Auto Home Life Health Disability
Insurance is just one of those things that most people cannot live without! In every state including New Mexico, if you drive a vehicle, the law requires you to be covered under an auto insurance policy. If you own a home and it is financed, your lender requires you to have home insurance. And in order to protect your loved ones, we all know that life insurance and health insurance is necessary. With all of these vital decisions to make, it is smart to shop around and find the most affordable insurance coverage that will fully cover you, your family, and your property.
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No matter what type of vehicle you own whether it's a car, truck, boat, motorhome, or utv, it is smart to get insurance to cover it. Before shopping for auto insurance, here's a few things you need to know.
1) Liability insurance is the basic insurance that most states require. In New Mexico, if you only have a liability policy, you and your property will not be covered in case of an accident that is your fault. In an event such as this, liability insurance solely covers the other person and their vehicle/property involved in the accident.
2) Comprehensive insurance is not a requirement. This is additional insurance added to the policy for people who wish to get additional coverage. This type of vehicle insurance coverage pays for damages caused to your vehicle by something other than a collision including theft, vandalism, hail, flood, fire, and even hitting an animal in the roadway.
3) Collision insurance only covers the cost of repairing or replacing your car if it collides with another car or object.
4) Rental car reimbursement, emergency roadside assistance, and gap insurance can be added to your auto insurance policy at an extra cost.
If you are a homeowner in New Mexico who has a mortgage, you already know that getting insurance on your property is mandatory. Even if you are a homeowner who doesn't have a mortgage, it is wise to have a policy that covers your home in the case of fire, smoke, hail, lightning, or other natural diasters. And it worth pointing out that flood insurance is not usually covered under a basic homeowner's policy, so if you live in a flood area, be sure to have this as well.
Be sure to read and understand the entire insurance policy. Some policies do not cover damages caused by frozen pipes, water damage, falling objects, and damage caused by snow and ice. Some common events that no insurance company will cover include, earthquakes, power failure, nuclear explosion, neglect, or intentional acts.
When getting a homeowner's insurance policy, be sure to ask for discounts that are available to you. Many insurance companies offer discounts for first-time homeowners, having added security and safety measures, non-smokers, and those who insurance both their auto and their home with the same company.
Life insurance is not required in New Mexico, so each individual or family must decide if they want or need life insurance. The purpose of having life insurance is to provide support in helping your loved ones in the event that they must go on without you. Life insurance proceeds are generally needed to pay for your personal debts, medical bills or final expenses.
There are a few different types of life insurance policies: term life insurance, whole life insurance, and universal life insurance. Term life is usually the most affordable type of life insurance policy, but you should consult with an insurance professional to help you determine exactly what type you need for your specific siuation.
Health and Disability Insurance
At any time, anyone can get ill or hurt. The question is not "if" you need health insurance, it is "when". In New Mexico, having health insurance is required, but it also just leaves you with the peace of mind, know that if you suddenly get sick, or injured, that you can get the help you need at somewhat manageable price. When deciding upon health insurance coverage, consumers should compare not only the premiums but also the deductibles, co-pays, and the prescription drug coverage of the available plans.
Long-term and short-term disability insurance is an optional type of personal insurance. This is insurance that replaces your salary in the case that you become injured or ill and are not able to work due to the injury or illness.
No matter what type of insurance you are searching for, NM Insurance Services can assist you in finding the right policy for your needs.