- Best condo insurance companies in New Mexico
- Average cost of condo insurance in New Mexico
- Condo insurance rates in New Mexico by coverage level
- Condo insurance rates by company in New Mexico
- Compare condo insurance rates by city in New Mexico
- Methodology
- Compare New Mexico condo insurance rates with other states
Best condo insurance companies in New Mexico
In New Mexico, you have a lot of options when it comes to finding the best condo insurance company. To make your task easier, our insurance experts have analyzed premiums, coverage offerings, scores, and ratings from sources like the National Association of Insurance Commissioners (NAIC) and AM Best for major insurance companies in New Mexico. Below are the best condo insurance companies in New Mexico based on Insurance.com’s analysis.
| Company | Annual premium | AM Best rating | NAIC | Insurance.com rating |
|---|---|---|---|---|
| State Farm | $323 | A++ | 0.95 | |
| Farmers | $451 | A | 0.54 |
Average cost of condo insurance in New Mexico
The average cost of condo insurance in New Mexico is $408 a year or $34 a month with $1,000 as deductible, $60,000 in personal property coverage, and liability coverage of $300,000. Your average annual premium will vary depending on your location, the coverage limits you select, and the deductible amount among other factors.
To find the most affordable policy for your situation, compare quotes from multiple providers based on the coverage you need.
| Average annual premium | Average monthly premium |
|---|---|
| $408 | $34 |
Condo insurance calculator
Average condo insurance rates in New MexicoMost & least expensive ZIP codes for condo insurance in New Mexico
Most expensive
| ZIP code | City | Highest rate |
|---|---|---|
| 87106 | Albuquerque | $493 |
| 87108 | Albuquerque | $493 |
| 87104 | Albuquerque | $493 |
| 87102 | Albuquerque | $493 |
Least expensive
| ZIP code | City | Lowest rate |
|---|---|---|
| 88312 | Alto | $369 |
| 88301 | Carrizozo | $369 |
| 88316 | Capitan | $369 |
| 88318 | Corona | $369 |
Condo insurance rates in New Mexico by coverage level
Based on a rate study by Insurance.com, State Farm provides the lowest condo insurance rates in New Mexico based on our standard coverage sample of $60,000 for personal property coverage, $300,000 for liability coverage and a $1,000 deductible.
Farmers is the next cheapest option, offering low-cost condo insurance in New Mexico at $451 per year. However, rates vary by coverage level.
The table below shows condo insurance rates from several top companies at various coverage levels.
| Company | $40,000 contents/$100,000 liability | $40,000 contents/$300,000 liability | $60,000 contents/$100,000 liability | $60,000 contents/$300,000 liability | $80,000 contents/$100,000 liability | $80,000 contents/$300,000 liability | $100,000 contents/$100,000 liability | $100,000 contents/$300,000 liability |
|---|---|---|---|---|---|---|---|---|
| State Farm | $300 | $310 | $313 | $323 | $319 | $329 | $324 | $334 |
| Farmers | $388 | $396 | $443 | $451 | $487 | $495 | $529 | $538 |
Condo insurance rates by company in New Mexico
Rates for condo insurance by company in New Mexico vary. It’s important to shop around and compare quotes to find the best price.
In the table given below, you’ll see condo insurance rates for major companies in New Mexico. The cheapest company for condo insurance in New Mexico is State Farm. Farmers is the second cheapest option.
| Company | Average annual rate | Average monthly rate |
|---|---|---|
| State Farm | $323 | $27 |
| Farmers | $451 | $38 |
Compare condo insurance rates by city in New Mexico
Condo insurance rates vary significantly across cities, influenced by various factors, including weather patterns, crime rates, and property values. You must consider these factors and compare quotes from different insurers to get the best deal on condo insurance for your specific city in New Mexico.
City Annual insurance premium
Methodology
Insurance.com compared condo insurance rates provided by Quadrant Data Solutions in 2023 for $60,000 of personal property coverage with a $1,000 deductible and $300,000 of liability coverage for all available ZIP codes and with a good credit score. The content was updated in 2024.
Compare New Mexico condo insurance rates with other states
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