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Twin Bridges Insurance Agency

1881 Western Avenue, Suite 210
Albany, NY 12203

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Monthly Archives: August 2013

My Car is Stolen and the Garage is Left Damaged, Should I Use Both Auto and Home Insurance Policies to Claim for the Losses in Albany, New York?

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When a vehicle is stolen from your garage in Albany, New York, you may find yourself wondering about your options to replace the vehicle and repair the damage to your garage. Although it may seem easy to make a claim with your home insurance policy for the garage repairs and the auto policy for the theft, the best solution will actually depend on your coverage and the situation.

Home Policies

A home insurance policy will usually cover the damage to your garage up to a certain point. If your vehicle was stolen from the garage after it was damaged, then your homeowners insurance may or may not offer compensation for that theft.

The only way to determine if your car was covered under the policy is calling your insurance provider and asking about the situation. Your coverage may or may not provide protection for the vehicle.

Auto Coverage

Your auto insurance protection in Saratoga Springs or Schenectady may not cover the cost of financial losses from the damage to your garage. It will ultimately depend on the situation and the amount of protection that you purchased.

Even if your policy will not cover the damage to the garage, a comprehensive plan will cover the theft of your vehicle. Provide proof of the theft and the damaged garage to determine how much the insurer will provide to replace the vehicle.

If your vehicle was stolen and property on your house was damaged, then it may be necessary to contact both insurance providers to repair the damages and pay for the replacement of the vehicle. To learn more about the way coverage works and your options, contact us to talk to an independent agent.

Do car insurance companies automatically adjust your premium based on your record in Albany, New York?

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If you are a resident of Albany, Schenectady, or Saratoga Springs New York, you have many options for insurance. However, it is important that you work with an independent agent so that you can get the best possible service. While you can purchase your policy online, when you do that you will not get the answers to all your questions or have someone working on your side to make certain you get the best possible service.

One of the questions you may have about your policy is “Do car insurance companies automatically adjust your premium based on your record in Albany, New York?” The question seems simple, but it is one that you may have trouble answering yourself. The truth is, no one knows what the insurance companies will take into account when they are adjusting the premium on your auto insurance.

In many cases, if you have a negative mark put on your record, the insurance companies will adjust your policy up. However, they do not often adjust it down—without someone on your side at least.

Luckily, if you are willing to work with an independent agency, like ours, you do have someone on your side. Not only do you save up front—because of our system that compares rates from multiple insurance companies—but, we can also save you money down the road. If your record is impeccable, we may be able to help you get the rate lowered, or if you do have a blemish on your record, we will do what we can work with the companies for this too.

So, make sure you are covered! Give us a call or contact us today and let one of our hard-working and knowledgeable agents help you get started.

Am I required to insure my home for the same amount as my mortgage amount in Albany, New York?

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Thanks for your question about homeowners mortgage insurance requirements — it’s a very valid concern. In Albany, Schenectady, and Saratoga Springs, New York lenders do require that homeowners carry an amount of home insurance based on valuation and the lenders specific requirements.

That being said, home insurance is a complicated subject since there are a variety of different types of lenders that range from direct lenders, who are equipped to provide loans, to brokers. Direct lenders will make the final decision on your application and insurance requirements. Brokers, on the other hand, act as intermediaries with a pool of lenders from which to choose.

Play It Safe with Insurance

As we stated, there are coverage requirements from lenders. And, although there’s a current market value on your home, things change with real estate as we’ve seen with the downturn in the market. It’s inching back up again, which is good news.

As independent agents, we recommend that you make it a point to have enough insurance coverage just in case something major happens. This way, you’re covered for the total replacement cost of your home vs. just it’s current market value.

The Added Benefits of Umbrella Policies
Along with homeowners insurance, an umbrella policy can be an excellent idea if your home has high-risk items such as a swimming pool or even a trampoline. After personal policies have been depleted, these policies kick in for added protection and they tend to offer higher limits.

It’s important that you give us a call so we can discuss your circumstances. Unfortunately, an accident on your property can result in a lawsuit. If a judgment is placed against you, an umbrella policy provides coverage.

Is my child’s Personal Property, such as computer equipment, covered in Albany, New York while he or she is away at residential school?

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To become an educated insurance consumer you need to understand what your homeowner’s insurance policy covers. There are several kinds policies available, the examples below refer to a standard policy.

Six types of coverage are included in the typical homeowner’s insurance policy:

1. Contents – This portion of your policy protects personal belongings. These belongings include jewelry, furniture and electronic equipment. Usually the standard policy provides up to 50 percent of the dwelling limits for contents. This means that if your home is worth the $250,000, your personal property may have a worth up to $125,000.

A homeowner’s insurance policy covers any personal property that is used or owned by an insured. If your child’s computer is stolen at college, it is covered under your insurance policy. Even though your child is residing at his/her school, the courts have consistently ruled that a dependent child who is away at school is still considered a resident of the insured’s household. This is true as long as he/she has returned to your home in Albany, New York within the 45 days that led up to the loss of his property.

2. Dwelling – this coverage protects the structure of your home against any covered losses.

3. Liability Protection – this portion of your coverage protects you financially if you are involved in a lawsuit covered by your policy

4. Other Structures – this coverage protects the other structures located on the insured property.

5. Loss of Use – if your home becomes uninhabitable because of a covered loss, while you are displaced from your home, you will receive reimbursement for a portion of your living expenses. These expenses may include hotels, dining and dry cleaning.

6. Medical Payments – this section of your policy helps with the payment of medical bills related to someone who is injured on your property. This section is only utilized when a lawsuit is not being sought.

Whether you reside in Albany, Saratoga Springs or Schenectady, New York, as your independent agent we can help find the best coverage available for you and your family.