Do You Need Flood Insurance In NM?

Do New Mexicans Need Flood Insurance in the desert? You may not be prepared to hear this…

Flood insurance in the desert? Call Greg Shamas NOW at (505) 898-3648 and see why experts say you should have it!

VIA USA Today & Added Commentary:

Many Americans don’t need to wonder if they need flood insurance — it’s required as a condition of their home loan. But unlike car insurance, flood insurance isn’t required simply because you own property. In these cases, flood insurance raises the same question as other insurance policies do: When does the premium outweigh the actual risk? Even a $650 annual premium, the amount the National Flood Insurance Program (NFIP) cites as average, seems like a lot if you never use the coverage.

Flood damage isn’t covered under most homeowners’ policies, and some can responsibly do without benefits. Here’s what to do if you choose that route—and how to save if you want protection after all. Call Greg Shamas NOW (505) 898-3648 to talk about it.

Can you do without it?

If flood insurance isn’t required as a condition of your mortgage, you’re not obligated to carry it. However, even a minimal amount of flooding can have disastrous financial consequences. According to the NFIP, one foot of water could cause $27,150 of damage to a 1,000-square-foot home, and the average claim is more than $38,000. You can use the program’s tool to generate a personalized estimate. Moderate-to-low-risk areas still receive one-third of federal disaster assistance for floods.

We live in New Mexico, the Desert Southwest. Flood insurance, come on. Most homeowners policies do not cover water coming from the outside of your home to the inside, which is termed ‘a flood’. People that live in flood areas know that this will be an added, and expensive cost to live by water with lots of greenery. Conversely, living in a non-flood zone the rates are reasonable and adding flood insurance will give you an extra layer of protection for you, your family and your possessions. Contact Greg Shamas NOW to see why you need Flood Insurance.

That said, if you live in a low-risk zone, you might want to weigh the cost of coverage against the likelihood of having to file a claim. If your area has never sustained serious damage, and you’re thinking of dropping your plan (or not getting one in the first place), you should still set aside money for repairs.

Consider having the amount you’d pay in premiums automatically deposited each month into a high-yield checking or money market account. This will get you better returns than simply saving your cash and with little risk. Some states, such as South Carolina, also allow customers to place their emergency funds in Catastrophe Savings Accounts that are exempt from state income tax. Federal taxes still apply, and disbursements would be taxed as normal if withdrawn for purposes other than flood repairs.

Unless you’re certain you could financially weather a major flood, do not take the decision about coverage lightly. Get estimates for potential damage and consult with a financial planner or representative from your bank to see if the costs are feasible. Get an estimate NOW, call (505) 898-3648.

Where to buy it

If you’ve decided the risk is too great and you’d like to purchase flood insurance, you have several alternatives. Greg Shamas Insurance and Financial Services offers flood insurance so call today and find out how we can help, (505) 898-3648.

How to save

Once you’ve decided on adding flood insurance to your policy, Greg Shamas can help you find ways to shave a bit off your premium. Some home improvements, such as raising the elevation of your house or installing flood vents, can lower your risk of flooding and also lower your monthly insurance payment. If you go this route, make sure the costs don’t eat into whatever you’ve set aside to meet your deductible. You can also choose to have a higher deductible or less coverage. Agreeing to pay more in the event of a claim will help you manage your premiums—just be sure you can afford to come through with the cash if needed.

The bottom line

Of course, no matter how well you plan for a flood, the costs may be more than you anticipate. If you aren’t already on solid financial footing, with some money set aside for emergencies, it may be better to get covered. Flood policies in moderate-to-low-risk areas could cost less than your monthly cell phone bill, and could save you a bundle if your home sustains damage. So contact Greg Shamas today and protect what matters most, you!

Call Greg Shamas Insurance and Financial Services at (505) 898-3648

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CLICK HERE TO SEND US A MESSAGE

Disclosures

State Farm® (including State Farm Mutual Automobile Insurance Company and its subsidiaries and affiliates) is not responsible for, and does not endorse or approve, either implicitly or explicitly, the content of any third party sites hyperlinked from this page. State Farm has no discretion to alter, update, or control the content on the hyperlinked, third party site. Access to third party sites is at the user’s own risk, is being provided for informational purposes only and is not a solicitation to buy or sell any of the products which may be referenced on such third party sites.

The information in this article was obtained from various sources not associated with State Farm. While we believe it to be reliable and accurate, we do not warrant the accuracy or reliability of the information. These suggestions are not a complete list of every loss control measure. The information is not intended to replace manuals or instructions provided by the manufacturer or the advice of a qualified professional. Nor is it intended to effect coverage under our policy. State Farm makes no guarantees of results from use of this information.

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What Can Life Insurance Do For You?

I know you don’t want to think about life insurance. But if someone depends on you financially, it’s a topic you can’t avoid. Call Greg Shamas and start a conversation at 505-898-3649.

No one really wants to think about life insurance. But if someone depends on you financially, it’s a topic you can’t avoid. In the event of a tragedy, life insurance proceeds can:

  • Pay for funeral costs
  • Help pay the bills and meet ongoing living expenses
  • Pay off outstanding debt, including credit cards and the mortgage
  • Continue a family business
  • Finance future needs like your children’s education
  • Protect a spouse’s retirement plans

Life insurance can be outfitted to your current life situation.

If you are single and no one depends on you financially, you may not have someone to rely on for support—financial or otherwise. Contact Greg to talk about Single Insurance.

If you are starting a family, you may be juggling kids at home or college, plus the demands of your job. Send Greg Shamas a message to talk about plans for Young Family Insurance.

As life moves forward, there will be a time where you may be juggling kids at home or college, plus the demands of your job and Insurance for Established Families is what you may want to look into.

As a small-business owner, you’re responsible for two families: the one you have at home, and the one you have through work. No matter what your business, a well-conceived insurance and benefits program is essential. Give Greg Shamas a call at 505-898-3648 to chat about protecting your business with Business Insurance.

Getting life insurance doesn’t have to be hard (or boring). Greg Shamas Insurance and Financial Services has some easy steps for you to walk through to see if life insurance is right for you. Greg will explain information and ways to help you get a sense of how much and what kind to buy, plus information about how different life events—such as having children or buying a home—can affect your insurance needs. So why not get started, call Greg Shamas NOW at 505-898-3648 or Contact HERE to start a conversation!

Call Greg Shamas Insurance and Financial Services at 505-898-3648

or

CLICK HERE TO SEND US A MESSAGE

Disclosures

State Farm® (including State Farm Mutual Automobile Insurance Company and its subsidiaries and affiliates) is not responsible for, and does not endorse or approve, either implicitly or explicitly, the content of any third party sites hyperlinked from this page. State Farm has no discretion to alter, update, or control the content on the hyperlinked, third party site. Access to third party sites is at the user’s own risk, is being provided for informational purposes only and is not a solicitation to buy or sell any of the products which may be referenced on such third party sites.

The information in this article was obtained from various sources not associated with State Farm. While we believe it to be reliable and accurate, we do not warrant the accuracy or reliability of the information. These suggestions are not a complete list of every loss control measure. The information is not intended to replace manuals or instructions provided by the manufacturer or the advice of a qualified professional. Nor is it intended to effect coverage under our policy. State Farm makes no guarantees of results from use of this information.

 

Insurance for Established Families

You may be juggling kids at home or college, plus the demands of your job. Call Greg Shamas today at 505-898-3648 to talk about steps to protect what you have.

You may be juggling kids at home or college, plus the demands of your job. Now that you’ve been in the workforce for quite a while, you don’t have as much time as you once did to recover from unexpected setbacks. You need to take additional steps to protect what you have, so call Greg Shamas today at 505-898-3648.

Life Insurance

At this point, the years ahead will most likely to be the most productive and highest earning of your life. However, like many families, you may be using a significant amount of your savings to put your kids through college just when it’s time to be aggressive in saving for retirement.

What would happen if you died suddenly? Would you children have to drop out of school? Would your spouse or partner be forced to drastically cut back on the family’s lifestyle? And what about retirement plans? Life insurance proceeds can allow them to pay off the mortgage, continue to pay for college, and if invested wisely, provide a stream of income to your spouse or partner for the future. To find out more about life insurance and if you need coverage, contact Greg Shamas NOW.

Disability Insurance

Disability insurance is also a must. It will replace a portion of your income if you are unable to work due to a disabling illness or injury. Why is that important? Think about how long you could make ends meet if your paycheck suddenly disappeared. A LIFE Foundation survey found that a majority of those working wouldn’t make it more than a month before serious financial sacrifices would have to be made. Plus, if you were having difficulty meeting everyday expenses, how would you continue to fund your retirement needs?

Many larger companies and some smaller ones offer some disability coverage to employees through a group plan. If you need more, it may make sense to buy additional coverage through your employer’s group plan, if available. Buying your own disability insurance policy independently is also option worth considering. Unlike group coverage, privately owned insurance stays with you even when you change jobs. To find out more about disability insurance and if you need coverage, contact Greg Shamas NOW.

Long-Term Care Insurance

One of the biggest threats to your retirement plans is the cost of long-term care. The median cost of a private room in a nursing home is almost $84,000. Home care can cost close to $20/hour. If you or your spouse become chronically ill or disabled, it’s easy to see how your savings could be wiped out. Medicaid, a government program, only kicks in once your assets are significantly depleted, and you may not get exactly the care you’d like. That’s why long-term care insurance should be a serious consideration in your financial planning at this stage. To find out more about long-term care insurance and if you need coverage, contact Greg Shamas NOW.

Savings and Investments

Many workers from our parent’s generation could count on a financially secure retirement thanks to a guaranteed lifetime pension from their employers. That’s no longer the case. These days, workers must take responsibility for their own retirement. By this point you should have quite a bit of savings tucked away in a 401(k), IRA, or some other type of tax-deferred retirement plan. If not, it’s never too late to get going.

Most of these plans have a so-called “catch-up” provision that allows you to contribute extra money. For example, the $17,500 maximum annual contribution to a tax-deferred retirement plan rises to $23,000 once you turn 50. Make sure your retirement investments are well diversified. Many workers unwittingly allow their own company’s stock to take up a dangerously large portion of their retirement accounts. Companies often encourage this by offering their stock for sale to employees at a discount or by using it to match retirement plan contributions. But if you’re receiving a regular paycheck—not to mention health insurance and other benefits—from a company, a great deal of your personal financial security already rides on the fortunes of that firm. Don’t compound that risk by making its stock a large part of your retirement portfolio.

Call Greg Shamas Insurance and Financial Services at 505-898-3648

or

CLICK HERE TO SEND US A MESSAGE

Disclosures

State Farm® (including State Farm Mutual Automobile Insurance Company and its subsidiaries and affiliates) is not responsible for, and does not endorse or approve, either implicitly or explicitly, the content of any third party sites hyperlinked from this page. State Farm has no discretion to alter, update, or control the content on the hyperlinked, third party site. Access to third party sites is at the user’s own risk, is being provided for informational purposes only and is not a solicitation to buy or sell any of the products which may be referenced on such third party sites.

The information in this article was obtained from various sources not associated with State Farm. While we believe it to be reliable and accurate, we do not warrant the accuracy or reliability of the information. These suggestions are not a complete list of every loss control measure. The information is not intended to replace manuals or instructions provided by the manufacturer or the advice of a qualified professional. Nor is it intended to effect coverage under our policy. State Farm makes no guarantees of results from use of this information.