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New Mexico Insurance Guide
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Insurance in New Mexico
Find comprehensive insurance information for New Mexico (NM) residents. From health coverage to auto and home insurance, we’ll help you understand your options in the Southwest region.
Not sure what coverage you need? Take our Coverage Quiz for personalized recommendations.
Quick Facts
| State | New Mexico (NM) |
| Region | Southwest |
| Population | ~2.1M residents |
| Health Marketplace | beWellnm |
| Insurance Regulator | New Mexico Department of Insurance |
Health Insurance in New Mexico
New Mexico residents can find health coverage through:
- beWellnm - The official health insurance marketplace
- Employer-sponsored insurance - Coverage through your workplace
- Medicaid - For eligible low-income residents
- Medicare - For residents 65 and older
Auto Insurance in New Mexico
New Mexico has specific requirements for auto insurance coverage. Learn about minimum liability requirements, optional coverages, and how to find the best rates.
Homeowners Insurance in New Mexico
Protect your home with coverage tailored to New Mexico’s specific risks and requirements.
Life Insurance in New Mexico
Find life insurance options available to New Mexico residents to protect your family’s financial future.
How New Mexico Compares
Understanding how New Mexico stacks up against national averages helps you evaluate your insurance costs and coverage options.
| Metric | New Mexico | National Avg | Comparison |
|---|---|---|---|
| Auto Insurance (annual) | $1,589 | $1,935 | -18% (above average) |
| Health Insurance (monthly) | $723 | $477 | +52% (above average) |
| Home Insurance (annual) | $1,534 | $2,377 | -35% (near average) |
| Uninsured Rate | 11.0% | 9.5% | +16% (below average) |
Related Resources
- What Insurance Do I Need? - Coverage Quiz - Find out which coverage types match your situation
- Insurance Coverage Checklist - Review your coverage and identify gaps
- Insurance Costs by State - Compare costs across all 50 states
- Insurance Glossary - Understand common insurance terms
Related Insurance Types
- Health Insurance - Medical coverage options
- Auto Insurance - Vehicle coverage requirements
- Homeowners Insurance - Home protection
- Life Insurance - Financial protection for your family
- Business Insurance - Coverage for business owners
Official Resources
- New Mexico Office of Superintendent of Insurance (opens in new tab) - State insurance regulator, file complaints, verify licenses
- beWellnm (opens in new tab) - New Mexico’s official health insurance marketplace
- FEMA Flood Map Service Center (opens in new tab) - Check flood zones for any New Mexico address
Contact Your State Insurance Department
Have questions about insurance coverage, need to file a complaint, or want to verify an agent's license? Contact your state regulator:
- Agency
- New Mexico Office of Superintendent of Insurance
- Phone
- 505-827-4601
- Website
- Visit Official Website
Frequently Asked Questions
What is the minimum auto insurance required in New Mexico?
New Mexico requires minimum liability coverage of 25/50/10: $25,000 per person for bodily injury, $50,000 per accident for bodily injury, and $10,000 for property damage. New Mexico has a higher-than-average uninsured driver rate, so UM coverage is recommended.
How do I get health insurance in New Mexico?
New Mexico has its own state marketplace, beWellnm. Open enrollment runs November through January. New Mexico expanded Medicaid and has generous eligibility. Many residents qualify for premium tax credits or Medicaid.
Does New Mexico homeowners insurance cover wildfire damage?
Yes, standard homeowners insurance covers fire damage including wildfires. However, homes in high-risk areas may face higher premiums or coverage restrictions. Creating defensible space around your home can help with both safety and insurability.
Is flood insurance required in New Mexico?
Flood insurance is required for properties in FEMA-designated flood zones with federally backed mortgages. Flash flooding is a significant risk in New Mexico during monsoon season. Coverage is recommended even outside flood zones.
What is the average cost of car insurance in New Mexico?
New Mexico drivers pay approximately $1,500-$1,700 per year for full coverage auto insurance, which is near the national average. Albuquerque has higher rates than rural areas due to traffic and theft rates.
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[new-mexico] Insurance Types
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Neighboring State Guides
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