insurance policy. A good home insurance policy can shield New Mexico property owners from large financial losses due to potential hazards such as wildfires, hail, severe storms, property crimes, and liability lawsuits.
The national average cost of home insurance is $1,173 a year. In New Mexico, rates are significantly lower at an average cost of $982. Home insurance rates are calculated on a case-by-case basis according to several factors such as the age, size, and value of your home, the weather risks and crime rate in your ZIP code, your claims history, and even your credit score. Every insurance company has its own proprietary method for calculating rates, so comparing quotes is a good way to make sure you are getting your policy at a competitive price. Independent agents make comparison shopping easy.
I looked on the internet to find an independent insurance agent, and TrustedChoice.com came up on my search. After browsing their site, I gave them a call. The conversation with them went smoothly, and the agent selection process couldn't have gone better. This is a great company and I will always refer them.Hannah of Santa Fe, NM Consumer Affairs
Your home insurance policy is designed to cover you against most of the risks you are likely to face as a property owner in New Mexico. If you own any particularly valuable property such as prized collections, antiques, or an excessive amount of jewelry, your insurance agent can help you determine whether a special endorsement is necessary for these items to be fully covered. You can expect your homeowners insurance policy to provide coverage for:
Be aware that flood damage is not covered by homeowners insurance. Many properties in New Mexico are at risk for flooding, so be sure to talk to your insurance agent about the benefits of supplementing your home insurance policy with flood insurance through the National Flood Insurance Program (NFIP).
Looking for the best homeowner insurance policy? There are currently 146 independent insurance agents in New Mexico who are ready to help. These agents are free to work with several different insurance companies, so they can obtain a selection of customized home insurance quotes that you can review together. Let a local independent agent help you find the best policy to meet your coverage and budgetary needs.