How much is home insurance in Santa Fe?
The average cost of home insurance in Santa Fe is $2,195 per year for a policy with a $300,000 dwelling coverage limit and a $1,000 deductible. With a $500 deductible, the policy costs an average of $2,243 per year.
But how much you’ll pay depends on factors like your location, home’s age and condition, home’s replacement cost, credit history, claims-filing history, chosen coverage types, and home features.2
Cost of home insurance by dwelling coverage in New Mexico
Insurance companies take on more financial risk by insuring homes with higher rebuilding costs. That’s why the more dwelling coverage you need, the higher your insurance premiums will be. Take a look at the table below for the average annual premiums based on dwelling coverage for homes in New Mexico.
Cost of homeowners insurance by deductible amount
A deductible is what you’re responsible for paying before your homeowners insurance covers your claim. You can get cheaper annual premiums by choosing a higher deductible. If you choose a lower deductible, you’ll have a higher annual premium. It’s important to note that you’ll have to pay your deductible every time you make a claim.
The table below demonstrates the cost of home insurance with $300,000 in dwelling coverage based on deductible limits.
Average cost of home insurance in other cities in New Mexico
Your location, even down to the ZIP code, significantly affects how much you’ll pay for home insurance in New Mexico. For example, higher population density tends to increase the risk of theft and vandalism. So insurance companies may charge homeowners in those areas more to offset the risk.
By contrast, if your home is closer to public services like the fire or police station, insurers view your home as less of a risk, leading to cheaper premiums.
See the table below for the average annual cost of home insurance for various cities in New Mexico.
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