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Albuquerque, NM 87112

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Renters Insurance Requirements for New Mexico and Arizona

In New Mexico and Arizona, a renters insurance policy is a good idea to have to help cover incidentals. Here’s what you need to know about renters insurance in both these states, and how J.B. Martin Insurance Agency can help.

Is Renters Insurance a Requirement?

No. Renters insurance is not a requirement in Arizona or New Mexico, but it’s a good type of insurance to have because it helps cover the cost of incidental damages, such as theft, water backup damage, and specific natural disasters. Although your landlord may have insurance coverage for their property, you will want to have a policy of your own to cover the instances your landlord’s policy does not.

What Does Renters Insurance Include?

When you have an active renters insurance policy, you will have coverage for your belongings for instances that include:

  • Smoke damage
  • Fire
  • Theft
  • Vandalism
  • Windstorm
  • Water damage
  • Guest injuries

Standard Renters Insurance Coverage Options in New Mexico and Arizona

Standard renters insurance coverage options in New Mexico and Arizona include:

  • Personal property
  • Liability
  • Loss of use

Personal property coverage gives you coverage for furniture, appliances, electronics, and clothing. If you have jewelry, collectibles, or art, you will need a separate insurance policy to cover these items. Liability coverage helps handle any injuries that occur in your residence. Loss of use coverage is beneficial in the event your residence becomes inhabitable and is a covered loss. This type of coverage helps cover lodging and grocery expenses.

At J.B. Martin Insurance Agency, we are dedicated to providing you with excellent customer service and a variety of insurance policies to meet your needs. Contact us today to learn more about our insurance services and how we can help.

Is your auto policy still providing the coverage you need?

When you bought your first vehicle, you might have pored over your auto insurance policy details. But, after that, you may have just kept renewing the same policy without giving it much thought. This is why the J.B. Martin Insurance Agency team advises our New Mexico and Arizona clients to regularly review their auto policies. 

Reviewing your auto policy 

Your auto insurance needs can change, even if you keep the same car. This necessity can be based on the replacement value of your car, the number of miles you are driving each year, and if another person is driving your vehicle regularly.

If you want to make sure that your auto policy is keeping pace with your insurance needs, it makes sense to conduct a review on a regular basis. Some find that taking a close look prior to renewing every six months is good for them. For others, an annual review is deemed sufficient.

Whatever cadence you choose, taking a close look at your auto policy on a regular basis is a smart move! You can identify any gaps in a timely manner and make sure that they are corrected. This review can be informative about any features you may miss out on. In fact, upgrading your policy after a review is very common as many people decide that their current policy no longer meets their needs.

Just like so many other things in life, insurance needs can change over time.

Give us a call today!

Here at J.B. Martin Insurance Agency, we are proud to serve all of the insurance needs of our New Mexico and Arizona clients. If you have questions about your insurance policies, call or stop by today!

Life Insurance Myths Exposed

J.B. Martin Insurance Agency is an independent agency. For over 30 years, we have helped New Mexico and Arizona residents find the coverage they need to live comfortably. We work closely with various carriers across the Pacific Northwest. We assess each of our client’s situations on a personal basis. This allows our clients to find policies tailored to their unique needs.

Life Insurance Myths Exposed

Planning for the future can be difficult. You have to prepare for every scenario. At some point, you will pass away, and your legacy will remain. Life insurance is an asset because it helps you establish a plan for how you’d like things to go once you’ve passed away. A strong life insurance policy makes things easier on your loved ones as they deal with your transition. Life insurance can help finalize your funeral arrangements or help your loved ones continue to live comfortably. As you look over your life insurance policy, beware of these myths.

Life Insurance Isn’t Necessary Because I’m Single

Even if you are single with no children, life insurance is still beneficial. You can avoid complicating things for your loved ones as they finalize your affairs. Life insurance allows you to avoid putting your loved ones in an uncomfortable position.

I Can Rely On My Group Insurance Policy

While you may obtain coverage through your New Mexico and Arizona employer, your life insurance benefits may be limited. You are sharing coverage with your co-workers. Having your own life insurance policy allows you to enjoy more flexibility. You can choose terms that align with your personal situation.

J.B. Martin Insurance Agency Will Help You Cover Your Assets

Visit our website to learn more information about life insurance.

How commercial insurance can save your small business

Small businesses are the backbone of the American economy. They have never been at greater risk than they are today. It has never been more important to protect your investment than it is today. Twenty percent don’t make it past their first year. By year two it is 30%. That is not good odds. You need to do everything you can to give yourself the best potential to survive. At J.B. Martin Insurance Agency in New Mexico and Arizona, we work with over 30 insurance carriers, giving our clients choices. 

Weather events have been happening more frequently in all parts of the country. Storms are more violent and frequent and tornados are popping up all over the place. Record damage has been recorded and if you don’t make sure you have the right commercial insurance, your business can be in danger of collapse. Commercial property insurance protects all the things you need to do business; tools, machinery, inventory, raw materials, office equipment, and records. 

Every year, 30 to 50 percent of businesses get sued. That is a staggering number. It means the chance your business will be sued someday is pretty high. If you lose the case, it could mean the end of your business unless you have lots of savings. Why take the chance? Commercial liability insurance is affordable and offers you the protection that you need. 

If your business gets hit with a covered peril and you don’t have business interruption insurance, you won’t have any money coming in to pay normal expenses. Business interruption insurance provides the money you need to pay your bills, your rent, or mortgage, pay any employees you may have, and even give yourself a salary. It can keep your business alive while you rebuild. 

Contact J.B. Martin Insurance Agency in New Mexico and Arizona to learn more about commercial insurance. 

Who needs homeowners’ insurance?

Who needs homeowners’ insurance?

At J.B. Martin Insurance Agency of New Mexico and Arizona, we think it makes sense to carry homeowners’ insurance no matter what. Of course, sometimes you must purchase a policy and you need to know when it isn’t negotiable.

No state requires homeowners’ insurance, but if you carry a mortgage on your home, you will need to purchase a policy. Banks and credit unions require this insurance when they issue you a loan. They’re protecting their risk. Technically, until you pay the mortgage off, the bank owns the home. They require you to buy homeowners’ insurance so they can reduce their own risk of loaning you money.

Here’s how that works. Since the bank graciously loans you the money and has already put itself at risk, since some people do not repay their loans, they want a guarantee that the loan would get paid in case of disaster. Homeowners insurance covers the structure of the building and other buildings on the property from named perils. The financial institution typically requires minimum coverage of H0-3, which covers most named perils.

If a named peril, such as fire or tornado, occurs and damages your home or destroys it, the home insurance covers the damage or the cost of rebuilding the home. If the bank still holds the mortgage, the insurance pays the mortgage. The bank does not lose its money and you do not need to pay out of pocket to have your home repaired or rebuilt.

Let J.B. Martin Insurance Agency serving New Mexico and Arizona help you obtain the home policy you need to protect your home. If you want to take out a mortgage, the bank will require you to buy a home insurance policy.

Our Partners

  • Aetna
  • Aflac
  • All Risks Limited
  • Allianz
  • Allied Insurance
  • Applied Systems
  • Assurant
  • Assurity Life
  • Blue Cross Blue Shield of AZ
  • Blue Cross Blue Shield of New Mexico
  • Blue Cross Blue Shield of Texas
  • Burns & Wilcox Ltd
  • Capitol Indemnity
  • Chubb
  • Cigna
  • CNA
  • Dairyland
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