Homeowners Insurance in Las Cruces, NM
Homeowners insurance in Las Cruces, NM, covers the cost of rebuilding or replacing your property after an unexpected catastrophe.
Las Cruces ranks as New Mexico's second-largest city by population, with nearly 112,000 residents as of the U.S. Census. This mountainous landscape is the home of New Mexico State University. Many locals work at White Sands Missile Range or White Sands Testing Facility, nearby federal government installations. The city's convenient location is just 40 miles from both El Paso and the Mexican border. You can also spend time in the Las Cruces historic downtown district or attend one of the many annual festivals.
It's a good time to buy a home in Las Cruces as the city shifts from a seller's market to a buyer's market. The Las Cruces Sun News reported 455 homes on the market in November 2023, almost tripling the city's inventory from the 167 homes available in November 2022. Sale prices are also declining compared to listing prices, a sure sign that it's a smart time to buy.
Home prices have appreciated by more than 65% in Las Cruces over the past 10 years according to Sperling's Best Places. However, the median cost of $269,700 is still well below the national median of $338,100. Your homeowners insurance in Las Cruces, NM, should pay for the cost of repairing or replacing your home at the current market rate rather than the historical price.
Las Cruces has a property crime rate of 3.58 per 100 residents, slightly above the New Mexico average of 3.11 and the state average of 2.11. However, the burglary rate is below the state average. Home insurance policies pay for the replacement of covered stolen property in your home as well as the repair of damage caused by this type of incident.
Homeowners insurance in Las Cruces, NM, also covers damage from most severe weather events. Many properties in the state are vulnerable to wildfire, and windstorms may also pose a risk to local homeowners. Carefully review policy quotes before signing to make sure the company covers these types of incidents.
Nerdwallet reports that New Mexico residents pay about $1,790 per year for home insurance, just below the U.S. average of $1,820 per year. Rates fall even further in Las Cruces, where you'll pay an average of $1,220 for an annual policy. The city's lower home insurance costs reflect a lower risk of claims.
You may have a different premium than a neighbor based on the specific likelihood of theft or severe weather on your street, so it pays to shop around for homeowners insurance in Las Cruces, NM. VIU by HUB makes it easy to save by comparing personalized quotes from multiple providers.
Although you don't have to have homeowners insurance under state law, your mortgage company probably has a mandate. If you have a home loan, make sure you carry the minimum coverage required in your agreement. Most companies have stated liability and dwelling policy limits. Liability insurance covers the costs associated with a third-party injury at the home, such as medical and legal expenses. Dwelling coverage pays for damage to the home itself and its contents.
If you're in the market for homeowners insurance in Las Cruces, NM, compare rates with VIU by HUB. Our online tool delivers personalized quotes in minutes.
This information is intended for general informational purposes only and is not intended to constitute legal advice.
