How much is home insurance in Albuquerque?
Albuquerque’s average home insurance premium is $2,375 per year for a policy with $300,000 in dwelling coverage and a $1,000 deductible.
The average home insurance cost in Albuquerque varies for every homeowner. Your premium depends on factors like your ZIP code, coverage limits, deductible, and insurance company.3 Insurers also consider your home’s age, square footage, and building materials when calculating your premium.
Cost of home insurance by dwelling coverage in New Mexico
The dwelling coverage portion of your homeowners insurance policy pays to repair or rebuild your home after a covered loss. The higher your dwelling coverage limit, the more expensive your home insurance premium will be.
The following table highlights how different coverage limits affect your average annual premium.
Cost of homeowners insurance by deductible amount
Each time you file a home insurance claim, you pay a deductible — your out-of-pocket cost before your insurance coverage begins. Although choosing a higher deductible means a lower premium, you’ll pay more out of pocket if you need to file a claim.
The average annual premiums for a homeowners insurance policy with a $500 deductible versus one with a $1,000 deductible appear below.
Average cost of home insurance in other cities in New Mexico
Home insurance premiums vary depending on your city and ZIP code. For example, areas that experience severe weather more frequently or neighborhoods with high property crime rates might have more expensive home insurance rates than other places in the state.
The table below shows the average annual cost of homeowners insurance in several other New Mexico cities based on $300,000 in dwelling coverage with a $1,000 deductible.
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