Taos Homeowners Insurance

Your Complete Guide to Taos, NM Homeowners Insurance

Find the right homeowners insurance policy for you.

close up shot of broken door window glass of brick house

Taos is located in north-central New Mexico. Over 5,700 residents call this city home. Taos is a center for art and recreation, with three art museums and numerous venues for the performing arts. What’s more, Taos is home to more than twenty sites on the National Register of Historic Places. Homeowners in Taos are not immune to break-ins, fires, and severe weather that can easily damage or destroy their personal property. Taos homeowners need affordable home insurance that covers their risks. Having reliable, responsive homeowners insurance means having peace of mind in the face of unpleasant events. Local independent insurance agents can help you find the best and most affordable insurance coverage for your home. 

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

New Mexico is the 34th most expensive state for home insurance in the US, and the average cost of homeowners coverage in Taos is much higher than both the state and national averages. A higher average property value in Taos probably accounts for some of the increase in average home insurance rates in the city. 

  • National average yearly premium: $1,173
  • New Mexico average yearly premium: $982
  • Taos average yearly premium: $1,589

Your home insurance rates may be higher or lower than average depending on your home’s unique characteristics (size, location, age, value, etc.) and other risk factors (crime rate, severe weather risk) in your neighborhood. If your property’s location comes with more hazards than most, expect to pay more. You will also pay more if your home will cost more to repair or rebuild than others. 

Comparing quotes from multiple insurance companies and making sure you are maximizing your discounts is the best way to make sure you’re getting the best rate on your home insurance. A local independent insurance agent can help you do just that and can guide you through the process to ensure you are getting the coverage you need. 

What Is the Burglary Rate in Taos, NM?

The home burglary rate in Taos is very high compared to the state and national averages. This is probably a significant factor in the elevated homeowners insurance rates found in this city. Homeowners who live in high crime areas are simply more likely to file an insurance claim because of a burglary, theft, or break-in.

  • 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 Taos: 20.93

No matter where you live, you can be the victim of a home burglary, break-in, or vandalism. Your home insurance is designed to reimburse you for loss or damage following such an event. But remember, you have to pay your deductible first, and your insurance company will handle the rest. Don’t wait until it’s too late. Take precautions to protect your home from burglaries, and remember that having a home security system is one of the best ways to keep the burglars out. What’s more, homes with burglar alarms often qualify for extra discounts on home insurance.  

Catastrophic Events in New Mexico

  • 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

Homeowners insurance is designed to cover you against a variety of hazards you face as a homeowner. In Taos, fires, severe weather, and floods can cause significant damage to your home. And without home insurance, you’d have to pay for repairs on your own. There is a real threat of fires and floods in New Mexico. An insurance agent can help you review your structure and contents coverage limits so you can be sure that they are high enough to enable you to rebuild, repair, or replace if necessary. Be sure to ask your insurance agent if you need flood insurance. Flood damage is not covered by your standard homeowners insurance policy. It must be purchased through the National Flood Insurance Program (NFIP). 

Liability Insurance for Taos, NM Homeowners

Your homeowners insurance policy covers your home’s structure and your belongings. It also includes liability coverage, which is designed to help you pay for a variety of expenses if you are sued for negligence. If someone is injured on your property, your liability coverage will pay for their medical expenses related to the accident. If that person sues you for additional damages, your liability coverage pays for attorney fees, court costs, and any settlements or judgments that you are required to pay to the injured party. Consider these examples of when your homeowners liability coverage is invaluable:

  • A guest in your home trips on loose carpeting and breaks her ankle.
  • Your child hits a baseball through a neighbor’s window.
  • Your dog bites a passerby.
  • You are accused of libel or slander because of something you posted on social media. 

You can learn more about liability insurance from a local independent insurance agent. You might find that you need more coverage than your homeowners insurance policy allows. In this case, you can purchase a personal umbrella policy, which offers liability coverage beyond what is provided in your home or auto insurance policy. 

Second Home and Vacation Home Insurance

New Mexico offers a wide variety of recreational opportunities across the entire state. Perhaps you're lucky enough to own a cabin or a cottage or any kind of second home. If you own a second home, vacation home, or rental property, you need to make sure that you have appropriate coverage for how each property is used. 

  • Hunting cabins or lake homes may only be occupied seasonally or on weekends. These properties are often targets for thieves, and property damage that occurs while you are gone can go unnoticed for long periods and get worse. Vacant home insurance may be needed in these situations.
  • If you own a rental property or a vacation home that you rent out to tenants, landlord insurance can help you cover the specific risks you face as a landlord. 

An independent insurance agent can help you review the unique coverage needs for all of your residential properties. You can review competitive quotes to make sure you’re getting the best price. 

Why Work with an Independent Insurance Agent?

Independent insurance agents in your city can help you find a reliable and affordable home insurance policy. Independent agents aren’t tied to one company, so you can be sure you are getting honest, unbiased advice. 

Contact an agent in Taos to start comparing customized home insurance quotes.

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