New Mexico Tornado Insurance
Find the right tornado insurance policy for you.
Written by
Ann Herro has been writing about insurance and employee benefits for over 15 years. She has covered topics as easy as insuring a car, and as difficult as transparency in healthcare costs.
Although New Mexico is not located within the area of the United States commonly known as Tornado Alley, more than 540 tornadoes have touched down in this state since 1950. You should follow tornado safety procedures to protect yourself and your family, and you may want to consider tornado insurance to protect your finances. Chances are you already have some measure of coverage included as part of the policies you currently hold, but it is important to ensure that your coverage can adequately protect your investments from this type of disaster. You can also make sure that you are getting your coverage at a reasonable rate by comparing tornado insurance quotes in New Mexico.
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NM Tornado Facts
- New Mexico is the 43rd most likely U.S. state where a tornado may strike.
- This state ranks 12th in terms of tornado to population ratio.
- New Mexico averages nine tornadoes a year.
- The average cost of tornado damage per year in this state is $560,914.
- In 1991, this state experienced more than 31 tornadoes, the most on record for a single year.
- The 1991 tornadoes caused $1,639,180 in damage.
Why Should New Mexico Residents Have Tornado Insurance?
Tornadoes have touched down in nearly every county in New Mexico, but counties in the eastern part of the state are at the highest risk. Most tornadoes that affect New Mexico are relatively weak and short-lived with wind speeds of less than 65 miles per hour. However, there is the potential for a strong tornado, and these highly damaging twisters occur about once every 10 years. It only takes one severe tornado to destroy your personal property, and without proper insurance coverage in place, this can lead to financial devastation.
Tornadoes can blow roofs off homes and severely damage the structure of buildings. However, they are also frequently responsible for damage to items kept inside the homes, as well as to vehicles, boats and other peripheral personal property. In some cases, these twisters can even lead to injuries and fatalities, although this is rare in New Mexico. When you have adequate insurance protection, you can rest assured that your property is covered. You can replace belongings, but not people, so you should make an effort to protect yourself and your loved ones, and let your tornado insurance cover the rest.
Tornado Insurance Covers Damage to New Mexico Homes
The most common damage tornadoes inflict on homes is roof damage. However, the cyclonic winds of a twister can also destroy windows or even flatten homes, causing severe property damage not just to the structure, but also to the inside your home. These storms can also cause trees to uproot and fall onto your property, tear down power lines and lead to power surges that destroy electronics and cause severe damage to sheds and detached garages.
Review your homeowners, condo or renters insurance policy to ensure that it includes coverage against tornado damage. Most home insurance companies include this coverage as part of their standard coverage packages, but in some cases, you are required to purchase a separate tornado insurance endorsement or to specifically name tornadoes if you have named-perils coverage. All homeowners should be aware of what their home insurance policies do and do not cover so they have no surprises following a disaster. With tornado insurance as part of your home insurance policy, you have three types of coverage:
- Structural coverage: This covers damage to the structure of your home and to the outlying buildings on your property, including fencing and detached garages.
- Contents coverage: This compensates you for damage to the personal possessions kept in your residence in the event that the tornado damage extends to the interior of your home.
- Relocation coverage: If the government declares your home uninhabitable, your home or renters insurance policy can also provide coverage for temporary housing or relocation assistance while you rebuild or repair damages.
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Tornado Insurance for Vehicles
Tornadoes can severely damage vehicles in New Mexico. You do not have to be driving your car or truck when a twister strikes to face major damage. Flying debris, uprooted trees, falling objects, and collapsed garages are just some of the many tornado-related problems that can damage a car or truck when you are not driving it. The only way to have coverage against this type of destruction is by including comprehensive coverage with your auto insurance policy.
New Mexico state law does not mandate comprehensive insurance, but lenders often require it when you finance the purchase of your vehicle. Because this coverage is optional, many people who own their vehicles outright decline it as a way to save money on their policies. In some cases, such as if your vehicle is old, run-down or has very little value, comprehensive coverage may not be worth the additional cost; however, if you want to be certain that you have coverage against damage to your car or truck if a tornado or other disaster strikes, you may want to consider comparing quotes for comprehensive auto coverage.
Tornado Insurance Covers Other Investments
If you are the owner of a New Mexico-based business, you likely have a business insurance policy to cover your company’s property and finances from natural disasters and other possible problems. It is a good idea to review your policy to ensure that tornadoes are included in your business policy’s coverage. If your policy includes continuation of income coverage, you would have income even if you had to temporarily halt operations during necessary repairs due to tornado damage. This way you could continue to make payments to creditors and cover key-employee salaries.
Of course, homes, vehicles, and businesses are not the only properties that need protection against tornado damage. Many New Mexico residents also own property such as boats and all-terrain vehicles. Insurance for this type of property is not mandatory, therefore often overlooked. Your homeowners insurance may provide some measure of coverage if a tornado damages these items. If not or if this coverage is very limited, you may want to consider purchasing comprehensive insurance policies to protect these belongings.
Compare Tornado Insurance Quotes in New Mexico
It can sometimes be hard to understand the details of an insurance policy. For this reason, you may be unsure about how much tornado coverage you currently have. An independent insurance agent in our network can help you review your current policies and can alert you to coverage gaps or inadequacies. In the event that you are lacking in sufficient tornado insurance coverage, these agents can provide you with competitively priced quotes for policies that do meet your coverage needs.
Contact an agent in or near your New Mexico neighborhood to learn more about tornado insurance coverage.