New Mexicio is one of the least expensive states in the union when it comes to average monthly cost for homeowners insurance.
Netquote informs us that the average annual cost for hazard insurance(another name for homeowners insurance) is $638. Now $638 annually equates to approximately $53 monthly. This would be the part of your monthly mortgage payment allocated for protecting your home against fire, hail,vandalism,tornadoes,flooding, etc.
This cheap low monthly rate is also based on homeowner having CVR security system, smoke/fire alarms, fire extinguisher, wrought iron bars in windows functioning as burglar deterrent, ceiling sprinkler fire prevention system,etc.