Best homeowners insurance in Albuquerque, NM for 2022

We looked at average costs, coverages availability, and customer satisfaction ratings to find the best homeowners insurance companies in Albuquerque.

Jessica Olivo

By

Jessica Olivo

Jessica Olivo

Freelance contributor

Jessica Olivo is a writer living in Connecticut. She specializes in web and blog content in a variety of topics such as parenting, business, and culture, as well as serialized and short fiction.

After working in publishing and book publicity for many years, she transitioned to freelance writing full time.

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This article has been reviewed by a licensed Policygenius expert to ensure that sources, statistics, and claims meet our standard for accurate and unbiased advice.

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Pat Howard

Pat Howard

Managing Editor & Licensed Home Insurance Expert

Pat Howard is a managing editor and licensed home insurance expert at Policygenius, where he specializes in homeowners insurance. His work and expertise has been featured in MarketWatch, Real Simple, Fox Business, VentureBeat, This Old House, Investopedia, Fatherly, Lifehacker, Better Homes & Garden, Property Casualty 360, and elsewhere.

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While homeowners in Albuquerque contend with the risks of wildfires and occasional bouts of severe weather, residents can still find inexpensive homeowners insurance

The average cost of homeowners insurance in Albuquerque is $1,488 per year or $124 a month. This is around 17% lower than the statewide average of $1,792 per year, and about 21% lower than the national average of $1,899.

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However, cost isn’t the only factor to consider when choosing a home insurance company. Not sure what to look for? Policygenius can help you figure out your coverage needs and compare quotes from multiple top companies in Albuquerque.  

Best homeowners insurance companies in Albuquerque

Of the companies we evaluated, Farmers has the lowest rate with an average yearly cost of $1,393. While slightly more expensive, State Farm has a higher customer and claim satisfaction rating with J.D. Power. 

Policygenius analyzed thousands of quotes from the largest Albuquerque insurers to find the average cost of homeowners insurance with each company in 2022. We then looked at 2021 J.D. Power customer satisfaction scores and compared that with the coverage needs of Albuquerque residents to find the best homeowners insurance in Albuquerque.

Company

Average yearly cost

J.D. Power Rating

State Farm

$1,583

835

Farmers

$1,393

813

State Farm

State Farm logo

There's a reason State Farm is one of the top-rated insurance companies in the U.S. — its customer satisfaction ratings are through the roof, it offers a slew of coverage add-ons for full protection, and makes filing claims through its mobile app a breeze.

Pros

  • Top-tier coverage add-ons, including equipment breakdown, water backup, and service line coverage

  • Get up to $1 million in personal liability coverage

  • Score discounts for bundling, installing security devices, and choosing a high deductible

  • File and track claims online, over the phone, in person, or through its mobile app

  • High customer satisfaction and financial strength ratings

Cons

  • No discounts for first-time homebuyers or going a year without a claim

Why State Farm tops our best list

State Farm’s options for online, mobile, phone, or in-person customer service contribute to their high ratings for customer satisfaction. Their mobile app allows you not only to file and track a claim from your phone, but you can also upload photos of damage and add them directly to your claim. 

How to get a quote

Online through State Farm

Farmers

Farmers logo

Farmers is one of the largest and most reputable home insurance providers in the industry, offering special discounts for teachers, nurses, first responders, and non-smokers — plus the option to rebuild your home with green materials after a claim.

Pros

  • Several discounts and unique ways to save, including claim forgiveness and declining deductibles

  • 3 flexible coverage packages with varying levels of protection for most coverage and budget needs

  • Offers extended and guaranteed replacement cost coverage options

  • File claims online, via text, on its mobile app, or by calling its claims center

Cons

  • Rates are typically more expensive

  • Below-average customer satisfaction ratings

  • No repair network to help you find a certified contractor or repair professional after filing a claim

Why Farmers tops our best list

Farmers offers three levels of coverage to match your policy needs as well as your budget. Their lowest level provides standard coverage, while the middle and top options include higher coverage amounts and extra features. 

How to get a quote

Online through Farmers

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Cheapest homeowners insurance companies by ZIP code in Albuquerque

Looking at average home insurance costs for 15 of the most popular companies in Albuquerque, we found that the cheapest home insurance in the city can be found city-wide with Farmers. The average Farmers rate in every ZIP code is $1,393 per year — $95 less than the city average of $1,488 per year. 

As the table shows, Albuquerque residents are likely to find the cheapest rates with Farmers, no matter where they live in the city. 

ZIP code

Company

Average yearly cost

87101

Farmers

$1,393

87102

Farmers

$1,393

87104

Farmers

$1,393

87106

Farmers

$1,393

87107

Farmers

$1,393

87108

Farmers

$1,393

87109

Farmers

$1,393

87110

Farmers

$1,393

87111

Farmers

$1,393

87112

Farmers

$1,393

87113

Farmers

$1,393

87114

Farmers

$1,393

87115

Farmers

$1,393

87116

Farmers

$1,393

87120

Farmers

$1,393

87121

Farmers

$1,393

87122

Farmers

$1,393

87123

Farmers

$1,393

87131

Farmers

$1,393

The most affordable areas for homeowners insurance in Albuquerque

With an average home insurance rate of $1,442 per year, the 87108 ZIP code is the most affordable area for home insurance in Albuquerque. Moderately sized and valued homes in this area may account for lower insurance rates. 

ZIP code

Average yearly cost

87108

$1,442

87122

$1,446

87116

$1,447

87109

$1,447

87123

$1,452

The most expensive areas for homeowners insurance in Albuquerque

With an average home insurance rate of $1,598, the 87115, 87101, and 87131 ZIP codes are the most expensive areas for home insurance in Albuquerque. Higher insurance rates can usually be attributed to the size and value of the homes, the crime rate, and other risk factors such as the likelihood for severe weather. 

ZIP code

Average yearly cost

87115

$1,598

87101

$1,598

87131

$1,598

87121

$1,543

87120

$1,507

Shopping for homeowners insurance in Albuquerque

Shopping for homeowners insurance can seem confusing, but a Policygenius agent can help determine what coverage amounts you need as well as suggest additional options to best protect your home. When you know what you need in your policy, you can compare quotes to find the best company.

In this section, we break down the average annual home insurance rates in Albuquerque for different coverage and deductible levels, as well as the cheapest and most expensive home insurance companies in the state for individuals with a poor credit score, dog owners, and pool owners. Once you’re ready to shop, a Policygenius expert can help you navigate your coverage needs and help you find the best deal on homeowners insurance in Albuquerque.

Albuquerque home insurance costs by coverage amounts

Dwelling coverage is the part of your home insurance that pays to repair or rebuild your home after a covered loss. Your coverage should be based on your home’s replacement value and not the current market value or your purchase price. 

Since the price of your policy increases with higher coverage amounts, it’s smart to determine your home’s replacement cost before shopping for insurance. 

In Albuquerque, a policy with $400,000 in dwelling coverage costs $1,935, while a policy with $500,000 in coverage costs $2,434 — almost a $500 difference between the two levels of coverage.

Dwelling coverage amount

Average yearly cost

$100,000

$659

$200,000

$1,040

$300,000

$1,488

$400,000

$1,935

$500,000

$2,434

Liability coverage protects you from having to pay large bills out-of-pocket for bodily injuries or property damage. Your amount of coverage should be based on the value of your assets, like your home, cars and other vehicles, and liquid assets. 

In Albuquerque, a policy with $500,000 in liability coverage only costs $34 more on average than a policy with $100,000 in coverage. Since the difference makes a negligible impact on your premium, it’s best to go with the larger coverage option.

Liability coverage amount

Average yearly cost

$100,000

$1,468

$300,000

$1,488

$500,000

$1,502

Albuquerque home insurance costs by deductible amount

Your home insurance deductible is the amount you’re responsible for paying out of pocket before your insurance kicks in to cover a claim. A higher deductible generally means lower home insurance rates, and vice versa.

As seen in the table below, Albuquerque residents can save around $101 on home insurance by choosing a $2,000 deductible over the $500 option.

Deductible amount

Average yearly cost

$500

$1,518

$1,000

$1,488

$2,000

$1,417

Home insurance discounts in Albuquerque

Home insurance companies often offer discounts as incentives to add safety devices such as security alarms, smoke detectors, and deadbolt locks to your home. By making your house more secure, you are less at risk for filing a claim, which reduces costs for the insurer. 

While you won’t get a huge discount if your house has one of the following features and nothing else, they can add up if you have several protective devices in your home. Here is the average annual rate and average discount percentage for homes in Albuquerque with deadbolts, smoke alarms, or burglar alarms. 

Discount

Average yearly cost

Dead bolt

$1,482

Smoke alarm

$1,482

Burglar alarm

$1,421

Home insurance companies in Albuquerque for dog owners

Some insurance companies will increase rates for owners of certain dog breeds that are deemed “dangerous.” Since these breeds account for more instances of bites and attacks, they are more likely to be responsible for a liability claim

With an average rate of $1,393 per year, Farmers has the cheapest home insurance rates in Albuquerque for a home with a dangerous dog breed, while State Farm’s average yearly premium of $1,583 is the highest. 

Company

Average yearly cost

Farmers

$1,393

State Farm

$1,583

Home insurance companies in Albuquerque for poor credit

A low credit score can often lead to higher insurance rates, since insurance companies use your credit history to determine if you are a high risk to insure. Not all companies will raise rates for this reason, however, so it’s best to shop around to find the lowest prices. 

With an average rate of $2,362 per year, Farmers has the cheapest home insurance rates in Albuquerque for a homeowner with poor credit, while State Farm’s average yearly premium of $2,714 is the highest. 

Company

Average yearly cost

Farmers

$2,362

State Farm

$2,714

Home insurance companies in Albuquerque for pool owners

Pool owners may see higher policy rates since they are more likely to file a liability claim due to injuries. Since some insurance companies weigh this factor more heavily than others, you should compare quotes to find the best prices. 

With an average rate of $1,446 per year, Farmers has the cheapest home insurance rates for Albuquerque homes that have a swimming pool, while State Farm’s average yearly premium of $1,583 is the most expensive.

Company

Average yearly cost

Farmers

$1,446

State Farm

$1,583

How to buy homeowners insurance in Albuquerque

Comparing insurance policies is the best way to get the coverage you need at a price you can afford. Here are some tips for getting started:

  1. Reach out to a licensed Policygenius agent. If you have questions about homeowners insurance, the experts at Policygenius are here to help at no cost to you. 

  2. Ask about a New Mexico FAIR Plan. If you’ve been turned down by other insurance companies due to high risk factors, the New Mexico FAIR plan can make sure you get the coverage you need. 

  3. Figure out how much you can afford to pay for your deductible. Since a lower deductible will result in a higher home insurance rate, it’s important to know what you can afford to pay out of pocket and how many claims you’re likely to make.  

  4. Compare quotes from a Policygenius agent. A Policygenius agent can help you compare quotes from different companies to find the one that’s best for you.

  5. Choose your policy, sign it, and pay your first premium. Once you decide on your policy, a Policygenius agent can complete the paperwork for your signature. We’ll even cancel your old policy if it’s still active.

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Frequently asked questions

How does a home insurance deductible work?

Your deductible is the amount you pay before your insurance covers the rest of your claim. If you have a $500 deductible and your claim is for $3,500, you will need to pay $500 and then your insurance company will pay the remaining $3,000.

What is the average cost of home insurance in Albuquerque?

The average home insurance cost in Albuquerque is $1,488 per year, which is less than the statewide average of $1,792.

What is personal property insurance?

Personal property insurance covers the cost to replace or repair your belongings if they are damaged by a covered hazard.

Methodology

Policygenius has analyzed home insurance rates provided by Quadrant Information Services in March 2022 for ZIP codes in all 50 states plus Washington, D.C., for a 40-year-old female homeowner with no claim history, good credit, a $1,000 deductible, and the following coverage limits:

  • Dwelling: $300,000

  • Other structures: $30,000

  • Personal property: $150,000

  • Loss of use: $60,000

  • Liability: $300,000

  • Medical: $1,000

All rates based on the above coverage limits except where otherwise noted.

Some carriers may be represented by affiliates or subsidiaries. Rates provided are a sample of costs. Your actual quotes may differ.

Author

Freelance contributor

Jessica Olivo

Freelance contributor

Jessica Olivo is a writer living in Connecticut. She specializes in web and blog content in a variety of topics such as parenting, business, and culture, as well as serialized and short fiction.

After working in publishing and book publicity for many years, she transitioned to freelance writing full time.

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