Affordable Home Insurance in New Mexico
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What drives home insurance rates in New Mexico
Average homeowners premium, 2023
$1,490
The average homeowners policy in New Mexico cost $1,490 for a year of coverage in 2023, against $1,737 nationally.
Claims paid per premium dollar, 2023
63.5¢
Home insurers in New Mexico paid 63.5 cents in claims for every premium dollar in 2023; the median state was 64 cents.
Severe weather events, 2024
182
NOAA logged 12 tornado, 80 large-hail and 90 flash-flood event reports in New Mexico in 2024, counted per county or zone. Wind and hail claims fall on the homeowners policy; flood needs its own.
Natural-hazard loss rank
#39
FEMA ranks New Mexico #39 of 51 for expected annual loss from natural hazards; flood accounts for 66% of that loss, and flood damage needs a separate flood policy.
- Average homeowners premium, 2023: NAIC Homeowners Insurance Report, 2023 data
- Claims paid per premium dollar, 2023: NAIC Profitability by Line by State, 2023
- Severe weather events, 2024: NOAA Storm Events Database, 2024
- Natural-hazard loss rank: FEMA National Risk Index
Largest home insurers in New Mexico
The ten insurer groups that wrote the most home premium in New Mexico in 2025, with their share of the state total of $987 million.
| # | Insurer group | Market share | Premiums written |
|---|---|---|---|
| 1 | State Farm Group | 21.14% | $209 million |
| 2 | Farmers Insurance Group | 14.39% | $142 million |
| 3 | United Services Automobile Association Group | 12.1% | $119 million |
| 4 | Liberty Mutual Group | 10.24% | $101 million |
| 5 | Allstate Insurance Group | 10.2% | $101 million |
| 6 | Travelers Group | 5.77% | $57 million |
| 7 | Iowa Farm Bureau Group | 4.45% | $44 million |
| 8 | American Family Insurance Group | 4.13% | $41 million |
| 9 | Munich Re Group | 3.07% | $30 million |
| 10 | Auto Club Enterprises Insurance Group | 1.86% | $18 million |
Source: NAIC Market Share Reports, 2025 data, direct premiums written by insurer group. GEICO writes inside Berkshire Hathaway Group. Ranking is market commentary; it says nothing about which carriers a quote comparison includes.
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