ALBUQUERQUE (KRQE) – Summer is on the way and that means fire and flooding season in New Mexico. A study shows New Mexicans whose homes get hit hard by disasters also get hit hard by insurance companies.
The study found when New Mexicans make a homeowners insurance claim, their insurance costs skyrocket by 19 percent. That’s more than double the national average.
According to the study by insurancequotes.com, there’s a reason your rates shoot up after making a claim. Insurance companies figure you’re likely to file another claim in the future because the initial claim usually stems from the condition of a home, or its location in a disaster-prone area.