Complete Guide to Gallup, NM Homeowners Insurance | Trusted Choice

Gallup Homeowners Insurance

Your Complete Guide to Gallup, NM Homeowners Insurance

Find the right homeowners insurance policy for you.

Ann Herro | March 3, 2020
close up shot of broken door window glass of brick house

Gallup, New Mexico is the most populous city between Flagstaff, AZ and Albuquerque, NM. It is located along historic US Route 66. Gallup has around 22,000 residents. If you own a house in Gallup, you’ll want to be sure to protect it from threats like fire, theft, vandalism, and severe weather. What’s more, you’ll want to protect your assets from the costs of lawsuits if you are sued for something that happens on your property.

A reliable home insurance policy is the best way to protect your investment. An independent insurance agent in Gallup can help you find the best home insurance policy for your needs. Independent agents can help you get quotes from multiple insurance companies, so you can make the best choice for your needs and budget. 

How Much Does Homeowners Insurance Cost in Gallup, NM?

New Mexico is the 34th most expensive state for home insurance in the US. The average cost of homeowners coverage in Gallup is similar to the state average. The cost to cover your unique home may be more or less than average, so it’s important to shop around for the best rates. 

  • National average yearly premium: $1,173
  • New Mexico average yearly premium: $982
  • Gallup average yearly premium: $914

Actual home insurance rates quoted by your independent insurance agent will be more or less than average. Home insurance rates are calculated on a case-by-case basis and are based on factors such as: 

  • The size of your house, the year it was built, and the age of your roof
  • The estimated cost to rebuild your home (replacement cost)
  • Your history of filing claims and your credit score
  • Your coverage limits and deductible amount
  • Whether you are purchasing other policies (car insurance, life insurance) with the same insurance company

What’s more, every insurance company uses a different formula to calculate its rates, so premiums vary from carrier to carrier. It’s important to shop around to find the policy and insurance company that best fits your needs and budget. Independent insurance agents in Gallup can help. Contact an agent today to get competitive quotes. 

Burglary Rate in Gallup, NM

Crime is a serious problem in Gallup. The city has a very high home burglary rate compared to the state and national averages. 

  • Number of burglaries per 1,000 homes in the US: 4.69
  • Number of burglaries per 1,000 homes in New Mexico: 8.30
  • Number of burglaries per 1,000 homes in Gallup: 14.27

If you live in Gallup, be sure to always lock your doors, keep your home well-lit, and make your house look occupied even when you aren’t at home. Home security systems serve as excellent theft deterrents. What’s more, many insurance companies offer discounts to policyholders who have installed burglar alarms in their homes.

If you are the victim of a burglary, your homeowners insurance company can reimburse you for lost and damaged possessions as well as broken windows, doors, or locks. Be sure to call the police and your insurance company immediately if you discover a break-in. Keep a copy of the police report, too, because you’ll need it to file an insurance claim.  And don’t forget, your independent insurance agent is there to help and advise you through the claims process. 

Catastrophic Events in New Mexico

Residents of Gallup experience a wide range of temperatures, with nearly year-round cold evenings and even heavy snowfall. What’s more, the entire state of New Mexico is susceptible to fires and floods. Any of these events can cause mild to severe damage to your home. 

  • Number of declared disasters in New Mexico: 86
  • Most common reasons for disasters in the state: Fires and Floods
  • Average number of tornadoes per year in New Mexico: 9.7
  • Average amount of property damage per year in New Mexico: $337,652,000
  • 1 in 15 insured homes has a claim each year

The purpose of homeowners insurance is to cover your financial losses when something damages or destroys your personal property. As a homeowner in Gallup, you face hazards like fires, property crimes, severe storms, floods, and even ice and snow damage. And while covering the structure of your home appropriately is essential, be sure to get the coverage you need for your possessions, too. 

Sometimes certain art, valuables, or collections need additional riders or endorsements to ensure you are reimbursed for their full value if you have a loss. Because floods can be a problem in New Mexico, talk to your independent insurance agent about flood insurance. Your homeowners insurance policy does not cover flood insurance. In order to be covered, you need flood insurance from the National Flood Insurance Program (NFIP). 

Liability Insurance for Gallup Homeowners

Your Gallup homeowners insurance policy protects you against certain types of lawsuits you could face as a homeowner. While the likelihood of being sued is pretty low, the liability insurance portion of your homeowners insurance becomes your financial lifeline if someone sues you for negligence. Liability insurance covers expenses related to a lawsuit. These expenses include attorney fees, court costs, and even any damages you are required to pay if you are sued for a covered event. 

Your homeowners insurance policy responds to lawsuits related to third-party injuries that occur on your property, damage caused by your pets or children, accusations of libel or slander, and other acts of negligence by you or a family member. Many homeowners supplement their homeowners liability coverage with a personal umbrella policy. It enables you to protect all of your assets if you have to pay out a sum that is in excess of the coverage limits of your home or car insurance policy. An independent insurance agent can help you assess your needs and explain more about your liability insurance options.

Second Home and Vacation Home Insurance

Many homeowners in Gallup also own a vacation home, cottage, or rental property. Any type of second home needs insurance coverage, and homes that do not serve as a primary residence often have some additional risks involved. You may even find that your second home insurance is more costly than the coverage for your primary residence. Vacation homes are often left unoccupied and unattended for several months of the year. These homes are more susceptible to thefts, vandalism, break-ins, and property damage than homes that are occupied all year. 

Vacant home insurance can help give you peace of mind in these situations. If you have a rental property, your risk for liability claims and lawsuits is higher than for your primary residence. Landlord insurance is typically necessary if you own a second home that is occupied by tenants.  An independent insurance agent in or near Gallup can help you find the best policies to cover all of your residential properties. 

Why Work with an Independent Insurance Agent?

Independent insurance agents can help you find the best insurance policy to cover your home. They can help you comparison shop for the best coverage and most affordable rates for your needs.

Find a local agent to start comparing customized home insurance quotes for your Gallup home.

Sources © 2020, Consumer Agent Portal, LLC. All rights reserved.

http://www.naic.org/prod_serv/AUT-PB-14.pdf
https://www.census.gov
http://www.city-data.com

© 2020, Consumer Agent Portal, LLC. All rights reserved.

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