Protecting Your Inventory In-Transport

In order to keep the shelves in your Ruidoso, NM area business stocked, you rely on a network of logistical elements. From the warehouse that stores your potential stock to the trucks that carry them across the country, there are multiple links in the chain between you and your inventory. When things go wrong, the right insurance policy from Family Insurance Associates can help you avoid taking a big loss. What policies help protect your goods throughout the shipping process?

  • After you’ve placed your order and payment has been accepted, the goods legally belong to you. If an accident caused your ordered goods to be broken, spoiled, or otherwise damaged, the distributor’s warehouse insurance would cover the costs of your lost inventory.
  • Large shipments represent a big investment for many retailers. Commercial shipping insurance protects your investment while it’s moving along the path towards your storage facilities. Commonly covered events include theft, loss, and damage from weather or accident.
  • Once your order has made it safely to your shelves, your commercial property policy kicks in. If your inventory gets damaged or stolen while it’s on your property, you can claim the replacement value from your policy.
  • Does your business deliver? A commercial auto insurance policy ensures that your costs are covered if a problem occurs while an item is en route. Of course, our driver and vehicles are covered too.

Insurance policies are an important part of protecting your retail-based business. Family Insurance Associates provides a variety of commercial insurance policies for businesses in the Ruidoso, NM area. Contact our agents now for a professional assessment of your business insurance strategy.

Five Common Car Insurance Myths You Must Know About

When considering a car insurance policy with Family Insurance Associates in Ruidoso, NM, having the right information is critical. Not understanding how your policy works could end up costing you thousands of dollars. The following are five car insurance myths that you should know about in New Mexico.

Myth 1. Your car’s color will affect how much you pay for insurance.

Many people believe that red cars automatically have higher insurance rates, but nothing could be further from the truth. The only factors that determine your car insurance rate are details like the age of the car, your driving record, the safety features of the vehicle, and how much it would cost to replace the vehicle. 

Myth 2. A new car is more likely to be stolen than an older car.

In 2018, a report by the National Insurance Crime Bureau (NICB) showed that most stolen cars were older models. In fact, the most stolen car was the 1998 Honda Civic, with 6,707 thefts reported. The thinking behind this is that because many people are keeping their cars longer, thieves choose those older cars because there’s a huge resale market for their parts.

Myth 3. Car insurance will cover you if your car is totaled in a crash.

If you get into an accident, your insurance company will pay the actual cash value of your car. The only time that the full cost of your vehicle is covered is if you have gap insurance.

Myth 4. If your friend is driving your car and gets into an accident, your friend’s insurance will cover it.

Absolutely not. If your friend gets into a car accident while driving your car, you and your insurance are responsible. Insurance tends to follow the car, not the driver.

Myth 5. The older you are, the more insurance you’ll pay.

Not true. Older drivers, especially those over 55, can usually get their rates reduced by up to 10 percent if they take and complete a defensive driving/ accident prevention course.

Contact our office in Ruidoso, NM to speak with a friendly agent from Family Insurance Associates about getting a quote for your vehicle.

 

What Factors Do You Need to Consider When Selecting a Medicare Insurance Plan?

Selecting the right Medicare insurance plan or supplemental plan is not always easy. Many people get confused about the differences between policies, what is covered, and what coverage they need. Here at Family Insurance Associates, serving the Ruidoso, NM area, we want to help make the process as easy as possible. Here are a few of the factors you should consider when you are looking to purchase a Medicare insurance plan or supplemental plan. 

Coverage

One of the first things you need to do when considering a Medicare insurance plan is to understand the coverage. Different parts and supplemental plans have different types of coverage. One part may cover prescriptions, while another may cover hospital stays. Think about what coverage you already have or do not have with a private medical plan and then look for a policy that fills in the gaps that you need. 

Out-Of-Pocket Expenses

Next, look at any out-of-pocket expenses you may have with a plan, including co-pays and deductibles. You need to ensure you can afford the out-of-pocket costs that go along with the plan you are selecting. 

The Star Rating

Lastly, look at the star rating of the plan. The star rating is a rating from both providers and customers related to the plan. The rating is based on customer service, coverage, the plan’s quality, and how well people feel the plan performs for them. This is sort of like a review, allowing you to see how other people rate this specific plan. 

At Family Insurance Associates, serving the greater Ruidoso, NM area, we can sit down with you and discuss your medical insurance needs and help you select the right Medicare insurance plan for you. Give us a call now to schedule your appointment. 

Common Uses of Homeowner’s Insurance in New Mexico

Homeowner’s insurance is a common way to protect your property in and around the home. This can be especially important in cases of large scale losses like natural disasters and fires. People who have pets or children can also be covered under a homeowner’s policy for damages they cause away from home as well. Many types of coverage should be discussed with an insurance professional like the ones at Family Insurance Associates to determine your specific needs.   

Each state has its own insurance laws and common kinds of incidents that usually occur due to weather and location. The Ruidoso, NM area has some specific threats from wildfires and extreme winds due to the geography of the state. The government has published an official document to provide more information about these disasters and how insurance coverage can help. Your homeowner’s policy may be able to cover the cost of damage as well as provide other temporary forms of assistance during repairs and relocation if necessary. It is also recommended to review the policy each year to learn specifics about coverage amounts and specific types of coverage that apply to your home. Having adequate coverage will help your life get back to normal if significant losses have occurred. Insurance companies will usually send an adjuster to verify the damages and then issue funds to help with repairs and other necessary changes during recovery time. 

If you are looking for a homeowner’s insurance company serving the Ruidoso, NM area and beyond, please contact Family Insurance Associates. Insurance professionals can speak to you about creating a policy tailored to your situation at the right cost. You can provide specific details about your home, family, and living situation to get the appropriate answers and proper kinds of coverage. Contact us for a quote.