Although wildfires pose a growing threat to homes in Santa Fe, NM, homeowners insurance rates are still comparatively low in the city.
The average cost of homeowners insurance in Santa Fe is $1,434 per year or $124 a month. This is around 15% lower than the average premium in New Mexico and about 18% lower than the national average.
Compare the best cheap homeowners insurance companies in Santa Fe
To find the best cheap homeowners insurance in Santa Fe, Policygenius rated over a dozen of the largest insurance companies in New Mexico across several categories, such as average policy cost, financial strength ratings with AM Best, customer and claims satisfaction scores with J.D. Power, available policy options, and more.
Company | Average monthly cost | Policygenius rating | |
|---|---|---|---|
$136 | 4.8 out of 5 | ||
$103 | 4.5 out of 5 |
Methodology & why you can trust our rates
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.
2023 Policygenius award winner
State Farm
4.8
Bundle home & auto
Offers extended replacement cost
All 50 states
Why we chose it
State Farm home insurance scores a near-perfect 4.8 out of 5 thanks to its slew of coverage add-ons, high marks on J.D. Power’s customer satisfaction surveys, and strong financial stability ratings.
Pros and cons
Pros
Save up to $1,127 per year when you bundle your home and auto insurance
Excellent line-up of policy add-ons, including extended replacement cost coverage
Cons
No longer sells home insurance policies in California
20% more complaints filed with the NAIC than other companies of its size
More details
Why we chose State Farm
At a time when lots of competitors are no longer insuring homes in areas prone to wildfires or hurricanes, State Farm continues to offer its relatively affordable and highly rated home insurance to homeowners in every corner of the country.
And it doesn't skimp on coverage, offering flood, wildfire, and earthquake protection — one of few competitors that offers all three insurance policies to homeowners in high-risk states nationwide.
Plus, while many competitors don't have the financial strength to pay out claims after several natural disasters in the same year, State Farm isn't one of them. It earns the highest rating possible from A.M. Best for financial strength and stability — only six insurance companies out of nearly 70 we reviewed hold this title.
How much does State Farm home insurance cost compared to the New Mexico average?
The average cost of home insurance with State Farm in New Mexico is $1,786 per year, according to sample quotes provided to Policygenius from Quadrant Information Services. This is 6% more than the state average of $1,681 per year.
How to get a quote
Online through State Farm
2023 Policygenius award winner
Farmers
4.5
Offers extended replacement cost
Bundle home & auto
Smart home discounts
Why we chose it
Along with saving around 20% when you bundle your home and car insurance, Farmers also gives you access to its extensive suite of discounts, unique policy credits, and claim-free incentives that help put money back in your pocket.
Pros and cons
Pros
12+ discounts to save on rates
Extended and guaranteed replacement cost for your home
Shave $50 off your deductible each year you’re with Farmers
Cons
Below-average scores on J.D. Power’s overall customer satisfaction and digital experience surveys
More details
Why we chose Farmers
Farmers home insurance offers a variety of coverage options and policy perks that aren't easy to come by, including:
Declining deductibles: Earn $50 toward your home deductible each year you have a home insurance policy with Farmers.
Claim forgiveness: Once you’ve gone five years without filing a claim, Farmers won’t raise your rate after that if you end up filing one.
Even more, depending on your state of residence, you can save up to 45% on your auto insurance and up to 34% on your home insurance when you bundle policies, according to Farmers.
How much does Farmers home insurance cost compared to the New Mexico average?
The average cost of home insurance with Farmers in New Mexico is $1,581 per year, according to sample quotes provided to Policygenius from Quadrant Information Services. This is lower than both the state average of $1,681 per year and the national average of $1,754 per year.
How to get a quote
Online through Farmers
How much is homeowners insurance in Santa Fe?
The average cost of home insurance in Santa Fe is $1,434 per year, or $120 a month, for a policy with $300,000 in dwelling coverage. This is about 18% lower than the national average of $1,754 per year.
Santa Fe home insurance rates by ZIP code
To help you find out how much home insurance costs where you live, we calculated average home insurance rates by ZIP code in Santa Fe.
ZIP code | Average annual cost | Difference from state average (%) |
|---|---|---|
87507 | $1,403 | -17% |
87505 | $1,404 | -16% |
87508 | $1,415 | -16% |
87506 | $1,528 | -9% |
87501 | $1,423 | -15% |
Cheapest ZIP codes for home insurance in Santa Fe
With an average annual premium of $1,403, the 87507 ZIP code has the cheapest average home insurance rates in the Santa Fe metropolitan area.
ZIP code | Average annual cost | Difference from state average (%) |
|---|---|---|
87507 | $1,403 | -17% |
87505 | $1,404 | -16% |
87508 | $1,415 | -16% |
Most expensive areas for homeowners insurance in Santa Fe
With an average annual premium of $1,528, the 87506 ZIP code has the most expensive average home insurance rates in the Santa Fe metropolitan area.
ZIP code | Average annual cost | Difference from state average (%) |
|---|---|---|
87506 | $1,528 | -9% |
87501 | $1,423 | -15% |
Learn more >> Home insurance rates by ZIP code
Santa Fe home insurance costs by coverage amount
The table below highlights the average annual premium in Santa Fe for five different levels of dwelling coverage, which is the part of your policy that covers structural damage to your home.
Generally speaking, more dwelling coverage means higher homeowners insurance rates, as shown in the table below.
Dwelling coverage limit | Average annual cost |
|---|---|
$100,000 | $642 |
$200,000 | $1,011 |
$300,000 | $1,434 |
$400,000 | $1,857 |
$500,000 | $2,332 |
Santa Fe home insurance costs by deductible amount
A home insurance deductible is the amount you’re responsible for paying on each claim before insurance helps cover the rest of the damage or loss. If you choose a higher policy deductible, you'll have to cover more of each claim that you file, but you may also pay significantly less in premiums.
Here is the average annual cost of home insurance in Santa Fe for a policy with $300,000 in dwelling coverage and three different deductible amounts.
Deductible | Average annual cost |
|---|---|
$500 | $1,305 |
$1,000 | $1,647 |
$2,000 | $1,474 |
Cheapest homeowners insurance companies in Santa Fe
Based on our analysis, Farmers is the cheapest home insurance company in Santa Fe, with an average annual premium of $1,238.
Here is a breakdown of the cheapest homeowners insurance companies in Santa Fe.
Company | Average annual cost |
|---|---|
$1,238 | |
$1,631 |
Cheapest home insurance in Santa Fe if you have poor credit
Your credit score also plays a role in your home insurance premiums. Homeowners with lower credit scores generally see higher rates, since insurers consider you more likely to file a claim.
Here are the average insurance rates for homeowners with poor credit.
Company | Average annual cost |
|---|---|
Farmers | $2,097 |
State Farm | $2,797 |
Cheapest home insurance in Santa Fe if you have an older home
Older and historic homes are usually more expensive to insure than newer homes. This is because insurers consider them a higher risk than newer homes since they can be fragile, their construction materials may be obsolete, and certain structural components like the roof or plumbing may not be in good shape or up to current-day code. Because of this, they'll charge higher premiums to offset the risk.
Here's the cheapest home insurance in Santa Fe for a 50-year-old home.
Company | Average annual cost |
|---|---|
Farmers | $1,303 |
State Farm | $1,640 |
Cheapest homeowners insurance in Santa Fe if you have a history of claims
One of the biggest factors that plays a role in your home insurance premium is your claims history. You'll typically pay more for home insurance if you have multiple claims on your record, since insurers perceive you as posing a greater risk of filing more.
Here's the cheapest home insurance companies in Santa Fe for a homeowner with three claims within a five-year period.
Company | Average annual cost |
|---|---|
Farmers | $1,711 |
State Farm | $1,871 |
How to get homeowners insurance quotes in Santa Fe
Here are a few steps to follow as you shop for homeowners insurance in Santa Fe:
Frequently asked questions
How does the crime rate in my area affect my home insurance?
Neighborhoods with higher crime rates will see higher home insurance costs due to the increased likelihood of having to file a claim due to theft or vandalism.
Why do pools, treehouses, and trampolines affect my home insurance rate?
These items have an increased chance of causing injury, which can lead to liability claims.
