Whether it’s the first home you’re considering, or the latest in a long line of home purchases, homeowners insurance is a must-have. The cost of homeowners insurance in New Mexico differs based on a number of variables. According to movoto.com, New Mexico is an enchanting place to live. Getting a handle on how these variables affect a homeowners policy is well worth doing.
Homeowners insurance is usually bundled into the monthly mortgage payment, when a house is not bought outright. When this happens, the cost of homeowners is hidden and often not considered as a separate cost. If you have paid for your home, homeowners insurance is its own expense. Most companies provide for a single annual payment, or for installments, depending on what works best for the individual.
New Mexico itself does not have much in the way of natural disaster threats. The only real danger some residents need to keep in mind is that of wildfires during the hottest and driest months of the summer in some parts of the state. Once in a while, high winds can make an appearance and cause damage. Other than that, New Mexicans by and large do not have to worry about earthquakes, floods, hurricanes, landslides, or tornadoes. Manmade issues, however, such as burglary and vandalism, do occur, so homeowners insurance is important to have.
Regardless of how homeowners pay for their policies, certain points are worth considering.
What are some area-specific features to look for?
Overall, New Mexico is ranked 31 of the 50 states in its cost of homeowners insurance. As a general rule, the price of homeowners insurance increases from west to east as you travel across the state. This is an issue only if rural living independent of commuting to a city for work is your major goal.
When considering buying a house near a forest, the possibility of wildfires must be taken into account. Although most homeowners insurance policies include wildfires as a covered condition, it might be worthwhile to examine the policy’s specific provisions. Coverage limits can vary for a number of reasons that have little or nothing to do with the company issuing the policy. What one person considers sufficient coverage may not be adequate in the mind of another.
Living in certain parts of the mountains might also, for example, call for making provisions for mudslides, landslides, and rockslides. Again, the policy might cover this as a matter of course, but you might want to think about if standard coverage will work for you. It’s possible a little extra coverage in that category can add a lot to peace of mind.
What effect does location have?
Having a home in a city means that urban amenities, especially emergency services, are readily available. This means in most cases damage to a home can be minimized or injury to a person can get immediate attention. More rural areas require a more self-sufficient mindset. Being a rugged individualist in a remote part of the state, for some, may hold more appeal than having potential help nearby. This is a lifestyle decision. Homeowners insurance policies may or may not reflect this aspect of thinking in their terms and conditions.
How does the type and age of a house factor in?
Common sense tells us that stone, brick, or adobe houses are less flammable than houses made of wood. They are also less susceptible to wind damage. Because fire and wind are only real dangers during certain times of the year (fire during dry summers, wind mostly during the winters), the exact materials a house is made of are not as important as they might be in other areas. The type and material of the roof, however, may affect how well a house holds up when extreme weather, however infrequent, challenges a structure.
What about acreage?
The amount of land associated with a house is factored into a homeowners policy depending mostly on its location and use. In urban areas, more classically designed policies do the job very well. In more rural locations, even those in what are considered metro areas, farm or ranch-type policies might be a better fit for a homeowner’s needs.
A flood provision in desert country???
Most of New Mexico is desert or high desert, depending on altitude. The risk of flooding is minimal in most areas. Flash floods, however, can and do happen during the rainy times, actually called the monsoon season by folks in New Mexico, which goes from late June/early July to late August/early September. Arroyos take care of almost all excess water, which doesn’t occur often. Nature, however, has a way of confounding the best plans.
The Rio Grande has a history of flooding. In the last 92 years the Middle Rio Grande Conservancy District maintains the river area to prevent flooding, encourage conservation, and provide for recreation along the river’s course. Most homes are far enough away from the Rio Grande not to have to worry about floods.
Summing it all up
When looking to buy homeowners insurance in New Mexico, it’s always best to keep the foremost rule of real estate in mind – location, location, location. New Mexico has quite a variety of living conditions, from ultra-citified to remote mountain fastness. Researching current homeowners insurance rates for yourself never hurts. Also, insurance professionals who do business in New Mexico know about local trends. They can prove to be one of your best resources for the facts you need to decide what kind of, and how much, homeowners insurance you’re going to need for the specific place you choose to live in.
2 Point Highlight
1.  New Mexicans by and large do not have to worry about earthquakes, floods, hurricanes, landslides, or tornadoes
2. Overall, New Mexico is ranked 31 of the 50 states in its cost of homeowners insurance.
