The average cost of homeowners insurance in Albuquerque, New Mexico, is $2,375 per year for a policy with $300,000 in dwelling coverage and a $1,000 deductible. A standard home insurance policy protects the dwelling and your personal property and offers liability protection, medical payments, and loss of use coverage.1

Albuquerque’s more than 5,000 acres are vulnerable to flooding during the summer months.2 Since homeowners insurance excludes flood damage, a separate flood insurance policy can help protect your home during monsoon season.

Best home insurance companies in Albuquerque

Many reputable insurance companies cover homeowners in Albuquerque, but the best insurer for you depends on your situation, coverage needs, and budget. The following three companies are among the best options when comparing home insurance in Albuquerque.

Best company for high-value homes: Chubb

Best company for military families: USAA

Best company for customizable coverage: Nationwide

Cheapest home insurance in Albuquerque

State Farm and Travelers offer some of the cheapest homeowners insurance rates in Albuquerque, on average. The table below shows several other cheap home insurance companies in Albuquerque and each company’s average rate for $300,000 in dwelling coverage with a $1,000 deductible.

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.

What to know about owning a home in Albuquerque

If you own a home in Albuquerque, it’s important to consider the weather-related risks and make sure your home has adequate protection against specific perils.