The average cost of home insurance in Santa Fe is $2,195 per year for a $300,000 policy with a $1,000 deductible, which is much cheaper than the state average of $3,488. Homes in Santa Fe are at a higher risk of wildfire damage, so your insurance premiums could be costly if you live in a high-risk zone.1 Insurance typically covers damage from wildfires as long as you take the proper precautions.

Shopping around for a policy can help you find the right insurer that serves your needs at the best price.

Here’s what you need to know about finding the best home insurance in Santa Fe, New Mexico.

Best home insurance companies in Santa Fe

Santa Fe has many quality insurance options for homeowners, but the best home insurance company for you will depend on your needs. Consider the amount of coverage you need, your home’s risk level, what discounts you might qualify for, and customer reviews of insurers.

Here are some great options to help you get started.

Best company for wildfire protection: Farmers

Best company for affordability: Foremost

Best company for high-value homes: Chubb

Cheapest home insurance companies in Santa Fe

Insurers take into account many factors when setting rates, such as your home’s value, location, proximity to emergency services, and more. Homeowners in Santa Fe face a mix of wildfire risks and rising property values, which may influence your insurance costs.

These insurers offer the cheapest home insurance in Santa Fe.

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.

What to know about owning a home in Santa Fe

Owning a home in Santa Fe comes with unique risks, so you need to consider these factors when buying a policy.