New Mexico Homeowners Insurance. Average rates for $400k dwelling. The average cost of homeowners insurance in new mexico is $1,284 per year.
According to the insurance information institute, the average new mexico homeowners insurance rate is $1,017. With an average rate of $2,684 per year, farmers has the cheapest home insurance rates in new mexico for a homeowner with poor credit, while state farm’s average yearly premium of $3,436 is the highest. The average cost of homeowners insurance in new mexico is $2,299 annually for $300,000 dwelling and $300,000 liability coverage with a $1,000 deductible.