Frequently Asked Insurance Questions
Insurance gets complicated quickly.
These answers are designed to give you a useful starting point. Specific coverage always depends on the policy, carrier, eligibility, state law and individual circumstances.
What is an independent insurance agency?
An independent agency can work with multiple insurance companies rather than being restricted to one carrier's products. This can provide more flexibility when evaluating coverage and pricing.
Is an independent insurance agent more expensive?
Not necessarily. Insurance premiums are established according to the carrier's approved rating and underwriting practices. Working with an independent agent gives you the opportunity to evaluate available options rather than assuming one company is the only choice.
Does Shamas Insurance charge me to review my existing policies?
Contact Shamas Insurance for the agency's complimentary insurance review. An insurance review typically begins by reviewing your current coverage and identifying questions or potential differences worth considering.
What should I bring to an insurance review?
Current policy declarations pages are extremely helpful. For business insurance, additional information about operations, payroll, property, vehicles, revenue, employees or contracts may be needed depending on the coverage being evaluated.
Should I choose the insurance company with the lowest quote?
Not automatically.
Compare limits, deductibles, exclusions, endorsements and other policy terms along with price.
A lower premium can be attractive, but it should not be considered in isolation.
Can I bundle home and auto insurance?
Often, depending on the carrier and your eligibility.
Bundling may create discounts or make policies easier to manage, but the overall package should still be compared on coverage and total cost.
How often should I review my insurance?
A review can make sense at renewal and whenever something significant changes.
Examples include buying or selling property, adding drivers, purchasing vehicles, getting married, starting a family, starting or expanding a business, hiring employees or acquiring expensive equipment.
How much auto insurance do I need?
There isn't one answer for every driver.
Legal minimums establish a floor, not necessarily the amount that makes sense for your financial situation.
Your assets, income, vehicles, drivers and tolerance for risk should all be considered.
What does homeowners insurance normally cover?
Homeowners policies commonly include coverage for the dwelling, other structures, personal property, additional living expenses and personal liability, subject to policy limits, exclusions and terms. New Mexico OSI identifies these as common components of homeowners coverage. (New Mexico Office of Superintendent of Insurance)
Does homeowners insurance cover everything that can damage my house?
No.
Insurance policies contain exclusions and limitations. Certain exposures may require separate policies or endorsements.
Read your policy carefully and ask specifically about risks that concern you.
What's the difference between term and permanent life insurance?
Term life insurance is generally designed to provide death-benefit protection for a specified period.
Permanent life insurance is designed for longer-duration coverage when policy requirements are met and may offer additional policy features.
The appropriate approach depends on your needs, health, goals and budget.
What does disability insurance do?
Disability insurance can replace a portion of qualifying lost income when an insured person is unable to work because of a covered illness or injury.
Definitions, waiting periods, benefit periods and exclusions differ by policy.
What insurance does a small business need?
That depends on the business.
Common coverages include general liability, commercial property, commercial auto, workers’ compensation and BOP insurance.
Professional liability, cyber insurance and other specialized coverage may also be appropriate depending on the operation.
Is workers' compensation required in New Mexico?
New Mexico generally requires workers' compensation insurance for employers with three or more workers. Construction businesses subject to the Construction Industries Licensing Act can face requirements regardless of employee count, and additional entity-specific rules and exceptions may apply. (NMWCA)
Can Shamas Insurance help me file a claim?
Your insurance carrier handles and determines claims according to the policy. Shamas Insurance can help clients understand where to report a claim and assist with communication and questions during the process where appropriate.
Does requesting a quote change my existing insurance?
No.
Requesting information or receiving a quote does not itself bind, cancel or change insurance coverage.
Never cancel existing insurance until replacement coverage has been confirmed effective.
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You don't need to know the terminology before calling.