Over 60% of Albuquerque residents are homeowners, making the desire for the best cheap home insurance a priority for many. Bankrate’s insurance editorial team evaluated the insurance carriers in Albuquerque by reviewing several aspects, like financial strength, third-party rankings and online capabilities of each company to find the best cheap home insurance in the city. If you are shopping for home insurance in Albuquerque, understanding the options you have when it comes to companies, coverages and discounts may help you make a more informed decision.

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Two Thirds
2 out of 3 homes
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Best cheap home insurance companies in Albuquerque

The best cheap home insurance companies in Albuquerque are Allstate, State Farm, Travelers and Farmers based on average annual premium data collected from Quadrant Information Services. The average annual cost of homeowners insurance in Albuquerque is $1,555 for $250k in dwelling coverage. To help you make the best choice for your home insurance, Bankrate developed the Bankrate Score and calculated a unique score for each carrier based on a five-point scale. The factors evaluated in our Bankrate Score consist of customer accessibility, affordability, third-party customer service and financial strength ratings and available coverage and discount options. The better a company scores in each category, the higher its overall Bankrate Score.

If you are in the market for the best cheap home insurance in Albuquerque, you might consider getting quotes from the following companies:

Home insurance company Bankrate Score Average annual premium for $250K dwelling coverage J.D. Power score
Allstate 3.9 $1,103 870/1,000
State Farm 4.7 $1,223 876/1,000
Travelers 3.7 $1,767 852/1,000
Farmers 3.8 $2,126 884/1,000

Allstate

Not only does Allstate boast the lowest average premium on our list, but it also offers many optional coverage types. These endorsement options include identity theft restoration, water backup, scheduled personal property, business property, sports equipment, musical instrument coverage, electronic data recovery, yard and garden equipment coverage and green improvement reimbursement. Allstate also makes its coverage even more cost-effective by offering plenty of discounts. But this carrier placed below average in the J.D. Power customer satisfaction, resulting in an overall Bankrate Score of 3.9.

Learn more: Allstate Insurance review

State Farm

State Farm is the largest home insurance company in the country according to market share data from the Insurance Information Institute (Triple-I), with over 18% of the market share. Along with its standard home insurance coverage coming in below the citywide average, you have the option to add extra coverage for jewelry, collectibles, cameras, musical instruments, sports equipment, tools and more. State Farm does not offer as many discounts as Allstate, but you may be able to save by insuring more than one policy, having a home alert system or updating your roof. State Farm also earned the highest Bankrate Score on our list, with a Score of 4.7, and ranked seventh in the property claims satisfaction study.

Learn more: State Farm Insurance review

Travelers

Travelers’ average premium is about $200 higher than the city’s average. However, the company offers coverage options that could make up for the higher price. Policyholders have the option to add endorsements like special personal property coverage, contents replacement cost, jewelry and valuable items coverage and green home coverage. Though Travelers offers its customers plenty of savings opportunities, it came in well below average for property claims satisfaction and also received the lowest Bankrate Score in Albuquerque of 3.7.

Learn more: Travelers Insurance review

Farmers

Farmers has the highest average home premium of the companies reviewed, but it ranked in the third place for property claims satisfaction. Farmers sells its home insurance in three levels: standard, enhanced and premier. In addition to the standard coverage included in these levels, you could add options like declining deductible and claim forgiveness. Although its average premium is higher than the other carriers on our list, Farmers does offer several discounts that could help you bring your price down. There are discounts for home security systems, non-smokers and insuring multiple policies.

Learn more: Farmers Insurance review

Home insurance coverage options in Albuquerque

While homeowners insurance is not legally required in New Mexico, your mortgage lender will likely require you to obtain a policy. Everyone has different needs, but there are some common coverage types you may want to consider if you live in Albuquerque:

  • Contents replacement cost: This coverage is designed to cover the full replacement cost of your belongings, rather than accounting for depreciation.
  • Identity theft protection: If your identity is stolen, this coverage is designed to help pay for the costs associated with restoring it.
  • Water backup: Severe storms in New Mexico are common. If your sump pump fails to keep water out of your basement or crawlspace during a heavy rainfall, water backup coverage could help pay for the damages. It could also help if water backs up from any other drain line.
  • Roof replacement cost: Strong storms can cause damage to roofs by way of wind and hail. If you qualify for replacement cost coverage on your roof, it may be a helpful endorsement.

If you are not sure where to start when it comes to selecting home insurance coverages, talking to a licensed independent agent may be helpful.

Home insurance discounts in Albuquerque

The average cost of home insurance in Albuquerque is $1,555 per year, whereas New Mexico homeowners pay an average of $1,939 annually. Albuquerque homeowners may pay less on average than they would in other areas of the state, but many homeowners insurance companies offer additional savings by providing discounts. Some common discounts in Albuquerque are:

  • Multi-policy discount: If you buy your home insurance from the same company as you purchase an auto insurance policy, you might save on both. Some companies offer a bundling discount for other insurance products too, like boat, life and pet insurance.
  • Claim-free discount: If you have never filed a claim on your home insurance or have gone several years without one, you may qualify for a discount.
  • Home security discount: Having a home security system, which could include cameras, alarms, sprinklers or motion detectors, could help you save on your home insurance.

Though the carriers weigh each discount differently, the ones with the most impact on your premium are typically the multi-policy and claims-free discounts. You can also usually stack discounts together to maximize savings on home insurance in Albuquerque.

Frequently asked questions