Home Insurance in Albuquerque, NM
Find affordable home insurance in Albuquerque, NM, by comparing rates with VIU by HUB.
There is so much to love about living in Albuquerque. Within its 187 square miles, you will find museums, outdoor adventure and a stretch of historic Route 66. The city is also home to some of New Mexico's top employers, including The University of New Mexico.
It's no wonder that the population is growing faster than the rest of the state, or that the U.S. Census Bureau estimates that more than 560,000 people choose to call the city home. Among residents, just over 60% own their own home, making it a popular place to establish roots.
Albuquerque is among the most expensive cities to buy a home in New Mexico. According to City-Data.com, the average Albuquerque home value is $271,083. Prices for detached homes are slightly higher than those for condos and townhomes. It is among the most expensive places to live in New Mexico. Considering some of the fundamental risks of living in the city, home insurance in Albuquerque, NM, is crucial to protecting your investment.
For all of its beauty and accessibility, Albuquerque also has risks that homeowners must protect themselves against. An extremely high crime rate is one of the biggest issues you will face in the city. Neighborhood Scout shows a property crime rate about 50% higher than the rest of New Mexico and nearly three times higher than the national average.
There is little risk of flooding or severe wind damage in Albuquerque, but fire is a larger concern in the area. According to Risk Factor. roughly 60% of properties are in danger of wildfire damage over the next 30 years. Local officials are currently taking action to mitigate wildfire risks, which could help reduce the impact on homeowners in the future.
You can take action to reduce your risk of fire damage and get lower home insurance premiums by using fire-resistant construction materials, such as masonry. Fire suppression systems are also an excellent investment that can help you save on home insurance in Albuquerque, NM.
A standard home policy will protect against most of the risks you face in Albuquerque. This includes dangers of theft, fire, vandalism and other common concerns, such as freezing pipes. However, you may want to add specialized coverage for high-value items
Albuquerque homeowners can expect to pay an average of $1,565.00 for $250,000 in dwelling insurance. This is significantly lower than the state average, possibly due to a lower risk of wildfire and flooding than other areas in the state.
Averages are based on a standard policy with favorable underwriting criteria. You may pay more or less depending on several factors, including:
There are plenty of ways to save on your home insurance in Albuquerque, NM. In addition to using fire suppression systems, many companies offer discounts for security systems or connected home devices. You may also qualify for a multi-policy discount by bundling auto and home policies.
When shopping for insurance, it is a good idea to consider quotes from multiple providers. This lets you compare coverage levels and premiums to find a policy that fits your needs. VIU by HUB provides you with multiple quotes to make the process easy.
This information is intended for general informational purposes only and is not intended to constitute legal advice.
