New Mexico Property Insurance Rates Impacted By Wildfire Risk

All the smoke and fire year in and year out adds up to New Mexico having the nation’s 13th-highest home insurance rates, a new QuoteWizard study shows. The other 12 are all in Tornado Alley or prime hurricane territory.

‘It’s directly related to wildfires [in New Mexico],’ said Nick VinZant, senior analyst at QuoteWizard, an online insurance comparison platform.

Everything was much more expensive everywhere in the past year -- except home insurance. Some places fall right in line with the ‘more expensive’ home insurance, like New Mexico, but QuoteWizard determined 17 states have lower home insurance rates in 2022 than 2021.

‘Home insurance has become location specific,’ VinZant said.

The highest home insurance rates are in neighboring Oklahoma and Texas and nearby Kansas and Nebraska, all averaging more than $3,000 a year.