ZIP 88023 Insurance Data

Data Snapshot: ZIP 88023 (Bayard, NM)

ZIP 88023 (Bayard, NM) shows an average homeowners insurance premium of $960 per year as of 2022, based on U.S. Treasury FIO ZIP-level observations across approximately 131 reported policies. That is 46% below the national average of $1,776 per year, placing this ZIP in the 5th percentile nationally. Compared to the New Mexico state average of $1,577, this ZIP runs 39% below, reflecting neighborhood-level differences in catastrophe exposure, property age, and claims history.

The loss ratio for ZIP 88023 is 25.3%, meaning insurers retained a working margin after claims. Claim frequency — the share of policies with at least one claim — is 4.66%, and the average claim severity (amount paid per claim) is $5,222. Nonrenewal — insurers declining to extend coverage at policy expiration — occurs at 1.64% in this ZIP, a rise of 27.0% over the past five years; rising nonrenewal often signals insurer retreat from high-risk markets.

Across 5 years (2018–2022), premiums in ZIP 88023 have risen by 7.5%, ranging from $893 to $1,020 with a five-year average of $943 — an annualized rate of +1.8% per year. FIO data aggregates voluntary reporting from the 40 largest homeowners insurers, covering roughly 80% of the U.S. market, so figures represent market averages rather than individual policy quotes; your own premium will vary with dwelling value, deductible, coverage limits, construction type, and insurer-specific underwriting. This page is educational research only and is not insurance advice — homeowners should request quotes from multiple licensed carriers or an independent agent before purchasing or renewing coverage.