Complete Guide to Santa Fe, NM Homeowners Insurance | Trusted Choice

Santa Fe Homeowners Insurance

Your Complete Guide to Santa Fe, NM Homeowners Insurance

Find the right homeowners insurance policy for you.

Ann Herro | March 3, 2020

Santa Fe is the capital of New Mexico and the fourth-largest city in the state. Tourists flock to this vibrant city to enjoy its wonderful climate and many artistic and cultural attractions. Santa Fe has also been listed as one of the “ten best places to retire” by CBS Moneywatch and U.S. News & World Report. If you own a home in Santa Fe, you’ll want to protect your investment with a reliable home insurance policy. 

A local independent insurance agent can help you shop for Santa Fe homeowners insurance. Independent agents aren’t tied to one carrier. They can obtain quotes from multiple insurance companies, answer your questions, and make sure you get the coverage that best fits your needs and budget. 

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

New Mexico is the 34th most expensive state for home insurance in the US. The average cost of homeowners coverage in Santa Fe is significantly higher than both the state and national averages. 

  • National average yearly premium: $1,173
  • New Mexico average yearly premium: $982
  • Santa Fe average yearly premium: $1,397

The cost to insure your home will be more or less than the average for your city. That’s because insurance rates are determined according to your exact coverage needs and the unique characteristics and risk factors of your home. The age, size, value, and materials used to build your home help insurance companies determine how much it would cost to replace it if it were severely damaged or destroyed. Insurance companies also evaluate the crime rate and weather risks in your city, your claims history, and even your credit score to determine your home insurance premium. 

Home insurance premiums in Santa Fe tend to be higher than in many other cities in New Mexico. This is probably because of higher home values in the city, as well as a very high home burglary rate. Many policyholders qualify for discounts if they bundle multiple insurance policies with the same insurance company. Consider bundling your car insurance or life insurance with your home insurance in order to get the best rates. 

Burglary Rate in Santa Fe, NM

The home burglary rate in Santa Fe is very high. This may explain the higher-than-average home insurance rates in the city.

  • 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 Santa Fe: 13.26

If you experience a break-in, your homeowners insurance can help you get back on your feet quickly. It helps you pay for damage to your home, as well as repairing or replacing stolen or damaged possessions. It’s important to protect your home from intruders. Always keep your home well-lit inside and out, and lock your doors even when you’re at home. Consider installing a home security system, too. Not only are burglar alarms the best deterrents for thieves, but having one may also earn you a discount on your homeowners policy. 

Catastrophic Events in New Mexico

Homeowners insurance is designed to reimburse you for damage to your home’s structure and your belongings after certain covered events like fires, natural disasters, and break-ins. In New Mexico, the most common types of natural disasters are fires and floods.

  • 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

While severe weather, wildfires, and floods can and do happen in New Mexico, you can also experience significant—and expensive—property damage from more common events like wind, hail, and lightning. Even a small kitchen fire can be a financial disaster. But with a homeowners insurance policy, you can repair and replace your damaged property and possessions and get back on your feet quickly.

Liability Insurance for Santa Fe Homeowners

Homeowners insurance provides policyholders with liability insurance. It is designed to cover you for claims of negligence and lawsuits that you may face as a property owner. If someone is injured on your property or in your home, or if a member of your family injures a third party, you can expect to at least be required to reimburse the injured party for their related expenses. It’s also not unlikely that you could be sued for these kinds of incidents. 

If you are sued, the costs of defending yourself and compensating the injured party can be insurmountable. Your liability insurance pays for the injured party’s medical expenses, as well as court costs, attorney fees, and any settlements or judgments levied against you. Without it, you may have nowhere to turn to protect your assets. If you have liability risks beyond what your home insurance policy can cover, talk to an independent agent about how an umbrella policy can supplement your other coverage and offer extensive protection of your assets if you are sued. 

Second Home and Vacation Home Insurance in Santa Fe, NM

Any type of second home, like a vacation home, cottage, or rental property, needs insurance coverage. Homes that do not serve as a primary residence actually involve some additional risks, and a standard home insurance policy may not be sufficient. 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. Landlord insurance is typically necessary if you own a second home that is occupied by tenants. An independent insurance agent in or near Santa Fe can help you find the best policies to cover all of your properties. 

Why Work with an Independent Insurance Agent?

Independent insurance agents make it fast and easy to find the best policy to cover your Santa Fe home. Because they aren’t tied to a single insurance company, they can help you comparison shop for the best coverage and most affordable rates for your needs. 

Find an agent near you to start comparing customized home insurance quotes from an assortment of highly-rated insurers.

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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