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 $120 a month. This is around 20% lower than the statewide average of $1,792 per year, and about 24% lower than the national average of $1,899.
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 Santa Fe.
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.
Best homeowners insurance companies in Santa Fe
Of the companies we evaluated, Farmers has the lowest rate with an average yearly cost of $1,238. State Farm’s average yearly cost is $393 higher at $1,631, but their high rating from J.D. Power for customer and claim satisfaction makes them another good choice in Santa Fe.
Policygenius analyzed thousands of quotes from the 5 largest Santa Fe 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 Santa Fe residents to find the best homeowners insurance in Santa Fe.
Company | Average yearly cost | J.D. Power Rating |
|---|---|---|
State Farm | $1,631 | 835 |
Farmers | $1,238 | 813 |
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
Read our full State Farm home insurance review
Why State Farm tops our best list
State Farm’s mobile app provides customers with easy access to their home insurance policy. Not only can you view your policy information and ID cards from your phone, you can also take photos of damage to your home and add them directly to your claim. State Farm’s mobile app also makes tracking claims easy and efficient.
How to get a quote
Online through State Farm
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
Read our full Farmers home insurance review here
Why Farmers tops our best list
On top of their already affordable rates, Farmers offers discounts to teachers, nurses, and first responders. They also have discounts for non-smokers, since smoking can lead to house fires and insurance claims.
How to get a quote
Online through Farmers
Cheapest homeowners insurance companies by ZIP code in Santa Fe
Looking at average home insurance costs for 15 of the most popular companies in Santa Fe, we found that the cheapest home insurance in the city can be found with Farmers. The average Farmers rate in most of Santa Fe is $1,199 per year — 16% less than the city average of $1,434 per year.
The only ZIP code with a slightly higher rate is 87506, though the cheapest rate in this area is still with Farmers.
ZIP code | Company | Average yearly cost |
|---|---|---|
87501 | Farmers | $1,199 |
87505 | Farmers | $1,199 |
87506 | Farmers | $1,393 |
87507 | Farmers | $1,199 |
87508 | Farmers | $1,199 |
The most affordable areas for homeowners insurance in Santa Fe
With an average home insurance rate of $1,403 per year, the 87507 ZIP code is the most affordable area for home insurance in Santa Fe. Many of the homes in this area were built in the last thirty years, which makes them less expensive to insure.
ZIP code | Average yearly cost |
|---|---|
87507 | $1,403 |
87505 | $1,404 |
87508 | $1,415 |
87501 | $1,423 |
87506 | $1,528 |
The most expensive areas for homeowners insurance in Santa Fe
With an average home insurance rate of $1,528, the 87506 ZIP code is the most expensive area for home insurance in Santa Fe. Many homes in this area of the city are valued over $750,000, which makes them more expensive to insure.
ZIP code | Average yearly cost |
|---|---|
87506 | $1,528 |
87501 | $1,423 |
87508 | $1,415 |
87505 | $1,404 |
87507 | $1,403 |
Shopping for homeowners insurance in Santa Fe
Shopping for homeowners insurance requires knowing what coverage options and amounts you need to best protect your home. Once you know what you’re looking for in your policy, you can compare quotes to find the best price. If you’re not sure where to start, a Policygenius agent can help.
In this section, we break down the average annual home insurance rates in Santa Fe 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 Santa Fe.
Santa Fe home insurance costs by coverage amounts
Dwelling coverage is the section of your home insurance that pays to repair or rebuild your home after a covered loss. This amount should cover the price to completely rebuild your home, including all building costs.
The cost of your policy goes up with the amount of coverage you select, so it’s important to have a close idea of your home’s replacement cost. In Santa Fe, a policy with $100,000 in coverage costs $642, while a policy with $500,000 in dwelling coverage costs $2,332.
Dwelling coverage amount | Average yearly cost |
|---|---|
$100,000 | $642 |
$200,000 | $1,011 |
$300,000 | $1,434 |
$400,000 | $1,857 |
$500,000 | $2,332 |
Liability coverage pays for the expenses you are legally responsible for when someone is injured or property is damaged at your home. Your liability coverage amount should be based on the total value of your assets, such as your home, vehicles, and investments.
Liability coverage amount | Average yearly cost |
|---|---|
$100,000 | $1,416 |
$300,000 | $1,434 |
$500,000 | $1,448 |
Santa Fe home insurance costs by deductible amount
A homeowners insurance deductible is the out-of-pocket payment you make towards every insurance claim you file. While opting for a higher deductible will save money on your yearly rate, if you are likely to file multiple claims, it’s important to weigh your options.
As seen in the table below, Santa Fe residents can save around $112 on home insurance by choosing a $2,000 deductible over the $500 option.
Deductible amount | Average yearly cost |
|---|---|
$500 | $1,348 |
$1,000 | $1,434 |
$2,000 | $1,460 |
Home insurance discounts in Santa Fe
Most insurance companies offer discounts on your policy if your home has safety features such as security alarms, smoke detectors, and deadbolt locks. These devices make your home more secure, so it’s less likely you will have to file a claim due to theft or fire damage.
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 Santa Fe with deadbolts, smoke alarms, or burglar alarms.
Discount | Average yearly cost |
|---|---|
Dead bolt | $1,429 |
Smoke alarm | $1,429 |
Burglar alarm | $1,375 |
Home insurance companies in Santa Fe for dog owners
Insurance companies will often increase rates for dog owners since certain breeds are responsible for more liability claims due to bites and attacks.
With an average rate of $1,238 per year, Farmers has the cheapest home insurance rates in Santa Fe for a home with a dangerous dog breed, while State Farm’s average yearly premium of $1,631 is the highest.
Company | Average yearly cost |
|---|---|
Farmers | $1,238 |
State Farm | $1,631 |
Home insurance companies in Santa Fe for poor credit
Insurance companies look at your credit score to determine if you are a high risk to insure. Since findings show that people with low credit are more likely to file home insurance claims, they will likely see higher policy rates. This is not always the case, however, and some companies do not use credit scores as a determining factor in your cost of insurance.
With an average rate of $2,097 per year, Farmers has the cheapest home insurance rates in Santa Fe for a homeowner with poor credit, while State Farm’s average yearly premium of $2,797 is the highest.
Company | Average yearly cost |
|---|---|
Farmers | $2,097 |
State Farm | $2,797 |
Home insurance companies in Santa Fe for pool owners
Pool owners may also see higher home insurance rates, as having a pool can lead to a higher risk of filing a liability claim. While some companies put less weight on this factor, it’s best to shop around and compare policies and rates from several insurers.
With an average rate of $1,291 per year, Farmers has the cheapest home insurance rates for Santa Fe homes that have a swimming pool, while State Farm’s average yearly premium of $1,631 is the most expensive.
Company | Average yearly cost |
|---|---|
Farmers | $1,291 |
State Farm | $1,631 |
How to buy homeowners insurance in Santa Fe
Here are some steps to shopping for homeowners insurance in Santa Fe:
Reach out to a licensed Policygenius agent. The experts at Policygenius are here to help answer your questions, compare quotes, determine how much coverage you need, and more — all at no cost to you.
Ask about the 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.
Figure out how much you can afford to pay for your deductible. Knowing what you can afford to pay out of pocket for a claim could save you money on your policy. By choosing the highest deductible you can afford, you could save hundreds of dollars each year in premiums.
Compare quotes from a Policygenius agent. A Policygenius agent can help you compare quotes to make sure you are getting the home insurance policy you need at the best price.
Choose your policy, sign it, and pay your first premium. Once you decide on your policy, all you have left to do is sign the prepared forms and make your first payment. Policygenius will even cancel your old policy for you.
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.
