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Home Insurance

New Mexico Home Insurance

Whether you own a home or you’re planning to purchase one, it’s essential to protect it from unforeseen circumstances. Many risks could occur leaving your home damaged or destroyed. These risks include fire, vandalism, theft, etc. By obtaining home insurance, it will help you replace or repair your home and your personal belongings in case of such risks.

State Requirements

Home Insurance is not compulsory in New Mexico. However, it’s important to protect your home from the unforeseen perils. Lenders also require it before they can finance a mortgage.

Coverage Options

  • Dwelling coverage: Covers repair or the replacement costs of your home in case a covered risk destroys your home. Depending on your policy, you could get up to the current market value of your home.
  • Liability coverage: Includes bodily liability and property liability. In case someone gets hurt, or their property gets damaged or destroyed in your home due to an accident, this coverage will cater for medical expenses, repairs, or replacements.
  • Property coverage: Protects your personal belongings in your home. If they are stolen, damaged, or destroyed, this coverage will repair or replace your belongings.
  • Loss of use coverage: In case your home becomes uninhabitable after a covered loss, this coverage will cater for extra expenses incurred in getting a temporary residence.

Even though most risks are covered by home insurance, there are some that are not. They include certain storms, earthquakes, wear and tear, and flooding. They often require separate policies.

If you’re looking for a home insurance policy in New Mexico, get help from a knowledgeable local agency like Franklin Insurance Agency to help you to understand what works best for you. At Franklin Insurance Agency, we offer reliable insurance policies, and you can use our online rating tool to find a quote on home insurance. Talk to us today and learn how to get insurance coverage, or get answers to any questions you may have on home insurance.