Best homeowners insurance in Santa Fe, NM (2024)

We looked at average costs, customer service ratings, and policy options from multiple top insurers to find the best and cheapest home insurance companies in Santa Fe.

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By

Pat HowardManaging Editor & Licensed Home Insurance ExpertPat Howard is a licensed insurance expert and managing editor at Policygenius. Pat has written extensively about the home insurance industry and his insights as a subject matter expert have appeared in several top tier publications, including The New York Times, The Wall Street Journal, CNBC, and Reuters. Pat has a bachelor's degree in journalism from Michigan State University.

Edited by

Jennifer GimbelJennifer GimbelSenior Managing Editor & Home Insurance ExpertJennifer Gimbel is a senior managing editor at Policygenius, where she oversees all of our insurance coverage. Previously, she was the managing editor at Finder.com and a content strategist at Babble.com.

Updated|3 min read

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Although wildfires pose a growing threat to homes in Santa Fe, NM, homeowners insurance rates are still comparatively low in the city. 

The average cost of homeowners insurance in Santa Fe is $1,434 per year or $124 a month. This is around 15% lower than the average premium in New Mexico and about 18% lower than the national average.

Compare home insurance rates in Santa Fe

Compare the best cheap homeowners insurance companies in Santa Fe

To find the best cheap homeowners insurance in Santa Fe, Policygenius rated over a dozen of the largest insurance companies in New Mexico across several categories, such as average policy cost, financial strength ratings with AM Best, customer and claims satisfaction scores with J.D. Power, available policy options, and more.

Company

Average monthly cost

Policygenius rating

State Farm

$136

4.8 out of 5

Farmers

$103

4.5 out of 5

Methodology & why you can trust our rates

Policygenius has analyzed home insurance rates provided by Quadrant Information Services in March 2022 for ZIP codes in all 50 states plus Washington, D.C., for a 40-year-old female homeowner with no claim history, good credit, a $1,000 deductible, and the following coverage limits:

  • Dwelling: $300,000

  • Other structures: $30,000

  • Personal property: $150,000

  • Loss of use: $60,000

  • Liability: $300,000

  • Medical: $1,000

All rates based on the above coverage limits except where otherwise noted.

Some carriers may be represented by affiliates or subsidiaries. Rates provided are a sample of costs. Your actual quotes may differ.

award icon

2024 Policygenius award winner

State Farm

State Farm logo

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starHalf orange star

4.8

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A++

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

$

$

Bundle home & auto

Offers extended replacement cost

All 50 states

Why we chose itchevron icon

State Farm home insurance scores a near-perfect 4.8 out of 5 thanks to its slew of coverage add-ons, high marks on J.D. Power’s customer satisfaction surveys, and strong financial stability ratings.

Pros and conschevron icon

Pros

  • Save up to $1,127 per year when you bundle your home and auto insurance

  • Excellent line-up of policy add-ons, including extended replacement cost coverage

Cons

  • No longer sells home insurance policies in California

  • 20% more complaints filed with the NAIC than other companies of its size

More detailschevron icon

Why we chose State Farm

At a time when lots of competitors are no longer insuring homes in areas prone to wildfires or hurricanes, State Farm continues to offer its relatively affordable and highly rated home insurance to homeowners in every corner of the country.

And it doesn't skimp on coverage, offering flood, wildfire, and earthquake protection — one of few competitors that offers all three insurance policies to homeowners in high-risk states nationwide.

Plus, while many competitors don't have the financial strength to pay out claims after several natural disasters in the same year, State Farm isn't one of them. It earns the highest rating possible from A.M. Best for financial strength and stability — only six insurance companies out of nearly 70 we reviewed hold this title.

How much does State Farm home insurance cost compared to the New Mexico average?

The average cost of home insurance with State Farm in New Mexico is $1,786 per year, according to sample quotes provided to Policygenius from Quadrant Information Services. This is 6% more than the state average of $1,681 per year.

How to get a quote

Online through State Farm

award icon

2024 Policygenius award winner

Farmers

Farmers Insurance logo

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starHalf orange star

4.5

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

$

$

Offers extended replacement cost

Bundle home & auto

Smart home discounts

Why we chose itchevron icon

Along with saving around 20% when you bundle your home and car insurance, Farmers also gives you access to its extensive suite of discounts, unique policy credits, and claim-free incentives that help put money back in your pocket.

Pros and conschevron icon

Pros

  • Above-average property claims satisfaction rating with J.D. Power

  • Extended and guaranteed replacement cost for your home

  • Shave $50 off your deductible each year you’re with Farmers

Cons

  • Below-average scores on J.D. Power’s digital experience survey

More detailschevron icon

Why we chose Farmers

Farmers home insurance offers a variety of coverage options and policy perks that aren't easy to come by, including:

  • Declining deductibles: Earn $50 toward your home deductible each year you have a home insurance policy with Farmers.

  • Claim forgiveness: Once you’ve gone five years without filing a claim, Farmers won’t raise your rate after that if you end up filing one.

Even more, depending on your state of residence, you can save up to 45% on your auto insurance and up to 34% on your home insurance when you bundle policies, according to Farmers.

How much does Farmers home insurance cost compared to the New Mexico average?

The average cost of home insurance with Farmers in New Mexico is $1,581 per year, according to sample quotes provided to Policygenius from Quadrant Information Services. This is lower than both the state average of $1,681 per year and the national average of $1,754 per year.

How to get a quote

Online through Farmers

Compare home insurance rates in Santa Fe

How much is homeowners insurance in Santa Fe?

The average cost of home insurance in Santa Fe is $1,434 per year, or $120 a month, for a policy with $300,000 in dwelling coverage. This is about 18% lower than the national average of $1,754 per year. 

Santa Fe home insurance rates by ZIP code

To help you find out how much home insurance costs where you live, we calculated average home insurance rates by ZIP code in Santa Fe.

ZIP code

Average annual cost

Difference from state average (%)

87507

$1,403

-17%

87505

$1,404

-16%

87508

$1,415

-16%

87506

$1,528

-9%

87501

$1,423

-15%

Cheapest ZIP codes for home insurance in Santa Fe

With an average annual premium of $1,403, the 87507 ZIP code has the cheapest average home insurance rates in the Santa Fe metropolitan area.

ZIP code

Average annual cost

Difference from state average (%)

87507

$1,403

-17%

87505

$1,404

-16%

87508

$1,415

-16%

Most expensive areas for homeowners insurance in Santa Fe

With an average annual premium of $1,528, the 87506 ZIP code has the most expensive average home insurance rates in the Santa Fe metropolitan area.

ZIP code

Average annual cost

Difference from state average (%)

87506

$1,528

-9%

87501

$1,423

-15%

Learn more >> Home insurance rates by ZIP code

Santa Fe home insurance costs by coverage amount

The table below highlights the average annual premium in Santa Fe for five different levels of dwelling coverage, which is the part of your policy that covers structural damage to your home.

Generally speaking, more dwelling coverage means higher homeowners insurance rates, as shown in the table below.

Dwelling coverage limit

Average annual cost

$100,000

$642

$200,000

$1,011

$300,000

$1,434

$400,000

$1,857

$500,000

$2,332

Santa Fe home insurance costs by deductible amount

home insurance deductible is the amount you’re responsible for paying on each claim before insurance helps cover the rest of the damage or loss. If you choose a higher policy deductible, you'll have to cover more of each claim that you file, but you may also pay significantly less in premiums.

Here is the average annual cost of home insurance in Santa Fe for a policy with $300,000 in dwelling coverage and three different deductible amounts.

Deductible

Average annual cost

$500

$1,305

$1,000

$1,647

$2,000

$1,474

Cheapest homeowners insurance companies in Santa Fe

Based on our analysis, Farmers is the cheapest home insurance company in Santa Fe, with an average annual premium of $1,238.

Here is a breakdown of the cheapest homeowners insurance companies in Santa Fe.

Company

Average annual cost

Farmers

$1,238

State Farm

$1,631

Cheapest home insurance in Santa Fe if you have poor credit

Your credit score also plays a role in your home insurance premiums. Homeowners with lower credit scores generally see higher rates, since insurers consider you more likely to file a claim.

Here are the average insurance rates for homeowners with poor credit.

Company

Average annual cost

Farmers

$2,097

State Farm

$2,797

Cheapest home insurance in Santa Fe if you have an older home

Older and historic homes are usually more expensive to insure than newer homes. This is because insurers consider them a higher risk than newer homes since they can be fragile, their construction materials may be obsolete, and certain structural components like the roof or plumbing may not be in good shape or up to current-day code. Because of this, they'll charge higher premiums to offset the risk.

Here's the cheapest home insurance in Santa Fe for a 50-year-old home.

Company

Average annual cost

Farmers

$1,303

State Farm

$1,640

Cheapest homeowners insurance in Santa Fe if you have a history of claims

One of the biggest factors that plays a role in your home insurance premium is your claims history. You'll typically pay more for home insurance if you have multiple claims on your record, since insurers perceive you as posing a greater risk of filing more.

Here's the cheapest home insurance companies in Santa Fe for a homeowner with three claims within a five-year period.

Company

Average annual cost

Farmers

$1,711

State Farm

$1,871

How to get homeowners insurance quotes in Santa Fe

Here are a few steps to follow as you shop for homeowners insurance in Santa Fe: 

5 steps to buying homeowners insurance in Santa Fe, NM

  1. Reach out to a licensed Policygenius agent. The experts at Policygenius are here to help answer your questions, compare quotes, determine how much coverage you need, and more — all at no cost to you. 

  2. Ask about the New Mexico FAIR Plan. If you’ve been turned down by other insurance companies due to high risk factors, the New Mexico FAIR plan can make sure you get the coverage you need.

  3. Figure out how much you can afford to pay for your deductible. Knowing what you can afford to pay out of pocket for a claim could save you money on your policy. By choosing the highest deductible you can afford, you could save hundreds of dollars each year in premiums. 

  4. Compare quotes from a Policygenius agent. A Policygenius agent can help you compare quotes to make sure you are getting the home insurance policy you need at the best price.

  5. Choose your policy, sign it, and pay your first premium. Once you decide on your policy, all you have left to do is sign the prepared forms and make your first payment. Policygenius will even cancel your old policy for you.

Compare home insurance rates in Santa Fe

Frequently asked questions

How does the crime rate in my area affect my home insurance?

Neighborhoods with higher crime rates will see higher home insurance costs due to the increased likelihood of having to file a claim due to theft or vandalism.

Why do pools, treehouses, and trampolines affect my home insurance rate?

These items have an increased chance of causing injury, which can lead to liability claims.

Author

Pat Howard is a licensed insurance expert and managing editor at Policygenius. Pat has written extensively about the home insurance industry and his insights as a subject matter expert have appeared in several top tier publications, including The New York Times, The Wall Street Journal, CNBC, and Reuters. Pat has a bachelor's degree in journalism from Michigan State University.

Editor

Jennifer Gimbel is a senior managing editor at Policygenius, where she oversees all of our insurance coverage. Previously, she was the managing editor at Finder.com and a content strategist at Babble.com.

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