New Mexico Condo Insurance

Find the right condo insurance policy for you.

Ann Herro, Insurance Expert Written by Ann Herro
Ann Herro, Insurance Expert
Written by Ann Herro

Ann Herro has been writing about insurance and employee benefits for over 15 years. She has covered topics as easy as insuring a car, and as difficult as transparency in healthcare costs.


Many residents of New Mexico find condos to be the perfect solution for their housing needs. Whether it's a first-time buyer straight out of college, or parents who are empty-nesters, condos can be the perfect living solution. Condos also appeal to residents because they don't have to worry about maintenance, and perks like landscaping, pools, and fitness centers are usually par for the course.

Before you search for condo insurance quotes, however, there are a few things to consider. While the condo owners association carries insurance to cover the outside of the building, your possessions are not covered under the insurance policy, leaving you at risk of losing everything in the case of a flood, fire, theft, or vandalism.

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Property Crimes in New Mexico

In the city of Albuquerque alone, there was recently:

  • More than 600 vehicle thefts 
  • More than 900 destruction/damage of property crimes
  • More than 400 burglaries 
  • You have a 1 in 28 chance of being a victim of a property crime in New Mexico

With these statistics in mind, it's important to remember that while you can do everything possible to prevent crimes, if they do happen, it's important to have the proper coverage to ensure you can recover quickly. Condo insurance offers that cushion of protection.

What Does Condo Insurance Cover?

  • Personal Property Coverage: Condo insurance can protect your New Mexico home and your personal belongings from loss due to crime such as a burglary, vandalism or arson. Condo insurance will also kick in in case of a natural disaster like a fire or wind storm. While the condo association's master policy covers common areas, it may only cover "to the pipes." This means that plumbing may not be covered. A condo insurance policy will cover plumbing, fixtures, floors, and ceilings.
  • Liability Coverage: Many condo residents enjoy condos for their sense of community. Many people will host parties or get-togethers in their condos. If an accident happens, and you are at fault, or someone claims your home caused their injury, having condo insurance with liability protection can ensure that you're covered and can help you pay legal fees or medical payments.
    One important circumstance to consider is flooding. New Mexico is prone to floods, so having a flood insurance policy is a very good idea. This is often made available as a rider to your condo insurance policy.
  • Loss of use or relocation assistance: If your condo is damaged so severely it is rendered uninhabitable, this insurance can help you secure living quarters while repairs are being performed.

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Are There Discounts Available on Condo Insurance?

Just like your auto insurance policy, there are discounts available to condo owners in New Mexico. They may include the following:

  • Multi-policy discounts
  • Discounts for installation of fire and burglar alarms
  • Claims-free discounts
  • Discounted billing methods, like paying annually instead of monthly
  • Industry/Group discounts

It's always a good idea to ask about discounts available on condo insurance.

Owning vs. Renting

If you took out a loan to buy your condo, your New Mexico financial institution will most likely require you to carry condo insurance. Whether you own it outright or make payments, condo insurance is always a wise idea to protect your investment. If you rent your condo, renters insurance will provide personal property and liability coverage. The majority of renters would find it difficult to replace that much property after a fire, tornado, or burglary. 

Renters insurance can provide the funds you need to repair or replace your lost items. Also, if someone is injured in your rental, the master policy will not cover you, which means you will be paying out of pocket for medical expenses, litigation, and legal fees. Having liability coverage added to your rental insurance will make sure that you are covered in case this happens.

Getting the Best Condo Insurance

New Mexico is a beautiful state, with lots of opportunities for residents and visitors. Whether you are renting or own a condo, an agent is always available to help analyze your specific risks and needs, answer any questions, and make sure that you're covered no matter what happens. 

Contact an agent to find out how they can help you find the perfect condo insurance policy to fit your needs, lifestyle, and budget.

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