HomeInsuranceQts

Home Insurance in New Mexico

Homes in New Mexico carry a median value of $248,100.

The typical home in New Mexico was built around 1985. About 17% of homes were built before 1960. Because older housing stock often has aging wiring, roofing or plumbing, it can cost more to insure or rebuild.

The housing stock in New Mexico is 68% single-family homes, 10% apartments in buildings with 5+ units and 16% mobile or manufactured homes. Mobile and manufactured homes typically need a manufactured-home (HO-7) policy rather than a standard homeowners policy.

About 52% of owner-occupied homes in New Mexico have a mortgage. Lenders require hazard (homeowners) insurance on any home carrying a mortgage.

About 70% of occupied homes in New Mexico are owner-occupied. The vacancy rate is 12%; vacant or unoccupied homes typically need a different coverage form than an owner-occupied policy.

Most homes in New Mexico - 62% - are primarily heated with natural gas. Homes heated with propane and wood can carry added fire risk. Fuel-tank leaks and spills are often excluded from standard homeowners policies.

According to the NAIC homeowners insurance report (2023 data), a standard HO-3 homeowners policy in New Mexico carries a statewide average premium of $1,490 per year.

Key figures

Median home value$248,100
Median year built1985
Owner-occupied share70%
Share of owner-occupied homes with a mortgage52%
Home insurance premium$1,490 - statewide average (NAIC, 2023 data)

Counties

Sources