Complete Guide to Roswell, NM Homeowners Insurance | Trusted Choice

Roswell Homeowners Insurance

Your Complete Guide to Roswell, NM Homeowners Insurance

Find the right homeowners insurance policy for you.

Ann Herro | March 3, 2020

Roswell is the fifth-largest city in New Mexico with a population of over 48,000 residents. It is an important economic center, as well as a popular tourist destination for those interested in the town’s legendary status as a magnet for extraterrestrial activity. Any home in Roswell can sustain damage from a fire, a severe weather event, or even a break-in or vandalism. If you are a homeowner in Roswell, the best way to protect your home from these types of unforeseen events is to purchase a responsive and reliable home insurance policy. An independent insurance agent can help you obtain the best and most affordable insurance coverage for your Roswell home. 

What Is the  Average Cost of Homeowners Insurance in Roswell, NM?

New Mexico is the 34th most expensive state for home insurance in the US. The average cost of homeowners coverage in Roswell is much lower than both the state and national averages. 

  • National average yearly premium: $1,173
  • New Mexico average yearly premium: $982
  • Roswell average yearly premium: $582

Everyone’s homeowners insurance rates are a little different because insurance costs are based on your individual home’s characteristics and the amount of coverage you need. This means that your home insurance premiums will be more or less than the average for your city. Some of the individual risk factors used to calculate homeowners insurance rates include the type of home you are insuring, the age, size and value of your home, and the materials used to construct your home. Insurance companies also evaluate other risk factors, such as: 

  • Your claims history and credit score
  • The crime rate and weather risks in your city or ZIP code

The amount of coverage you need and the deductibles you choose also impact your rates. Most insurance companies offer a variety of discounts to help you save. The best way to make sure that you are getting the best price is to shop around. An independent insurance agent can get quotes from multiple insurance companies, so you can compare costs and coverage and make the best choice for your needs and budget. 

Burglary Rate in Roswell, NM

The home burglary rate in New Mexico is quite high compared to the national average. And the home burglary rate in Roswell is higher than in many other cities in the state. 

  • 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 Roswell: 7.58

If you live in an area with a higher rate of home burglaries, it will definitely impact what you pay for homeowners insurance. But if you protect your home and your belongings from break-ins, thefts, and vandalism, you can have peace of mind and avoid having to make home insurance claims. A home security system is one of the best ways to keep burglars away. And always keep your home well-lit, inside and out. Be sure to leave the lights on even when you are away, and keep your doors locked even during the day. 

A local independent insurance agent can help you be certain that your home and your possessions are properly insured. If you have items like expensive jewelry, special collections, or family heirlooms, ask your agent about adding special endorsements or riders to make sure that these items have appropriate coverage. 

Catastrophic Events in New Mexico

Roswell has for distinct seasons. During the summer, the North American monsoon can bring torrential rains, severe thunderstorms with high winds and hail, and even tornadoes. 

  • Number of declared disasters in New Mexico: 85
  • 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

New Mexico homeowners insurance protects you from the financial consequences of most property losses you could experience, including damage caused by tornadoes, heavy rains, and lightning. After a storm or even a wildfire, your homeowners insurance policy will help reimburse you for repair costs, lost and damaged possessions, and even living expenses if you can’t live at home while you make repairs. 

Severe storms, fires, and floods are a real threat in New Mexico. It’s important to keep in mind that flood damage is not covered by your homeowners insurance policy. Roswell residents should consider purchasing separate flood insurance from the National Flood Insurance Program (NFIP). Your independent insurance agent can help guide you. 

Liability Insurance for Roswell Homeowners

Liability insurance is one of the most important parts of any homeowners insurance policy. It is designed to protect you when someone claims you have caused an injury or property damage. In these cases, it’s not unlikely that you could be sued for negligence. Without insurance protection, a lawsuit could be financially devastating. But the liability insurance portion of your homeowners policy takes the worry away. It covers court costs, legal fees, and even settlements or judgments levied against you if you are sued. 

Talk to your independent insurance agent to learn how an umbrella policy can offer even more liability coverage than your home insurance policy will allow. A personal umbrella policy supplements the liability coverage in both your home and auto insurance policies. 

Second Home and Vacation Home Insurance in Roswell, NM

If you own a second home, you might need insurance coverage that is different from a standard home insurance policy. It’s important to talk to your insurance agent about how to sufficiently insure all of your residential properties. If you own a rental property you probably need landlord insurance to protect you from the additional liability risks associated with renting your property to tenants. 

If your second home or vacation home is vacant for long periods, it is more susceptible to fires, water damage, and ice damage. What’s more, thieves and vandals often target homes that are empty for long periods. In these cases, vacant home insurance may be necessary to protect your investment. An independent insurance agent can help you find the right home insurance policy for all of your residential properties. 

Why Work with an Independent Insurance Agent?

The easiest way to find a reliable and affordable homeowners insurance policy is by contacting a local independent insurance agent. These agents work for you, not for a particular insurance company, so you can be sure that you are receiving trustworthy guidance and the coverage you need. 

Contact an agent near you to start comparing customized, competitively priced home insurance quotes. 

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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