When should you review your life insurance needs

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Life insurance is not something that is one and done. The life insurance that is right for you when you are 25 and unmarried may not be the same life insurance that is correct even ten years later. It needs to be reevaluated from time to time. At Family Insurance Associates in Ruidoso, NM, we know that this is not a subject most customers are very familiar with. We are delighted to discuss all the vital information with you. As independent insurance agents, we have loads of options to find the perfect fit. 

When you first go out on your own

Part of adulting is taking responsibility for your life. You are young and healthy, and dying is probably far down on your list of worries. But, it is never too soon to take responsibility for any debt that you may have. You may not need vast amounts of life insurance, but making sure you have some is good. 

When you change employers

If you count on the life insurance provided with your benefits package through your employer, changing jobs will affect your life insurance. 

When you start a family

Children are the most major change you will probably ever make in your life, and they are certainly someone you need to provide for. This long-term thing may require years of your income, depending on how young your children are. 

Retirement

Once you are retired, there may be very little need for life insurance unless you are not in a position to pay for final expenses. Talk about the options with your independent insurance agent. 

Contact Family Insurance Associates in Ruidoso, NM when you are ready to sit down and discuss what your life insurance needs are.

What Commercial Insurance Is Needed in New Mexico?

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New Mexico law mandates that businesses with three or more employees, regardless of whether they are full-time or part-time, carry workers’ compensation insurance to help pay for medical bills related to workplace injuries and illnesses. If your company is in the construction industry, you will need workers’ compensation insurance if you have just one full or part-time employee. Additionally, any vehicle owned by the business must have commercial auto insurance coverage with at least the below minimum liability requirements:

  • $25,000 bodily injury liability per person
  • $50,000 bodily injury liability per accident
  • $10,000 property damage liability per accident

While it may be tempting to skimp on insurance to save money for your business, failure to carry the two required insurances in New Mexico can have a devastating impact. Consequences of not having commercial insurance can include the following:

  • Fines and Jail: Failure to have workers’ compensation insurance violates New Mexico state law and subjects the business owner to numerous penalties and even jail time for repeated offenses.
  • No Safety Blanket: If a customer trips and falls outside your builder or is sued after missing a key client deadline outlined in the contract, you’ll want insurance to help pay for the required remediation. Not having coverage means you’ll be on the hook for all the costs.
  • Loss of Clients: Many contracts will require that you have adequate insurance coverage, and failing to do so may result in losing work.
  • Loss of Property: If you rent space for your business, a landlord may decide not to work with you if they learn that you do not have liability insurance or any other coverage

At Family Insurance Associates in Ruidoso, NM, we understand the time, commitment, and expense required to run a successful business. Consequently, we’ll work with you to find the perfect commercial insurance policy for your needs. 

When To Shop For New Auto Insurance

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Auto insurance is a unique expense because it is required by law. Because this is such an important bill each month or each year, you will want to make sure you get the best deal you can. At Family Insurance Associates, serving Ruidoso, NM, and the surrounding areas, we want to help make sure you always get the right insurance products at the right price. Keep reading to learn about when you should shop for new auto insurance. 

Annually

It is good to shop around and compare auto insurance prices at least once a year. This allows you to see if you are getting the best possible price. 

When You Get Married

If you are planning to get married, or if you recently got married, you might want to consider comparing rates again. Married couples can get special discounts when they bundle their policies together. Putting your insurance together is also a great way to simplify your budget and hopefully lower this expense each month. 

When You Add a New Driver

If you plan to add a new driver, you will want to compare rates. Your car insurance expenses could change if you add a new driver. This is especially true if you are adding a new teen driver. Be sure anyone you add to your policy has a good driving record and is someone you can trust. 

When You Purchase a New Car

When you purchase another vehicle, your insurance rates could change. If you are adding this vehicle in addition to others, you will want to discuss with an insurance agent which vehicle should be primary. 

If you would like to learn more about our insurance products, don’t hesitate to contact us at Family Insurance Associates serving Ruidoso, NM, and the surrounding areas. 

Does My Disability Qualify Me For Medicare?

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In general, Medicare is available for anyone over the age of 65. However, some people with certain disabilities may be able to obtain coverage through Medicare at a younger age. If you think you have a qualifying disability, Family Insurance Associates of Ruidoso, NM is happy to discuss available options with you.

What Disabilities Qualify for Medicare?

In order to qualify for Medicare under the age of 65, a person must have been receiving Social Security Disability benefits for at least two years. In addition, someone with End-Stage Renal Disease or Amyotrophic Lateral Sclerosis may also qualify for coverage.

It is important to note that there is a waiting period of five months for a person to begin collecting disability benefits once it has been determined that they are disabled. However, people with ALS or ESRD are not required to collect benefits for the two-year minimum in order to qualify for Medicare.

To qualify for Medicare with ESRD, the person must generally have completed three months of regular dialysis or have had a kidney transplant. People with ALS are eligible for Medicare as soon as they begin collecting disability benefits.

Enrolling in Medicare

Typically, once someone meets the criteria for Social Security Disability, they will be enrolled in Medicare Part A and Part B automatically. Anyone who meets the requirements but does not qualify for Social Security benefits will be able to purchase Medicare and pay a monthly premium for Part A and Part B.

Anyone qualified for disability benefits will receive a Medicare card via mail once the required time period passes. In the event they do not receive a card, they will need to contact the Social Security office directly.

If you need help in determining the benefits for which you qualify, contact Family Insurance Associates of Ruidoso, NM.

Can I customize my home insurance?

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Can I customize my home insurance?

When you visit Family Insurance Associates serving Ruidoso, NM for home insurance, we want you to know your choices. Home insurance offers a breadth of choices because no two homes or homeowners are the same.

Broadly, home insurance offers eight types of policies, including dwelling (HO-1) and historical home (HO-8) insurance. It also offers options for renters, renters’ insurance (HO-4), and options for owners of RVs and trailers (HO-7).

Most people purchasing home insurance purchase a standard policy (HO-3), so named because it gets purchased most often. It covers the home against most perils and protects the structure and its contents. A dwelling policy covers fewer perils. An HO-5 policy goes beyond an HO-3 policy to offer open-peril coverage, also called all peril coverage.

If you want something between dwelling insurance which covers 10 perils and the all peril coverage of HO-5, you choose an HO-2 policy. It covers 16 common perils, which provides pretty broad coverage, but is not as complete as an HO-5.

You’d only purchase an HO-6 policy if you buy a condo or apartment. It only covers damage inside your home because the property owners’ association’s or property management company’s insurance covers the public areas. Like most home policies, it provides liability coverage that applies to accidents occurring in your home.

Only older homes or architecturally significant homes would qualify for an HO-8 policy. It covers most perils, and its coverage acknowledges how tough it would be to replace the uniqueness of your home.

Regardless of which type of domicile you chose to purchase or rent, let Family Insurance Associates serving Ruidoso, NM help you insure it. Call us today.

Dental & Vision Insurance FAQs

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When most people are thinking about health insurance, most overlook dental and eye care. Regrettably, neglecting your eyes and teeth could affect your overall well-being. As such, you need to take optimal care of these vital organs just like you do with the rest of the body parts.

Speaking of eyes and dental care, have you thought about dental and vision insurance? At Family Insurance Associates in Ruidoso, NM, we have prepared a FAQs section to help you understand these coverages in detail.

What is dental insurance, and what does it cover?

Dental insurance falls into two categories: basic and full coverage. Basic coverage covers preventive dental care, including cleanings, x-rays, and simple dental procedures like cavity fillings. On the other hand, full coverage covers preventive care, and extensive dental treatments like implant restorations, at just a small co-pay amount.

Even if you may have a full dental insurance plan, it doesn’t mean you won’t incur any out-of-pocket expenses. Ordinarily, you may have to incur deductibles, co-pay, and coinsurance. However, these amounts are negligible when compared to the benefits you derive from dental insurance.

How does vision insurance work?

Vision insurance works a bit differently from dental insurance. It covers preventive eye care but also includes treatments like prescription eyeglasses and lenses. Unfortunately, coverage for serious non-elective eye care treatments like correction of an eye injury may be excluded from your vision insurance. Be sure to check what your vision insurance covers before receiving any treatment.

Buy dental and vision insurance today!

Caring for your eyes and dental should be a priority for everyone. If you neglect your eye and dental care, it’s only a matter of time before you start experiencing challenges on your overall health. If you are in Ruidoso, NM, please contact Family Insurance Associates for a dental and vision insurance plan.

Who Needs Life Insurance

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Life insurance is a contract between an insurance company and policyholder that gives your dependents financial protection in the event of your death. Whether or not you need life insurance depends on certain factors and your personal life circumstances. Take a look at the list below to figure out if you are someone who will benefit from life insurance:

Who Needs Life Insurance?

Here are the categories of people who should get life insurance:

  • Parents. If you have children, you will definitely benefit from life insurance because it covers everyday expenses related to raising a child, as well as saves money for college tuition fees and milestones in the future of your child. 
  • Empty nesters. Even if your kids have grown up and started their own lives, it does not mean that you should cancel your life insurance policy. The policy will help you create a legacy of money you can pass on to your heirs, including your children and grandchildren. 
  • Singles without kids. Even if you are single and do not have kids, it is still not a reason to skip life insurance. You still may have people who depend on you financially. Moreover, your life insurance will help cover funeral costs that can be very high. 

Family Insurance Associates in Ruidoso, NM – Our Mission Is To Protect You

If you live in Ruidoso, NM or any other nearby area, purchasing life insurance is a good idea, especially if you belong to one of the three categories described in the article. Family Insurance Associates is an insurance company specializing in insurance, including life insurance as well. If you have any questions, you can always give us a call for more information. 

How Should Business Owners Track Assets for Insurance?

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When you have commercial insurance, you need to keep close track of your assets. It is important that you have a running list of all the materials you own in the event that something becomes damaged or broken. There are many reasons why you should keep track of your assets, no matter the cost.

Family Insurance Associates serves many businesses in the Ruidoso, NM area, and we understand what it takes to track your business assets. Here’s what you need to know.

Use Computer Software

Tracking assets is a lot like tracking inventory, except that you need to track items you have purchased for your business. This can include inventory, technology, vehicles, buildings, and machinery. Use software to track everything, including things that depreciate over time.

Report Financial Expenses

Any money that you spend on your business on these items should be recorded as well. For example, you should track the money you have put into remodeling your business or updating equipment. This will help you understand the specific value of the items you own.

Keep Records Online

Finally, remember to keep the records of your assets available via the web or a cloud-based server. This will allow you to track assets even if you are not able to do so from the business itself in the wake of a natural disaster. You need to be able to access your records anywhere.

Have Commercial Insurance

The only way to prevent the loss of your assets for good is to get commercial insurance. If you still have questions about commercial insurance policies and protecting what you own, contact Family Insurance Associates, which serves Ruidoso, NM.

Do I Need More than Basic Auto Insurance

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Owning a car comes with freedom and a fair share of financial responsibility as well. And speaking of financial obligation, car insurance is an investment you can’t do without if you own a vehicle in New Mexico. In the Land of Enchantment, all motorists are required to purchase auto insurance with the following requirements:

  • Bodily injury liability to protect you when accused of causing physical harm to third parties. The minimum required is $25,000 per person and twice the amount for an accident involving multiple persons. 
  • Property damage liability (PDL) to protect you when you cause physical damage to other people’s properties. The least amount required is $10,000 per accident.
  • Uninsured motorist coverage that protects you from unpaid property damage and bodily damage you sustain after colliding with an uninsured motorist. However, you can reject this coverage in writing.

Having seen the basic auto insurance required, the next question is: do you need more than the basic auto insurance? Family Insurance Associates in Ruidoso, NM, is here to set the record straight.

Why do you need more than basic car insurance coverage?

Meeting the state-required minimums is excellent, but you will need more than the basic coverage for optimal protection. Here are the reasons:

Basic insurance has a low limit

In case of a severe accident, the state-required car liability limits are insufficient. For instance, the $25,000 required by New Mexico won’t get you very far. Medical expenses alone can quickly exceed $30,000. Add legal costs to that amount, and you could be in serious trouble. 

That said, we recommend motorists increase their liability limits. Besides, we recommend umbrella insurance if you want broader coverage.

Basic insurance covers other people

You will notice that state-required coverages are all about other people, leaving you and your car uncovered. As such, you must consider other coverages like comprehensive, collision, MedPay, among other coverages to protect your family, yourself, and the car. 

Are you shopping for auto insurance in Ruidoso, NM, and its environs? Please get in touch with Family Insurance Associates for an affordable quote.

Do You Qualify for Medicare? Here’s How to Know

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Medicare insurance is a powerful way of providing yourself with the coverage needed to handle your various healthcare needs. However, not everyone will qualify for this type of coverage. Do you know if you can get it? If not, you should read this article that we at Family Insurance Associates prepared for Ruidoso, NM area residents.

Do You Qualify for Medicare Insurance?

Medicare is set up for people who may not get other types of insurance or fall into specific categories. Most people who qualify are age 65 or older and need this type of insurance to pay for old-age treatments or to supplement what may be a potentially limited income situation. 

Likewise, younger people with some disabilities or end-stage renal disease may qualify for some types of Medicare. Two types exist, Part A and Part B. The first part is the most common type and is available to older people and those with disabilities. However, Part B can also supplement some of your payments.

If you aren’t sure if you qualify (due to either being too young or having been denied disability in the past), you might want to talk to your insurance agent to see what other factors may affect your qualification. Some people may even be over 65 and find that limitations (such as not paying Medicare taxes) may impact their policy. 

We Can Help You If You Want or Need Medicare 

If you qualify for Medicare or need help figuring out if this insurance option is suitable for your needs, please don’t hesitate to contact us today at Family Insurance Associates right away to learn more. Our team can help people in the Ruidoso, NM area understand their unique policy options and what kind of coverage is available to meet their needs as people.