Statistics About The Average Cost Of Homeowners Insurance In New Mexico

In this post, we will explore the average cost of homeowners insurance in New Mexico, along with key statistics that impact premiums and coverage in the state. From the influence of home security systems on insurance costs to regional variations across cities like Santa Fe and Las Cruces, we’ll break down the numbers to provide a comprehensive overview of the homeowners insurance landscape in New Mexico.

Statistic 1

"Home security systems can lower New Mexico homeowners insurance costs by up to 10%."

Statistic 2

"Homeowners who bundle home and auto insurance in New Mexico save on average 15% on premiums."

Statistic 3

"Santa Fe has an average homeowners insurance cost of $1,300 per year."

Statistic 4

"25% of New Mexico homeowners do not carry any form of homeowners insurance."

Statistic 5

"Average premium for homes built in the last five years in New Mexico is $1,100 annually."

Statistic 6

"Policies with $300,000 in dwelling coverage cost New Mexico homeowners an average of $1,650 per year."

Statistic 7

"The most common claim in New Mexico is for wind damage, affecting 40% of policyholders."

Statistic 8

"The average cost of homeowner's insurance in New Mexico increased by 3% from last year."

Statistic 9

"Homeowners in high-risk flood zones in New Mexico may pay up to $2,500 a year."

Statistic 10

"Las Cruces residents spend about $1,200 annually on homeowners insurance."

Statistic 11

"The average cost of homeowners insurance in New Mexico is $1,250 per year."

Statistic 12

"New Mexico's average earthquake insurance rider costs an additional $200 annually."

Statistic 13

"Weather-related claims account for 65% of insurance payouts in New Mexico."

Statistic 14

"Insuring a historic home in New Mexico costs approximately $2,000 annually."

Statistic 15

"The national average cost for homeowners insurance is $1,550, making New Mexico slightly cheaper."

Statistic 16

"Homeowners in Albuquerque pay an average of $1,450 annually for insurance."

Statistic 17

"Rates in rural areas of New Mexico are typically 10% lower than in urban areas."

Statistic 18

"Approximately 90% of homeowners in New Mexico have fire insurance included in their policies."

Statistic 19

"The highest homeowners insurance premiums in New Mexico are in areas prone to wildfires."

Statistic 20

"The average deductible for homeowners insurance policies in New Mexico is $1,000."

In conclusion, homeowners in New Mexico have various options to lower their insurance costs, such as installing home security systems or bundling home and auto insurance. The average cost of homeowners insurance in the state varies depending on factors like location, age of the home, and coverage amount. While the average cost of $1,250 per year falls slightly below the national average, premiums can range from $1,100 for newer homes to $2,000 for historic properties. It’s important for homeowners to consider their specific needs and risks when selecting insurance coverage, especially in high-risk areas like flood zones and wildfire-prone regions.