New Mexico is one of the states that have seen a significant increase in the amount of mobile homes over the past few years. Based on the US Census, there are approximately over 145,000 mobile homes in the state of New Mexico. This type of residence makes it possible for the residents of the state to own a home despite a faltering economy because it is much cheaper than traditional house and lot properties. But just because the cost of acquisition for a mobile home is cheap, it does not mean that the insurance is, too.
In fact, insurance companies put higher premium rates on mobile homes because they are at a greater risk of damage. With up to 18% of the state's households being mobile homes, it is important to protect your investment with mobile home insurance.
Aside from the cost of the mobile home, there are other factors to take into account when you compare prices online. Insurance companies will also consider the safety of the location. Obviously, mobile homes situated in areas with higher crime rates are going to be more expensive to insure than those in safer communities. The frequency of natural disturbances such as tornadoes, hurricanes, and storms can also cause your insurance premium rates to go up.
The cost of homeowners insurance in New Mexico starts at $110 per month or up to $1319 annually. It is number 22 in the US in terms of having the most expensive insurance rates. You can expect mobile home insurance to be a bit higher than that.
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