After signing a lease for an Albuquerque apartment, you’ll likely find it necessary to make other purchases for new furniture and supplies, as well as various services like telephone, utilities, and cable television. One item you may not realize you should consider is renter’s insurance, which has become so popular that some property owners have begun requiring it of all tenants as part of their lease agreements.
If you’ve never considered getting renter’s insurance, it may help you to investigate the pros and cons of this type of insurance benefit.
Renter’s Insurance Versus Homeowner’s Insurance
Consumer Reports offers an interesting statistic that states virtually all homeowners – 95 percent – have policies that cover their property in the event of theft or damage. However, only around 41 percent of renters have similar insurance that covers their property. The discrepancy is interesting since renter’s insurance often costs hundreds of dollars less each month.
In fact, many renter’s insurance policies only cost $10 to $20 a month and cover almost all the possessions a person might be able to fit into an apartment. Some insurance policies not only cover the possessions a person might own, but they may also provide reimbursement in the event a renter must stay in alternative accommodations while an apartment is repaired.
“For the price of a few lattes a month, renters can cover their possessions, the cost of accommodations elsewhere if their home becomes uninhabitable, and liability for accidents on the premises.”
Not All Renter’s Insurance Policies are the Same
Like most types of insurance, renter’s insurance is available from most providers with options and features that impact its price. For example, one policy may feature coverage for a wide variety of issues like theft, fire, and flood. Some policies may cover several events but not provide coverage for major disasters like earthquakes and floods.
In fact, if you live in an area prone to earthquakes, you may need to obtain a second policy meant solely for earthquakes, or a second policy that will cover your apartment in the event of a flood. Other items that may not be covered by all policies include items used for business purposes.
Reading a policy in its entirety can help you avoid any unfortunate surprises that can occur if a policy doesn’t completely cover an important feature in your apartment. The policy will contain details on coverage limits and the amount of money you may expect to receive if one of your valuables – such as jewelry or electronics – is stolen or damaged.
Look for these items within your policy:
- Coverage limits on various types of possessions and items
- Types of damage and circumstances that will allow you to seek payment
- Level of coverage in the event someone in your apartment is injured
As with any insurance, shopping around for the ideal combination of coverage and cost can help you in the best way possible when something unfortunate befalls your apartment or someone inside it.
Enjoy a Stylish and Luxurious Albuquerque Apartment
Alvarado Apartments of Albuquerque are waiting to welcome you to a home filled with fun amenities, an excellent location, and a welcoming community of neighbors and new friends. We encourage you to contact us for a tour of your future Albuquerque apartment. Get in touch today to arrange a time to visit. We’re excited to show you your new apartment in Albuquerque.