How you're covered
New Mexico doesn't require homeowners insurance by law, but if you finance your home, your lender may require you to have a homeowners insurance policy in place. Your policy’s coverages are designed to safeguard your property and assets. A typical policy will include the following:
Dwelling coverage protects your home's structure (roof, walls, etc.) as well as attached structures, like a porch.
Other structures coverage protects detached structures, such as a fence or shed.
Personal property coverage protects your personal belongings, including furniture, clothing, and electronics. Certain items, like jewelry, art, and collectibles, are often only covered up to a specific limit, so you may want to purchase an endorsement to schedule these items on your policy at the coverage amount needed, also known as "adding a rider.”
Personal liability coverage protects you financially if you're legally responsible for another person's injuries or damage to their property.
Medical payments to others pays for medical expenses due to a covered occurrence.
Loss of use coverage helps cover costs associated with an increase in living expenses, up to your policy's limit, if you're unable to stay in your home while it's being repaired or rebuilt due to a covered loss.
Keep in mind coverage under your policy is subject to exclusions and conditions within your policy. It is important to read your policy to understand the coverage provided.
Learn more about homeowners insurance coverages.
Common claims in New Mexico
Extreme weather in New Mexico can pop up in a hurry. Strong winds and wildfires are just some of the potentially dangerous conditions affecting New Mexico homes. Your home insurance policy may cover damage to your home's structure and belongings caused by these and other perils, up to your policy's limits
Learn more about how home insurance may cover storm damage.
With the desert climate, thunderstorms can cause flooding issues for homes when the dry ground can't quickly absorb water. A flood insurance policy may protect your property and belongings against flood damage.
Helping you save
Progressive offers several discounts to help you save on homeowners insurance policies. Some of the most common discounts include:
Quote in Advance
See more about the home insurance discounts we offer.
Customers nationwide who save by bundling home and auto insurance with Progressive save over 20% on average.*
How much is homeowners insurance in New Mexico?
Your cost for New Mexico homeowners insurance varies based on many components, including your location, type of home, and coverage limits. Learn more about factors affecting home insurance pricing.
Do you own a rental or vacation property in New Mexico?
If you own a rental property in New Mexico, make sure it's protected with the right type of insurance policy. Learn more about landlord insurance policies and insurance for vacation or vacant homes.
Fun facts about homes in New Mexico
At 67.6%, the homeownership rate in New Mexico as of 2018 is above the national average but near the middle in terms of ownership rates across all the states.
For more than 40 years, renowned artist Georgia O'Keeffe lived and worked from her combined home and studio in Abiquiú, New Mexico, until her death in 1986. The location is now a museum and has been preserved to depict what it looked like during O'Keeffe's life.
New Mexico architect Bart Prince has designed what are arguably some of the most eccentric houses in the nation. None are as unusual as his own home and studio in Albuquerque, sometimes referred to as the "Spaceship House" or "Bug House."
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