Home Insurance in Hobbs, New Mexico
The median home value in Hobbs is $191,300, close to the Lea County median.
The typical home in Hobbs was built around 1980. About 20% of homes were built before 1960, about 1 point below Lea County's 21%. Older homes can cost more to insure or rebuild because of aging wiring, roofing and plumbing.
In Hobbs, the housing stock is 71% single-family homes, 11% apartments in buildings with 5+ units and 11% mobile or manufactured homes. Mobile and manufactured homes typically need a manufactured-home (HO-7) policy rather than a standard homeowners policy.
About 45% of owner-occupied homes in Hobbs have a mortgage. Lenders require hazard (homeowners) insurance on any home carrying a mortgage.
Hobbs has an owner-occupancy rate of 66% and a vacancy rate of 12%; unoccupied homes typically need a different coverage form.
In Hobbs, 49% of homes are primarily heated with electricity.
What's the biggest home insurance risk near Hobbs? FEMA's National Risk Index points to wildfire (Relatively High) in Lea County and Lea County had 762 active NFIP flood policies as of September 2026. See the full Lea County home insurance overview for all FEMA hazard ratings and flood coverage details.
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 | $191,300 |
|---|---|
| Median year built | 1980 |
| Owner-occupied share | 66% |
| Share of owner-occupied homes with a mortgage | 45% |
| Top county hazard | Wildfire (Relatively High) |
| Active NFIP policies in Lea County | 762 |
| Home insurance premium | $1,490 - statewide average (NAIC, 2023 data) |
Nearby towns
Sources
Data last updated: 2026-09-29
- U.S. Census Bureau Gazetteer Files (2024)
- U.S. Census Bureau, American Community Survey 2020-2024 5-Year Estimates (2024)
- FEMA National Risk Index (December 2025)
- FEMA OpenFEMA NFIP Redacted Policies v3 (2026)
- NAIC Dwelling Fire, Homeowners Owner-Occupied, and Homeowners Tenant and Condominium/Cooperative Unit Owners Insurance: Data for 2023 (published 2026) (2023)